By Ronda Fears
Nashville, March 11 - MannKind Corp., a closely-held biopharmaceutical firm based in Valencia, Calif., announced Thursday it had sold $50 million of new series C convertible preferred stock in a private placement.
A company spokeswoman said that the placement was handled internally, without a placement agent or outside adviser.
The 980,392 shares were placed with "selected institutional and private investors," the company said in a statement.
"This financing allows us to continue the development of our Technosphere Insulin product for the treatment of type 2 diabetes, which is currently in Phase IIb trials in the U.S. and Europe," said Hakan Edstrom, president of MannKind.
Cash and investment securities at the completion of the private placement totaled about $64 million, the company said.
MannKind corporate headquarters are located in Valencia, Calif., while MannKind BioPharmaceuticals is located in Danbury, Conn., where Technosphere research, development and manufacturing are conducted.
Terms of the issue are:
| Issuer: | MannKind Corp.
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| Issue: | Series C convertible preferred shares
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| Amount: | $50 million
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| Maturity: | Perpetual
|
| Dividend: | None
|
| Conversion price: | $5.10
|
| Conversion ratio: | 100
|
| Sale date: | March 11
|
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