According to MannKind Corporation, the company’s net loss for 2015 was $368.4 million, and its cash and cash equivalents as of the end of 2015 totaled $59.1 million. The company also said that it has hired former Amgen VP, Global Commercial Lead Michael E. Castagna as its Chief Commercial Officer, effective immediately, and announced the resignation of Chief Operating Officer Juergen A. Martens, adding that Chief Technology Officer and Senior VP for Technical Operations, Joseph Kocinsky, “will continue his existing responsibilities for the manufacture of Afrezza.”
MannKind CEO Matthew Pfeffer commented, “”Our financial results for 2015 were not what we expected going into the year, but we are looking forward to the next twelve months with optimism and great excitement. Afrezza will soon be back under our control and we are all energized about the opportunity to launch a lean, focused commercial effort that highlights the differentiating qualities of our lead product. With Michael Castagna now on board as our Chief Commercial Officer, as announced earlier today, we have taken another tangible step in building our commercial infrastructure. Other activities are planned to follow quickly, as we finalize additional hires and line up assets for a variety of roles. There is still much to do in the coming months, but we are all highly motivated by the positive feedback we have received from enthusiastic Afrezza patients and we want to do all we can to ensure that more adults with diabetes have an opportunity to receive the same benefits.”
Castagna said, “I am excited to be joining MannKind at this critical intersection as we transform our future. I am enthusiastic about the commercial opportunity for Afrezza and the potential it has to help adults with diabetes manage this difficult disease.”
Read the MannKind press release on its 4th quarter results.
Read the MannKind press release on management changes.
