MannKind withdraws planned $370 million offering of six-year notes

By Paul A. Harris

Portland, Ore., Nov. 28 - MannKind Corp. has withdrawn its $370 million offering of six-year senior discount notes from the market, according to an informed source.

The Valencia, Calif.-based biopharmaceutical company is exploring alternatives to raise the cash it needs for development and operating capital.

MannKind came to the high-yield market in September, in part to fund the completion of the phase 3 clinical trials and commercialization of its lead product candidate, Afrezza, as well as the continuing build-out of MannKind's Danbury, Conn., manufacturing facility and ongoing research and development.

Global Hunter Securities and Knight Capital Group were the bookrunners for the high-yield deal.

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