MannKind Satisfies Conditions for $40 Million
MannKind Corporation recently announced that pursuant to a Facility Agreement dated July 1, 2013, between Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, Deerfield) and MannKind, the conditions that obligate Deerfield to purchase the second $40-million tranche of 9.75% senior secured convertible notes have now been satisfied.
The second tranche of Convertible Notes was subject to the achievement of Phase III data from studies 171 and 175 that met the primary efficacy endpoints of these studies and did not show any adverse safety issue that would reasonably be expected to prevent approval of AFREZZA. The Facility Agreement provides that Deerfield is obligated to purchase up to four equal tranches of Convertible Notes for total gross proceeds of up to $160 million. The closing of the second tranche is expected to occur no later than September 6, 2013.
MannKind Corporation focuses on the discovery, development, and commercialization of therapeutic products for patients with diseases such as diabetes. Its lead product candidate, AFREZZA, has completed Phase III clinical trials. AFREZZA is a novel, ultra rapid-acting mealtime insulin for the treatment of adult patients with type 1 and type 2 diabetes mellitus for the control of hyperglycemia. It is a drug-device combination product, consisting of AFREZZA inhalation powder pre-metered into single-use dose cartridges and the light, discreet, and easy-to-use AFREZZA inhaler For more information, www.mannkindcorp.com.
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