MannKind Loses 6% Following Death Of Alfred Mann & Business Update Concerning Annual Report

Shares of MannKind Corporation MNKD were trading lower by 6 percent on Friday after the company sadly announced the death of Alfred E. Mann.

Mann was the founder of MannKind and served as its Chairman from 2001 until February 2016. Mann also founded and largely founded 14 companies in his career, nine of which were acquired for a total of almost $8 billion and three companies became publicly traded.

MannKind stepped down as Chairman of MannKind on February 19 and earned the title of Chairman Emeritus.

"Al has been a wonderful inspiration, not only to me, but to all the employees of MannKind. His kindness, generosity, and business acumen have influenced all of us with whom he has done business and charitable work over the years. He will be terribly missed by many, including the countless patients around the world with diabetes and other serious illnesses, whose lives he improved. I am thankful to have had a close relationship with Al, and will reflect on his counsel and guidance in the years to come. Our resolve is now stronger than ever to continue Al's legacy of medical innovation, as a tribute to this remarkable man, who did so much to help mankind," said Matthew Pfeffer, Chief Executive Officer of MannKind Corporation.

In a separate press release on Friday, MannKind said that it will likely be unable to file its annual report on Form 10-K for the fiscal year ending 2015. The company noted it is experiencing delays in completing its analysis of accounting issues resulting from the termination of an agreement with Sanofi.