Westlake Village-based MannKind Corp.’s shares closed up more than 11 percent Monday after the announcement of a Medicare policy change that lifts a restriction on diabetic patients having to choose between two tools to manage the condition.Effective July 18, diabetic patients will be able to use both Afrezza, an inhalable insulin made by MannKind, and Continuous Glucose Monitors, or CGMs.“Prior to this change, Medicare denials were occurring for patients using CGMs and inhaled insulin as an alternative to injected mealtime insulin,” MannKind’s Chief Executive Michael Castagna said in a statement. “MannKind is committed to providing convenience for patients and believes that patients should have the choice to use any of today’s tools to help manage their diabetes.”MannKind requested that Medicare administrative contractors reconsider existing language in coverage determination for glucose monitors to include the use of inhaled insulin.Previously, the coverage determination defined patients as taking insulin either with an insulin pump or multiple daily injections. The updated definition now includes patients who take insulin via inhalation as an alternative.Shares of MannKind (MNKD) closed Monday up 55 cents, or 11.6 percent, to $5.29 on the Nasdaq, on a day that market closed up nearly 1 percent.
MannKind Stock Jumps on Medicare Policy Change
