I am hoping to get the board's opinion on what the stock price would do if positive results were announced in August. We all know what will happen if the results do not meet expectation. Assuming we stay in this trading range of $6.50 heading into the Aug. announcement day. It's hard for me to believe that we would not see a 25-30% pop with good news but having only 1-Yr experiene with MNKD I am not certain if the anticipated positive trial outcome is already somewhat baked in to the current run-up price and that we could perhaps even see a drop in price (sell on news affect) albeit temporary.

I try to go back to 2009 chart and see how the stock reacted when positive trial III results were announced and did not see the big pop I thought we would have. However, back then, it seems like there were still many unknown issues around new inhaler testing, on-going long term safety testing, funding,..etc. The run-up occured later in 2010.

This go around data results stock impact, in my opinion is very different than before for several reasons.

1. Drug's only outstanding performance question to finally obtain FDA approval will be answered.

2. With application to market and treat early Type II patients, revenue potential is "HUGE" (I believe to be the key game changer for this go-around).

3. The likelihood of large Pharma partnership is much greater with above item 2 in the mix.

I am sure the board members are all aware of the above but do you all think that a pop up is the expected outcome with positive news announcement.

Thanks,