MannKind Corp. is moving its corporate headquarters to Westlake Village, after nearly 17 years in Valencia, according to the latest quarterly report it filed with the Securities and Exchange Commission.
The biomedical corporation closed the sale of it Mann Biomedical Park property at the Rye Canyon Loop in Valencia on February 17, for $16.7 million (net of closing costs).
MannKind recently executed an office lease with Russell Ranch Road II LLC to lease approximately 64,300 square feet of office space located at 30930 Russell Ranch Road, Suite 301, in Westlake Village 91362.
The lease requires monthly payments of $40,951, increased by three percent annually, plus the estimated cost of maintaining the property by the landlord.
The lease expires 65 months from the commencement date and provides a five-year renewal option.
About MannKind Corp.
MannKind Corp. focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes.
MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind.
The company dates back to February 1991, when it was incorporated as Pharmaceutical Discovery Corporation (PDC) in Elmsford, New York. Its Technosphere formulation technology was developed at PDC shortly after its formation. In the mid-1990s, Alfred Mann – at the time, the CEO of MiniMed Inc. – started working with PDC through a collaborative research effort and eventually became a significant shareholder.
In 2001, the company merged with two other companies owned by Alfred Mann (CTL Immunotherapies Corp. and Allecure Corp.) and the surviving company changed its name to MannKind Corporation.
As a result of this merger, the corporation relocated its headquarters to Valencia, California while focusing the East coast operations – by this time, located in Danbury, Connecticut – on improving the Technosphere technology and developing an innovative line of delivery devices.
The Danbury location now houses a state-of-the-art manufacturing facility, where MannKind manufactures Afrezza (insulin human) inhalation powder, the corporation’s first FDA-approved product. MannKind is currently marketing Afrezza in the United States, where it is available by prescription from pharmacies nationwide.
MannKind Corp.’s complete quarterly report filed August 7 follows: