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Local biopharmaceutical company to sell shares

Posted: August 16, 2010 5:04 p.m.
Updated: August 17, 2010 4:55 a.m.
 

MannKind Corporation, a Valencia biopharmaceutical company, announced that it has entered into an agreement with Seaside 88, a private investment limited partnership, for the sale of 700,000 shares of common stock to Seaside 88 every two weeks over the course of  a year, for up to a total of  up to 18.2 million shares of MannKind common stock. The initial sale is expected to close on Sept. 22.

Mannkind is focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. MannKind has been trying to win marketing approval for an inhaled insulin and is awaiting a decision by the FDA by December 29.

The deal is expected to allow MannKind to raise money and cut debt.

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