Shares of Mannkind Corp. rose sharply Monday after the biopharmaceutical company announced late last week that it had completed additional trials of its primary pipeline product, inhaled insulin drug Afrezza.
Shares climbed 97 cents, or 14.6 percent, to close at $7.63 on the Nasdaq.
The Valencia firm announced on Friday that it had completed a Phase III trial of the drug, and that it planned to submit the information to the Food and Drug Administration later this year. The study looked at the safety and effectiveness of the drug as administered to patients with Type I diabetes by the MedTone inhaler, the first model tested by MannKind, and a newer version, the Dreamboat inhaler. Both were compared to traditional injected insulin.
A second study, which will compare the three delivery methods in patients with Type II diabetes, is expected to be completed in the coming months.
The trials were done at the request of the Food and Drug Administration, which called for more research in 2011 after MannKind had completed testing with the MedTone but then introduced the newer inhaler. The drug could be used to treat adults with Type I and II diabetes.
It’s the second run the company’s stocks has experienced in as many weeks. Last Wednesday, shares jumped almost 16 percent after an article was published speculating that the company was a prime acquisition target, though company officials denied it.
The company went public in 2004 and has yet to introduce a drug to the market. Most income has come through secondary offerings and the backing of its founder, billionaire entrepreneur Alfred Mann.
In December, Mann converted more than $107 million debt owed to him by MannKind into 40 million shares and warrants to purchase another 30 million.