MannKind Enters Into Collaboration and License Agreement
January 21 2016 - 9:00AM
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD)
today announced that it has entered into a collaboration and
license agreement with a newly formed entity, Receptor Life
Sciences, Inc., pursuant to which multiple inhaled therapeutic
products will be developed to explore their potential to treat
conditions such as chronic pain, neurologic diseases and
inflammatory disorders.
Under the terms of the agreement, MannKind will
perform initial formulation studies and will work with Receptor to
develop inhaled formulations of certain undisclosed compounds.
MannKind will also transfer manufacturing technology to the
licensee, who will be responsible for manufacturing and
commercialization activities. The parties will collaborate on the
clinical development of investigational products, with Receptor
being responsible for all development costs. MannKind will be
eligible to receive development and commercialization milestones of
up to $102.25 million as well as mid-single to low double-digit
royalties on net sales of product.
“We are pleased that Receptor Life Sciences has
selected our formulation and delivery technology to advance its
portfolio of innovative inhaled products,” said Matthew Pfeffer,
Chief Executive Officer of MannKind. “This collaboration
demonstrates the fundamental value of our platform technology while
the risk-sharing structure of the transaction allows us to
diversify our product opportunities without losing focus on our
lead program.”
About Receptor Life Sciences,
Inc.Receptor Life Sciences, Inc. is a pharmaceutical
development company based in Seattle, Washington. Receptor is
quietly laying the foundation for groundbreaking new products in
the specialty pharmaceutical market.
Inquiries: info@receptorlife.com
About MannKind
CorporationMannKind Corporation (Nasdaq:MNKD) (TASE:MNKD)
focuses on the discovery and development of therapeutic products
for patients with diseases such as diabetes. MannKind
maintains a website at http://www.mannkindcorp.com to which
MannKind regularly posts copies of its press releases as well as
additional information about MannKind. Interested persons can
subscribe on the MannKind website to e-mail alerts that are sent
automatically when MannKind issues press releases, files its
reports with the Securities and Exchange Commission or posts
certain other information to the website.
Forward-looking StatementsThis
press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding the
collaboration and license agreement with Receptor. Words such
as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”,
“goal", “potential” and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based upon the MannKind’s current
expectations. Actual results and the timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, risks regarding reliance on Receptor
to develop and commercialize products, including risks that
Receptor may not devote sufficient efforts to those activities,
whether due to lack adequate financial or other resources, a
strategic decision to focus on other initiatives or otherwise, and
risks that the agreement with Receptor may be terminated, as well
as risks associated with the progress, timing and results of
clinical trials, difficulties or delays in seeking or obtaining
regulatory approval, competition from other pharmaceutical or
biotechnology companies, and other risks detailed in MannKind’s
filings with the Securities and Exchange Commission, including the
Annual Report on Form 10-K for the year ended December 31, 2014 and
the Quarterly Report on Form 10-Q for the quarter ended September
30, 2015. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. All forward-looking statements are
qualified in their entirety by this cautionary statement, and
MannKind undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
Company Contact:
Matthew J. Pfeffer
Chief Executive Officer
(661) 775-5300
mpfeffer@mannkindcorp.com
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