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MannKind plans debt offering

Posted: September 23, 2011 6:09 p.m.
Updated: September 23, 2011 6:09 p.m.
 

MannKind announced Friday it is plans a debt offering to secure $370 million to meet ongoing costs associated with its inhaled developing insulin drug and completion of its production plant in Danbury, Conn.

The Valencia-based pharmaceutical developer said it would offer senior secured notes that would be due in 2017.

MannKinds’s pioneering insulin-inhaled drug, Afreeza, is in Phase 3 clinical trials hoping to secure Food and Drug Administration approval to bring the medication to consumers. Afreeza would treat Type I and Type II diabetes.

Earlier this year, the company laid off around 40 percent of its workforce in February. While some of the layoffs affected employees worked at the Valencia plant, the majority of employees worked at the company’s Connecticut plant.

At the time, CEO Matt Pfeffer said the layoffs were to free up cash to pay for additional clinical trials requested by the Food and Drug Administration for Afrezza, CEO Matt Pfeffer said.

For the first six months of 2011, operating expenses totaled $77.2 million, compared to $78.0 million in the first half of 2010.

MannKind recorded a net loss of $86 million, or 71 cents per share, for the first half of 2011.Shares traded at $3.74 Friday.

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