Mannkind Will Have No Cash By The July 15th PDUFA Date
Mannkind started the year with $100 million available to pay the company's bills consisting of $70 million in cash and $30 million they can borrow from Mannkind Group, LLC Line of Credit Facility. The company is expected to burn about $45 million in cash quarterly to run the company, which will have Mannkind running out of money by the time the extended PDUFA Date July 15th comes around. Mannkind is scheduled to receive another $40 million from Deerfield upon receiving FDA approval, but obviously they will need to do more to raise a lot more capital to support the company's future independence if that's the direction are heading and it will be interesting to see how they do it and when they do it.
Mannkind's 4Q 2013 expenses totaled $40 million and Matthew Pfeffer said the company expects spending to remain steady or increase. I expect Danbury expansion and ADCOM will add to Mannkind's expenses and $45 million is within range of the company's quarterly expense.