Biotechnology firm MannKind has long had deep connections to Israel based on relationships established by its founder and executive chairman Alfred E. Mann.
Related to this, MannKind announced on Friday that the Tel Aviv Stock Exchange has approved the new listing of MannKind’s common shares, which will begin trading as of Monday, October 28 under the symbol MNKD.
The statement from the biotech concern also noted that, based on the current market capitalization, MannKind’s shares will be included in all five TASE equity indexes: the TA-75, TA-100, TA-BlueTech, TA-Tech-Elite and TA-Biomed.
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As reported by ValueWalk, sales of MannKind’s new inhalable powdered insulin product Afrezza have been much slower than anticipated, leading to notable weakness in the share price of the company beginning in late summer. Slow Afrezza sales have also led to a number of analyst downgrades.
Statements from MannKind and TASE CEOs
“The new listing also offers an opportunity to expand and diversify our shareholder base by increasing our exposure and improving our accessibility to Israeli investors,” Hakan Edstrom, President and CEO of MannKind, pointed out. “This listing is also an extension of the long-standing relationship between our Executive Chairman, Alfred Mann, and the Israeli biotechnology industry, including the Alfred Mann Institute at the Technion (Israel Institute of Technology).”
Commenting on the news, Tel Aviv Stock Exchange CEO Yossi Beinart noted: “We welcome MannKind to the TASE Dual Listing, and believe that this is a recognition of the Biomed sector’s special position at the Tel Aviv Stock Exchange. MannKind has long and strong relations with the Israeli Biomed Sector, via the founder and executive chairman Mr. Alfred E. Mann, one of pioneers of the Biomed sector in the U.S., who has supported developing and commercializing Israeli technologies for many years. We are proud that a company with a market value of more than a billion US dollars chose to join 50 dually-listed companies, as well as the TASE leading indices. Joining TASE entitles MannKind to significant benefits, including added exposure among Israeli investors, extension of the trading duration, investment by Exchange Traded Product vendors and easy access to institutional and retail investors.”