MannKind says no Afresa partnership in 2009

NEW YORK (AP) — MannKind Corp. said Tuesday it does not expect to find a marketing partner for its inhaled insulin drug candidate Afresa in 2009, and the disclosure sent its shares tumbling.

In a filing with the Securities and Exchange Commission, MannKind said it decided it would be better to complete the deal after the Food and Drug Administration rules on Afresa. That ruling is scheduled to happen in January. MannKind said it made progress with a potential partner but decided it would be better to resolve terms of the deal following the FDA's decision.

The Valencia, Calif., company had hoped to strike a partnership for Afresa this year. It said its internal goal was to finish the deal by the end of the third quarter.

In afternoon trading, MannKind shares dropped $2.44, or 26.5 percent, to $6.77. About 9.5 million shares had changed hands shortly after noon, while around 944,000 shares trade on an average full day.