Shares of MannKind Corp. jumped nearly 11 percent after the inhalable insulin treatment maker said two long-waited clinical trials indicated that its inhaler helps diabetics control their condition.
The Valencia company has struggled financially as the Food and Drug Administration delayed approval of its first product. Regulators in 2011 had demanded the two studies in order to be more confident that a revamped MannKind inhaler worked as well as the original design the company used when it first submitted its application.
The Afrezza inhaler dispenses a powdered form of fast-acting insulin, and is used by diabetics to control blood-sugar levels that can spike after meals.
“We believe that Afrezza can be used to achieve control that is comparable to the current standard of care, while at the same time offering potential advantages in terms of lower fasting blood glucose levels, weight neutrality and a lower overall risk of hypoglycemia,” Chief Executive Alfred Mann said in a statement.
Shares closed up 73 cents or 11 percent to $7.59 on the Nasdaq.