In July of 2017, when Steve Binder joined MannKind as Chief Financial Officer, he knew he had his work cut out for him to get the company into a solid financial position. With over 25 years of experience in the healthcare and medical device industry, he jumped right in to quickly address MannKind’s largest obstacle: a financial overhang of over $150 million in debt.
Within his first nine months at the company, Binder led efforts to successfully execute multiple debt restructuring and partnership deals, extended debt maturities, strengthened the balance sheet, further improved operational efficiency, resource allocation, and cash flow management. And, despite the market’s sentiment reflected in declining market cap, he raised $90 million in equity offerings by convincingly conveying the renewed corporate vision to the investment community.
MannKind has faced its fair share of challenges since its founder, Alfred Mann, invested over $1 billion of his personal funds in a product he so deeply valued. The biopharmaceutical company on a mission to give people control of their health and the freedom to live life, has spent nearly $2 billion to transform a 100 year old insulin product, and now commercializes Afrezza (insulin human) Inhalation Powder, its first FDA-approved product and the only inhaled ultra rapid-acting mealtime insulin in the United States. Through the development and commercialization of therapeutic products and technologies for patients with diabetes and orphan lung diseases, MannKind is driven to find new ways to change lives for the better.
While MannKind’s state-of-the art manufacturing facility resides in Danbury, Connecticut, the company moved its headquarters to Westlake Village, California in 2017, and as part of that effort, relocated corporate functions, including finance, to the West Coast. During this transition, Binder played an integral role and built an exceptional finance team of talented and experienced pharmaceutical professionals, while simultaneously creating a new investor relations and treasury capability. Binder’s team focuses on creating financial stability and fostering a performance driven culture where analytics and continuous improvement are among some of the key principles that guide them.
Binder’s leadership has been vital to the positive growth of the company. Going from $17 million cash in the bank when he first joined to a $63.2 million cash balance for 2Q of 2020, has put the company in a strong financial position for a bright future ahead. MannKind recently also received its third $12.5 million milestone payment from United Therapeutics for Treprostinil Technosphere (TreT), a product currently being evaluated in clinical trials for the treatment of pulmonary arterial hypertension. And, the company is working on integrating technology into diabetes care with BluHale, an apparatus used to sense the change in pressure when a user inhales through the mouthpiece. It then relays the information via a Bluetooth connection to a smartphone app so the user can learn more effective inhalation techniques. BluHale Pro, specifically for healthcare providers, is scheduled to launch later this year.
An outstanding mentor and leader, Binder’s ability to identify and implement sound fiscal processes and strategies has made him a trusted member of the executive leadership team. During his time at MannKind, he’s built strong relationships and positively influenced investors, board members, auditors and financial institutions, which has led to an increase in research analyst coverage and strengthened MannKind’s institutional investor base. His commitment to financial best practices, fiscal integrity, and accountability has resulted not only in the company’s strong fiscal health, but trust, respect and admiration for Binder and the entire finance team at MannKind.
Prior to MannKind, Binder served as Chief Financial Officer & Vice President of Stryker Corp, a leading global medical technology company, and was based in Singapore. Prior to Stryker, he served in a series of senior leadership roles at Bristol-Myers Squibb Company. Binder also held finance and accounting roles at BMS Worldwide Medicines Group and Deloitte & Touche. He received a B.S. degree in Accounting and Business Administration from Muhlenberg College and is a Certified Public Accountant. You can find him golfing, mountain biking, hiking, Nordic skiing, and snowshoeing in and around the mountains of California.
Learn more about MannKind Corporation at MannKindCorp.com.
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