Shares of MannKind Corp. soared Wednesday in response to an FDA advisory panel’s vote to approve the drug Afrezza.
“This was expected and we’re obviously pleased. We think we’re on the right path toward getting this to market,” MannKind’s Chief Financial Officer Matthew J. Pfeffer told the Business Journal Wednesday.
The panel voted 13-1 with one abstention to approve Afrezza for Type 1 diabetics, and 14-0 with one abstention for Type 2 diabetics.
Alfrezza would be the Valencia company’s first drug to market. The company was founded by billionaire medical device entrepreneur Alfred Mann more than a decade ago. Mann has pumped an estimated $900 million into the company over that period. One estimate puts potential annual sales for Afrezza at $1 billion to $4 billion.
With the stock’s jump, the company’s market cap has popped with it, and Mann’s 40 percent stake is now worth more than $1 billion.
Shares of MannKind closed up $2.97 or 74 percent to $6.99 Wednesday on the Nasdaq.