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MannKind plans debt offering

Posted: September 25, 2011 1:30 a.m.
Updated: September 25, 2011 1:30 a.m.
 

MannKind announced Friday it is planning a debt offering to secure $370 million to meet ongoing costs associated with the development of an insulin drug and the 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.

MannKind’s pioneering insulin-inhalant 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.

The company laid off around 40 percent of its workforce in February. While some of the layoffs affected employees who worked at the Valencia plant, the majority MannKind of employees work 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.

For the first six months of 2011, operating expenses totaled $77.2 million, compared to $78 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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