MannKind Issues Management Update

Shares of MannKind Corporation (NASDAQ: MNKD) were trading slightly higher by 1.58 percent at $0.67 mid-Monday afternoon after the company provided an update on its senior management team.

MannKind has withdrawn its offer to employ Duane M. DeSisto as its new CEO. The company cited "objections raised by Insulet Corporation" - DeSisto's former employer.

Employment by MannKind would violate a non-competition agreement that DeSisto has with Insulet and remains in effect until September 17, 2016.

As such, MannKind appointed Matthew J. Pfeffer as CEO to replace Alfred Mann who has been serving as interim CEO since November 2015. Pfeffer will also continue serving as MannKind's Chief Financial Officer and has also been appointed to fill an existing vacancy on the Board of Directors.

"Matt has been a valuable member of the executive management of MannKind for many years and has been instrumental in managing our transition to a commercial stage operation," said Kent Kresa, Lead Director of MannKind Corporation. "He understands the strategic and financial challenges that we face at this very important time for our company and has already begun to pursue a number of solutions."