MannKind (MNKD) Shares Plunge on FDA Approval

June 28, 2014 10:35 AM

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MannKind (MNKD) Shares Plunge on FDA Approval

Shares of MannKind Corp. (MNKD) plunged by as much as 20% at one point during Friday’s trading session after the US Food and Drug Administration [FDA] said the company’s newly approved inhalable diabetes drug “Afrezza” isn’t a substitute for long-term insulin use and must be used with long-acting insulin in patients with type 1 diabetes.

The FDA, whose Afrezza approval came with a boxed warning, the strongest advisory available, stated that it wants the company to remain in close contact with physicians to see how the drug is performing, and is requiring more post-marketing trials for treating children and assessment of possible pul...

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