[h=1]MannKind wins approval for its inhaled insulin — and its stock drops?[/h]June 27, 2014, 4:30 PM ET [h=3]By Russ Britt[/h]Regulatory approval for a new drug is usually a cause for celebration, but that wasn’t the case Friday for MannKind Corp. The Los Angeles-area company won approval for its Afrezza, an inhaled delivery system for insulin, but investors apparently were concerned about warnings the U.S. Food and Drug Administration is requiring the company to put on the box of the rapid-acting drug. MannKind Corp.MannKind Corp.’s Afrezza insulin inhaler Shares of MannKind MNKD +10.30% plunged by as much as 20% at one point, before recovering some of those losses. Shares were down more than 5% in recent action to $10 apiece. The FDA is making MannKind warn patients of possible bronchospasms for those with breathing conditions like asthma or COPD — chronic obstructive pulmonary disease. It also wants the company to remain in close contact with physicians to gauge how the drug is performing. The FDA will also require more trials for treating children and assessment of possible pulmonary cancer risks. Afrezza is approved for glycemic control in adults with diabetes mellitus. It is designed to be used at the beginning of a meal or within 20 minutes after the start of a meal in order for it to work. The FDA stressed it is not a substitute for long-term insulin use. “Today’s approval broadens the options available for delivering mealtime insulin in the overall management of patients with diabetes who require it to control blood sugar levels,” said Dr. Jean-Marc Guettier of the FDA’s drug evaluation center in a press release.