MannKind Down to Its Last $28 Million; No Revenue in Sight

(MoneyWatch)  MannKind Corp., which burns cash at a rate of $83 million and $75 million per quarter, has only $46.5 billion in current assets left. So it will have to borrow $350 million from Al Mann, the company chairman, to see itself through, according to Zack's. If you check out its balance sheet, only $28 million of those current assets are cash.

Mannkind expects to submit a 450,000 page new drug approval to the FDA for its inhalable insulin product.

Both Pfizer and Novo Nordisk withdrew products in this category as demand was slack and side effects showed up after FDA approval. So Mannkind's application comes at some risk and an even higher cost.

Zack's notes:

MannKind has currently kept all partnership talks on hold. At current market conditions and with the bleak outlook for the inhaled insulin drugs, it should prove to be extremely difficult to find a partner for Afresa.

That's news, because back in September, Mannkind had something lined up with Pfizer. Perhaps Pfizer's unhappy experience with its own inhaled insulin product, Exubera, scared them off. Pfizer wasn't even mentioned in their Q4 earnings call. Al Mann said:

We have expressed the desire for global partnership...

Which seems to indicate they currently don't have any partners.

• See BNET's previous coverage of alternative insulin devices:
• In Exubera's Shadow: Generex Bets Oral Spray Is Next Big Thing for Diabetics
• Pfizer Burns More Money on the Inhaled Insulin Bonfire