MannKind (MNKD) Stock Gains After CEO Resigns

MannKind (MNKD) stock is surging in late afternoon trading on Friday, after the company announced that CEO Hakan Edstrom was resigning.
By Amanda Albright ,

NEW YORK (TheStreet) -- MannKind (MNKD) - Get Reportstock is rising 3.73% to $2.50 in late afternoon trading on Friday, after the company's CEO stepped down

On Friday, the Valencia, CA-based bio-pharmaceutical company, which develops therapeutics for diseases such as diabetes, announced that MannKind Founder and Chairman Alfred Mann will serve as interim CEO effective immediately.

Former CEO Hakan Edstrom resigned after less than a year in the position. MannKind did not give a reason for his resignation. 

His resignation comes amid a sharp decline in MannKind's stock and sales of its diabetes drug Afrezza, the Wall Street Journal reports. 

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