Around and around we go.

Around and around we go.

Given Diabetic Investor’s fondness for games and contests check out the three quotes below and guess which company made them.

“Our partnership process is underway and we are pleased with the way Greenhill is managing our interactions with potential partners. At this time, I cannot say anything more specific than that.”

“We have a number of people very interested in our product, a lot of regional partners that we have been putting off frankly waiting until we establish a plan for the United States.”

“We have several very, very aggressive potential partners and quite a large number of others that have enquired, but we haven’t really followed up with them.”

Yes these comments come from our friends at MannKind (NASDAQ:MNKD) who reported results yesterday and has become standard operating procedure management played coy about who just might partner with the company. Now that the company has resubmitted AFREZZA to the FDA and has an April 15th, 2014 PUDFA date investors are speculating that finally after all these years and broken promises made by the company that yes Virginia there really is a Santa Claus. Now Diabetic Investor hates to rain on this parade but quite frankly we’ve heard this story before.

We hate to point out of the obvious but even if these speculations about a partnership are true, and we’re not so sure they are, common sense should tell everyone that no one will be dumb enough to partner with the company until the FDA renders their decision. Given all available data Diabetic Investor puts the odds at FDA approval at 2 to 1, but given the recent decisions made by the agency we wouldn’t recommend betting the ranch. The fact is it’s been a long and winding road for AFREZZA and just because the company believes this product is the greatest thing since sliced bread and soft soap, this doesn’t mean a damn thing to the FDA.

From the beginning Diabetic Investor has believed that while there are some benefits to the product, AFREZZA is the victim of being at the wrong place at the wrong time. As we have stated previously while this is much better product than Exubera, the Exubera shadow hangs over AFREZZA . Additionally we believe that the company’s assumption that they would be able to command premium reimbursement for AFREZZA is overly optimistic. As we have seen with the recent round of earnings announcements premium reimbursement just isn’t in the cards. Yes AFREZZA does offer the convenience of being inhaled rather than injected however based on all available data its performance is not superior to conventionally injected insulin. This does not mean there isn’t a market for AFREZZA rather that reimbursement will be problematic which will further limit sales.

The bottom line here is that nothing has really changed for MannKind. The company’s share price continues its roller coaster ride, the drug still isn’t approved by the FDA, even if approved the product faces significant obstacles in the marketplace and while management remains coy they don’t have a partner. So as with so many aspects of the wacky world of diabetes the more things change the more they remain the same. Around and around we go.