Shares of MannKind Corp. (MNKD), the drugmaker that has spent at least six years trying to get an inhaled form of insulin on the market, surged in early trading after a study showed the product helped diabetics control their disease.
The stock hit a new 52-week high of $8.70 before backing off in early trading up 13%, $7.68 at 10AM on very high volume with 20 million shares trading hands.
Afrezza, a powdered form of insulin delivered through an inhaler, was more effective at controlling diabetics’ blood sugar levels when combined with oral diabetes medicines compared to those drugs alone, the Valencia, California-based company said today in a statement.
“Based on the results of this study, we believe that Afrezza can be used to improve glycemic control in insulin-naive Type 2 diabetes patients that are not adequately controlled on conventional oral medications — a potentially large and underserved patient population,” said Alfred Mann, the company’s chief executive officer and the billionaire entrepreneur who founded the company, in the statement.
MannKind has tested Afrezza, its most advanced experimental product, in 56 different clinical trials, according to its website