OOG,

Thanks ... I was in the process of taking OPC's reminder to recalculate the warrant benefit vs. options benefit when your post came in. My analysis still shows the options may be superior for the intermediate time frame.

If I assume the 2015 options to be similar in cost to the 2014 options when they are issued (approximately October 2012), the number of shares controlled are larger, since they are less costly, and therefore provide larger opportunity value. Here are my simple analysis results. Corrections welcome.

Assumptions:

1. Options & Warrant closing prices as of 06/06/2012
2. Prices for 2015 options will be equal to or close to 2014 options on 10/15/2012
3. MNKD = $25/shr post FDA approval (sometime before 12/31/2014)
4. $10,000 investment

Investment__________ Cost per unit_____ Shrs Controlled_____ Value Post Approval

Warrant (MNKDW)_____ $0.65___________15,385____________$374,615

2015 $2.50 Call_______ $0.49___________ 20,408___________ $459,183

2015 $3.00 Call_______ $0.37____________27,027___________ $594,594

2015 $3.50 Call_______ $0.34___________ 29,412____________ $632,352

2015 $4.00 Call_______ $0.32___________ 31,250____________ $656,250

2015 $4.50 Call_______ $0.31___________ 32,258____________ $661,290

2015 $5.00 Call_______ $0.22___________ 45,455____________ $909,090