MannKind’s Stock Surges: May Make EpiPen Rival

Reports that MannKind Corp. is working on an alternative way to deliver the drug epinephrine into the body caused the company’s stock to soar. The Valencia biomedical company is developing an inhaler for the drug that would be competition to the EpiPen, a delivery method for epinephrine in which a patient jabs a needle into the thigh, the Newstimes, in Danbury, Conn., reported. Drugmaker Mylan has come under fire in recent weeks over the price it charges for the EpiPen, used in treating severe allergies. The current cost for a set of two pens is $600 although Mylan announced this week a generic version that would cost half that amount. MannKind Chief Executive Matthew Pfeffer was quoted in the Newstimes that his company’s version of delivering epinephrine has been in development for some time. “We view that as our lead program at this point,” Pfeffer told the paper. “Not because of what’s going on in the news today, but because it just makes sense.” The news was good for MannKind stock which soared by more than 20 percent in mid-morning trading before settling down. MannKind is known for developing Afrezza, an inhalable insulin. The company relaunched the product about two months ago, but analysts have generally regarded the sales as slow. Shares closed up 11 cents, or more than 15 percent, to 80 cents on the Nasdaq.