Al Mann Dies, Leaves Legacy Beyond MannKind
This article was originally published in Scrip
MannKind Corp. founder and recently named chairman emeritus Alfred Mann died on Feb. 25, leaving behind a biomedical legacy that extends far beyond his namesake company.
Mann was MannKind's biggest booster during a long, but ultimately successful attempt to win US FDA approval for the inhaled insulin Afrezza, so it was surprising when the 90-year-old chairman stepped down from his leadership role about a week before the company announced his death. MannKind's stock closed down 4.6% at $1.03 per share on Feb. 26 after the company revealed its founder's death.
Mann, a physicist by training, began his professional life in aerospace and eventually sold his first two companies – Spectrolab and Heliotek – to Textron Inc. in 1960. The businesses now are part of the multinational giant the Boeing Co.
His biggest biomedical successes were the pacemaker developer Pacesetter Systems Inc., which was sold to Siemens AG in 1985, and the continuous glucose monitoring firm MiniMed Inc., which was acquired by Medtronic Inc. in 2001. Medtronic also bought Mann's artificial pancreas company Medical Research Group during the same year. His Advanced Bionics Corp., which developed neurostimulation devices and cochlear stimulators, was acquired by Boston Scientific Corp. in 2004.
Nine of the 14 companies founded by Mann were sold for a total of almost $8bn. He also was involved at the time of his death in companies working to improve function in paralyzed limbs, restore sight to the blind, and develop drug delivery devices, among other ventures.
Reflecting on his legacy, MannKind CEO Matthew Pfeffer said, "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."
MannKind chairman Kent Kresa, also a former aerospace executive, said he was honored and proud to have worked with and been friends with Mann, whose "contribution to the diabetes field is unparalleled."
While the glucose monitoring company MiniMed was a successful divestment, MannKind stands out among the entrepreneur's achievements, because after years of pursuing and eventually winning US FDA approval for Afrezza, expectations for the inhaled insulin were low. Since the drug's sales lived up to its poor expectations, Sanofi returned its rights to the product in early January. Mann resigned, effective immediately, from his role as MannKind's executive chairman on Feb. 19.
The company said that no changes are anticipated in its day-to-day business following Mann's death and the terms of MannKind's loan agreement with the Mann Group are unchanged. However, as the company continues to grapple with the impact of Sanofi's decision to hand back its right to Afrezza, MannKind said on Feb. 26 that it may not file its annual report by a Feb. 29 deadline.