- MannKind Corporation (MNKD -12.3%) has announced an upcoming offer of $150M worth convertible senior notes due 2026 in a private placement to qualified institutional buyers.
- Within 13 days of the issuance, the initial purchasers of the notes will have an option to purchase up to an additional $22.5M aggregate principal amount of notes.
- The interest rate, initial conversion rate, and other terms of the notes are to be determined at the time of pricing of the offering.
- The company intends to use the net proceeds on working capital and other general corporate purposes, debt repayment, investments or acquisitions, and the clinical development of the pipeline including a Phase 3 clinical trial of Afrezza in pediatric subjects.
- In February 2020, MannKind announced the results of several studies evaluating inhaled insulin Afrezza (insulin human) and its BluHale accessory device.