MannKind Corporation (NASDAQ:MNKD) continues to move down and trading with moderate fall on Thursday after the news.
Market Action
As of 11:10, MNKD stock fell 8 cents or 2% to $4 with more than 907k shares, compared to its average volume 4.04 million shares. The stock has moved within a range of $3.9900 – 4.1460 after opening the trade at $4.12.
Major Trigger:
MannKind and Thirona Bio Join Forces to Evaluate Potential Inhaled Therapy for Fibrotic Lung Diseases
Key Highlights:
- today announced that they have entered into a transaction that is intended to advance the development of a novel compound with potential for multiple indications.
- Under the terms of the collaboration agreement, the companies will evaluate the therapeutic potential of Thirona’s locally acting TGF-β inhibitor for the treatment of pulmonary fibrosis. MannKind will formulate FBM5712 as a dry powder formulation. If initial studies are promising, MannKind can exercise certain rights to seek a full license to the compound for clinical development and commercialization for the treatment of fibrotic pulmonary diseases.
- In addition to the collaboration agreement, the companies entered into a convertible promissory note purchase agreement to support Thirona’s Series A financing.
Key Quote:
“This collaboration with MannKind gives Thirona the opportunity to potentially expand the development of FBM5712 into fibrotic lung diseases with a new formulation,” said Dr. Gordon Foulkes, Thirona Bio’s Founder and Chief Executive Officer. “We remain focused on the dermatological applications of this drug – targeting scleroderma, keloid scars and certain cancers – and now look forward to exploring lung indications with the experienced MannKind team.”
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