MannKind Announces CFO Transition
26 Mars 2024 - 9:05PM
MannKind Corporation (Nasdaq: MNKD), a company
focused on the development and commercialization of inhaled
therapeutic products and devices for patients with endocrine and
orphan lung diseases, announced today that Steven B. Binder will
retire from his position as Chief Financial Officer, effective
April 22, 2024. Mr. Binder plans to remain at MannKind through the
end of the year as Executive Vice President, Special Projects.
Christopher Prentiss has been appointed as Chief Financial
Officer, effective April 22, 2024. Mr. Prentiss will be a member of
MannKind’s executive leadership team and will report to Michael
Castagna, Chief Executive Officer. “We are excited to have Chris
join us at such a pivotal time as our new CFO,” said Michael
Castagna, PharmD., Chief Executive Officer for MannKind
Corporation. “Chris will be responsible for ensuring we maintain
our fiscal discipline as we continue to deleverage the balance
sheet and invest behind our growth opportunities in the coming
years.”
“At the same time, we are deeply grateful for the vision,
dedication, and leadership Steve has provided our company during
his tenure at MannKind,” continued Castagna. “Steve’s fiscal
stewardship has guided our recapitalization, helped us record
nearly $200 million total revenue last year, helped us achieve
profitability in recent quarters and bolstered the balance sheet
with over $300 million in cash and investments at the end of 2023.
We are pleased that Steve will remain with MannKind for the rest of
2024, allowing for an optimal transition with Chris.”
“I look forward to working with Chris and remain totally
committed to MannKind’s continued success,” said Steve Binder,
Chief Financial Officer. “Together, we plan to help the leadership
team deliver on our 2024 milestones, build shareholder value and
achieve our MannKind mission.”
Chris has over 20 years of experience serving in financial
leadership positions within the biopharma industry in both private
and public companies. Since September 2022, Mr. Prentiss has served
as Chief Financial Officer of ADARx Pharmaceuticals, Inc., a
privately held clinical-stage biotechnology company, where he
helped to raise nearly $250 million in funding. Between April 2015
and November 2021, he held a series of finance positions of
increasing responsibility at the commercial-stage biotech company
Adamas Pharmaceuticals, Inc., culminating in Chief Financial
Officer. His responsibilities at Adamas included finance,
accounting, investor relations, information technology and
facilities. During his tenure, the company launched GOCOVRI® (in
2018) as well as acquired OSMOLEX® ER. At the time Adamas was
acquired by Supernus Pharmaceuticals, Inc. in 2021, it had an
annual revenue run rate of approximately $100
million.
His earlier career also included senior financial roles at
InterMune, Inc., Dynavax Technologies Corporation and MannKind. Mr.
Prentiss began his career in the assurance practice at KPMG LLP. A
licensed CPA (inactive) in California, he earned his Bachelor of
Science degree in Accounting from Loyola Marymount University and
an MBA from Indiana University’s Kelley School of Business.
About MannKindMannKind Corporation (Nasdaq:
MNKD) focuses on the development and commercialization of
innovative therapeutic products and devices to address serious
unmet medical needs for those living with endocrine and orphan lung
diseases.
We are committed to using our formulation capabilities and
device engineering prowess to lessen the burden of diseases such as
diabetes, pulmonary arterial hypertension (PAH) and nontuberculous
mycobacterial (NTM) lung disease. Our signature technologies –
dry-powder formulations and inhalation devices – offer rapid and
convenient delivery of medicines to the deep lung where they can
exert an effect locally or enter the systemic circulation.
With a passionate team of Mannitarians collaborating nationwide,
we are on a mission to give people control of their health and the
freedom to live life.
Please visit mannkindcorp.com to learn more, and follow us on
LinkedIn, Facebook, Twitter or Instagram.
Forward-Looking Statements This press release
contains forward-looking statements about the expected tenure of
executives, maintaining financial discipline, deleveraging
MannKind’s balance sheet, investing in growth opportunities,
delivering on milestones, building shareholder value and achieving
MannKind’s mission that involve risks and uncertainties. Words such
as “believes”, “anticipates”, “plans”, “expects”, “intends”,
“will”, “goal”, “potential” and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based upon 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
various risks and uncertainties, which include, without limitation,
the risks that our results of operations will fluctuate for the
foreseeable future and that we may incur losses and may not
generate positive cash flow from operations in the future, risks
related to the “at will” relationship between us and our current
and future employees, risks of a loss of continuity and accumulated
knowledge and of inefficiency during a transitional period, and
other risks detailed in MannKind’s filings with the Securities and
Exchange Commission, including under the “Risk Factors” heading of
its Annual Report on Form 10-K for the year ended December 31,
2023. 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.
GOCOVRI and OSMOLEX ER are registered trademarks of Supernus
Pharmaceuticals, Inc.
MANNKIND is a registered trademark of MannKind Corporation.
For MannKind:
Christie Iacangelo, Corporate Communications
(818) 292-3500
Email: media@mannkindcorp.com
Rose Alinaya, Investor Relations
(818) 661-5000
Email: ir@mannkindcorp.com
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