MannKind Announces $28.0 Million Registered Direct Offering
April 06 2018 - 1:58AM
MannKind Corporation (Nasdaq:MNKD) today announced
the pricing of a registered direct offering of 14,000,000 shares of
common stock and warrants to purchase up to an aggregate of
14,000,000 shares of common stock to select healthcare
dedicated institutional investors. Each share of common stock is
being sold together with a warrant to purchase one share of common
stock for a combined purchase price of $2.00, resulting in gross
proceeds of $28.0 million. The warrants will be exercisable
at a price of $2.38 per share beginning six months following the
date of issuance and will expire six months thereafter. The shares
of common stock and the warrants will be immediately separable and
will be issued separately. The offering is expected to close
on or about April 10, 2018, subject to customary closing
conditions.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
After deducting the placement agent's fees and
estimated offering expenses, the net proceeds to MannKind are
expected to be approximately $26.3 million. MannKind intends
to use the net proceeds from the offering for general corporate
purposes, including manufacturing expenses, clinical trial
expenses, research and development expenses, sales and marketing
expenses, general and administrative expenses, and other expenses
associated with the commercialization of Afrezza®, any other
product candidate MannKind develops and MannKind’s Technosphere®
drug delivery platform.
The securities are being sold pursuant to a
shelf registration statement on Form S-3 that was previously filed
with the Securities and Exchange Commission (SEC) and declared
effective on April 27, 2016. A final prospectus supplement related
to the offering will be filed with the SEC, and will be available
on the SEC's website located at http://www.sec.gov and
may also be obtained from H.C. Wainwright & Co., LLC, 430 Park
Avenue, 4th Floor, New York, New York 10022, by calling (646)
975-6996 or emailing placements@hcwco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About MannKind
MannKind Corporation (NASDAQ:MNKD) focuses
on the development and commercialization of inhaled therapeutic
products for patients with diseases such as diabetes and pulmonary
arterial hypertension. MannKind is currently
commercializing Afrezza® (insulin human) inhalation powder, the
Company's first FDA-approved product and the only inhaled
rapid-acting mealtime insulin in the United States, where it
is available by prescription from pharmacies
nationwide. MannKind is headquartered in Westlake
Village, California, and has a state-of-the art manufacturing
facility in Danbury, Connecticut. The Company also employs
field sales and medical representatives across the U.S. For further
information, visit www.mannkindcorp.com.
Forward-Looking Statements
Statements contained in this press release that
are not strictly historical in nature are forward-looking
statements that involve risks and uncertainties. These
statements include, without limitation, statements regarding
MannKind's expectations with respect to the completion, timing and
size of the offering, the expected proceeds from the offering and
the anticipated use of the proceeds from the offering. Words such
as "believes," "anticipates," "plans," "expects," "intends,"
"will," "goal," "potential" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based upon MannKind's current expectations. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of
various risks and uncertainties, including, without limitation,
risks associated with market conditions, the satisfaction of
customary closing conditions related to the offering, MannKind's
need and ability to raise additional capital and other risks
detailed in MannKind's filings with the SEC, including its annual
report on Form 10-K for the year ended December 31, 2017. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and MannKind undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release.
MannKind Contact:
Rose AlinayaSVP, Investor
Relations818-661-5000ir@mannkindcorp.com
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