MannKind Corporation (NASDAQ:MNKD) shares continued their decline on Monday following the news that a potential rival has filed for an IPO, says a report from WallStreetPR. The news of the IPO along with the continued pullback from the news of the delay in approval of Afrezza dragged the shares down by 1.87% to $6.29.
Rival developing a similar product
Dance Biopharm, a rival to MannKind Corporation (NASDAQ:MNKD), reportedly filed IPO documents with the Securities Exchange Commission (SEC) last week. Dance Biopharm is expected to collect $75 million through the offering. Similar to MannKind’s product, rival Dance has also developed an inhaled insulin product for the treatment of diabetes.
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