MannKind Announces Completion of Previously Announced $28.0 Million Registered Direct Offering
April 09 2018 - 4:10PM
MannKind Corporation (Nasdaq:MNKD) today announced
the completion of its previously announced 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 was 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
are 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 were issued
separately.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering. Greenhill & Co. served as a
financial advisor in the offering.
The net proceeds to MannKind from the offering
were approximately $26.3 million, after deducting the placement
agent's fees and offering expenses. 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 were 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 has been filed with the SEC, and is 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 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,
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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