Monday, July 1, 2013
MannKind Gets $160M In Debt Funding
Valancia-based MannKind, which provides discovery, development, and commercialization of therapeutics products, said Monday that it has received $160M in a debt financing round. The publicly traded firm said the funding came from affiliates of Deerfield Management Company, L.P. MannKind said the financing is divided into four traches of $40M each, tied to a number of milestones, including release of results from a Phase 3 clinical studies of its lead compound; repayment of a term loan; and FDA approval of its lead compound, Afrezza. The company is currently targeting the development of a compound for treating adults with type 1 or type 2 diabetes for the control of hyperglycemia.