MannKind Soars after FDA Advisers Back the Company’s Diabetes Treatment Afrezza and Macys Announces New President

Macy's, Inc. (NYSE: M) – shares hit a new all-time high of $60.88 during intra-day trading on Tuesday, a day after the company announced that it has named its former chief merchandising officer, Jeffrey Gennette as the company’s new president. Gennett will take over immediately and has already been serving the company in his former role since 2009. In his new role, he will supervise the company’s marketing and website related operations, apart from being in charge of Macy’s day-to-day merchandising activities.

Macy's, Inc., together with its subsidiaries, operates stores and Internet Websites in the United States. It operates Macy's and Bloomingdale's stores and Websites that sell a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods in 45 states, the District of Columbia, Guam, and Puerto Rico.

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MannKind Corp. (NASDAQ: MNKD) shares more than doubled on Tuesday, hitting as high as $8.08 during intra-day trading after the company’s inhaled diabetes treatment Afrezza, won the backing of a U.S. advisory panel. Food and Drug Administration advisers voted 13-1 and 14-0 that the drug, Afrezza, should be approved for Type 1 and Type 2 diabetes, respectively. The FDA doesn’t have to follow the recommendation. FDA staff raised concerns in March that the medicine may affect lung function and questioned missing data from a study of Type 1 patients. The FDA will finish its review of the drug on April 15.

MannKind Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes and cancer in the United States. Its lead product candidate is AFREZZA inhalation powder, insulin that is in late-stage clinical investigation for the treatment of adults with type 1 or type 2 diabetes for the control of hyperglycemia.

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