FDA Approves MannKind's Inhalable Insulin Afrezza, Shares Rally

MannKind Corp. is TheStreet's move of the day. Shares surged 10% after the FDA approved MannKind's new inhalable insulin drug called Afrezza. The drug is in the powder form and patients will take it using an inhaler to control blood sugar levels. The FDA said the powder is not a substitute of the long acting liquid insulin the patients have to inject, and it is not recommended for patients who smoke or have lung complications. But, this is the first time patients can conveniently inhale a diabetes drug for temporary control. MannKind's shares suffered the worst week in two months before the FDA decision. Now, it's coming back strong. It wants to take on bigger drug makers with its new and less painful method of delivery. According to a new study by the Centers of Disease Control, more than 29 million people suffer diabetes in the U.S. It estimates that 37% of U.S. adults are considered pre-diabetic based on fasting glucose level. That means tens of millions more Americans may become diabetic if their lifestyle doesn't change.