Rich,

Like you I am very new to the board and have learned a ton from these knowledgeable folks. I had the same question and the below TBD factors (for me) are:

1. The exact outstanding shares

2. The partnership will most likely assist with the build out for more lines and increased capacity for more sales. That being the case, what should be the revenue to use in the sales equation to value the company.

3. Partnership rights would most likely accompany with a large payment fee minimum $250M (I'd be dissapointed if Al accepts less). This would also help to boost valuation.

If Bristol and Astra is willing to pay $5B for a me too drug with hardly any revenue after 1 Qtr in Amylin, hard for me to believe MNKD is not worth atleast $7-8B (If FDA approval is granted).

I do think MNKD could be a $12-13/shr stock with positive trial III data and partnership announcement. With FDA approval, $15-16.