MannKind Corp. announced Friday that Alfred Mann has resigned from his executive chairman and board member positions.
On Thursday, the Valencia biotech that produces an inhalable insulin known as Afrezza named former lead director Kent Kresa as chairman and Mann as chairman emeritus, or honorary chairman, of the company.
“Al is a true visionary and has created a great company with an impressive lead product and powerful technology to help patients with serious diseases,” Kresa said in a statement. “We have much to do to make his dreams a reality, but we have the people, technology and know-how to make that happen.”
Mann and Kresa were both honored by the Los Angeles Business Journal’s Business Person of the Year in the past.
Just last month, MannKind’s strategic partner Sanofi-Aventis U.S. terminated its agreement with MannKind to market and distribute Afrezza, the company’s only commercial product, which sent the company’s stock prices plummeting.
In response, MannKind entered into another licensing agreement with Seattle drug manufacturer Receptor Life Sciences Inc. to develop other inhalable medications, including treatments for inflammatory disorders and neurological diseases.
MannKind shares closed Friday up 6 cents or 7 percent to 96 cents on the Nasdaq.