MannKind Repays Maturing Debt Obligation; Buys Back Certain Warrants

WESTLAKE VILLAGE, Calif., July 18, 2019 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ: MNKD) today announced the repayment of outstanding debt by an aggregate amount of approximately $4.0 million and the repurchase of a warrant to purchase approximately 3.3 million shares of common stock. 

  • The Company repaid approximately $4.0 million of the Deerfield Financing Obligation that was due July 18, 2019 with $2.42 million in cash and by issuing 1,514,423 shares of the Company’s common stock valued at $1.04 per share, the closing price of the Company’s common stock on July 17, 2019 as reported on the Nasdaq Stock Market.   
  • The Company also repurchased a warrant to acquire approximately 3.3 million shares of the Company’s common stock from the holder thereof for approximately $433,000.  Following the repurchase, the warrant was cancelled and is no longer issued and outstanding. 

About MannKind Corporation
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.

MannKind Contact:

Rose Alinaya
Investor Relations
818-661-5000
ir@mannkindcorp.com

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Source: MannKind

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