MannKind to sell senior secured discount notes

MannKind to sell senior secured discount notes for about $370M in proceeds

Associated Press

VALENCIA, Calif. (AP) -- The drugmaker MannKind Corp. said Friday that it plans to sell senior secured discount notes due 2017 to raise about $370 million.The company said it plans to use the proceeds for development and operating capital, including clinical trials of its product candidate Afrezza, which is a type of insulin for patients with Type 1 and Type 2 diabetes.MannKind said it also plans to use the money to prepare for commercialization of Afrezza, continue the expansion of its Danbury, Conn., manufacturing facility, for research and development and for general corporate purposes.Its shares rose 37 cents, or 11.6 percent, to $3.55 in late morning trading Friday.

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