MannKind Corporation (NASDAQ:MNKD) has entered into definitive deals with certain institutional investors and other shareholders pertaining to a registered direct offering of a total of around 10.166 million shares at an offering price of $6 per share, for gross proceeds of around $61 million. The offering is anticipated to close on or about October 13, 2017, grounded on the satisfaction of customary closing conditions.
Michael Castagna, the Chief Executive Officer of MannKind, expressed that with this offering, they have made considerable progress in their initiatives to recapitalize the firm. H.C. Wainwright & Co. is serving as the exclusive placement agent for the registered direct offering. After removing the placement agent’s fees, the net proceeds are anticipated to be around $57.7 million. The company plans to use the net proceeds from the direct offering for general corporate and working capital purposes.
In unrelated news, MannKind reported that it has fully moved its corporate headquarters to a place in the Westlake Landmark office park in California. The company, which is presently commercializing Afrezza® inhalation powder, shifted from Valencia, California to be in a location well known for its biopharma talent and to provide greater convenience to its existing employees.
Castagna reported that they are a dynamic, rapidly growing and fast-moving company. To support this growth, they need to bring more talented people to their team. Moving to Westlake Village, which is closer to a large number of firms in their industry, will help them get top talent. They are thrilled to be a member of the Westlake Village as well as greater Conejo Valley business group.
MannKind has shattered the model of diabetes management with Afrezza, the exclusive inhalable insulin that enhances glycemic control in people with diabetes. The company also has additional therapeutic offerings in the pipeline utilizing its dry powder formulation as a medicine delivery platform.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.