NEW YORK, July 3, 2014 /PRNewswire/ -- MannKind Corporation (NASDAQ: MNKD) is a biopharmaceutical company focused on the discovery and development of therapeutic products for diseases such as diabetes. The company's lead product - Afrezza inhalation powder - was recently approved by the FDA as a rapid-acting insulin therapy intended to improve glycemic control in adults with type 1 or type 2 diabetes. MannKind was founded by Al Mann for the purpose of developing inhaled insulin as an alternative to traditional injected insulin.
The World Health Organization (WHO) estimates that approximately 382 million people worldwide have diabetes with roughly 3.4 million cases leading to death. The US accounts for the third largest number of confirmed diabetes cases in the world at around 30 million, with China and India leading with around 92 million and 80 million, respectively. However, the portion of the population with diabetes is the highest in the US than in either of those countries. Additionally, diabetes is currently the seventh leading cause of death in the US, and WHO projects that the number of diabetes-related deaths will double by the year 2030. Worldwide, the total costs for diabetes treatment and care exceeded $548B last year, and is only expected to increase as more and more people are diagnosed in the future.
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