MannKind Announces Pricing of Registered Direct Offering
November 12 2015 - 2:31PM
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD)
today announced the pricing of its previously announced registered
direct offering of its common stock to selected investment funds in
Israel, as well as the total number of shares to be purchased in
the offering. The purchasers in the offering have committed to
purchase an aggregate of 13,852,435 shares of common stock at a
price per share equal to $2.61 (based upon the exchange rate
between the New Israeli Shekel and the U.S. Dollar on November 12,
2015). The gross proceeds from this offering are expected to be
$36.2 million, before deducting placement agent fees, escrow agent
fees and other estimated offering expenses payable by MannKind. The
offering is expected to close on or about November 12, 2015,
subject to customary closing conditions.
"We are very pleased with the dual listing in the Tel Aviv Stock
Exchange. This listing offers a great opportunity for MannKind,
allowing it to continue to leverage its business and clinical
operations together with expanding its current investor base and
creating opportunities for corporations with the local biomed
industry. We would like to thank the Tel Aviv Stock Exchange for
the opportunity to be listed for trade. We are committed to
creating value for the current and new investors as one," stated
MannKind's Chief Financial Officer, Matthew Pfeffer. Mr.
Pfeffer went on to note, "A portion of the index funds' required
holdings have now been purchased directly from the
company. These transactions provide MannKind with needed near
term liquidity to support Afrezza operations and Technosphere
developments, while minimizing shareholder dilution. Remaining
demand from the TASE index funds' long-term holding requirements
are expected to be satisfied through open market purchases, which
must be completed before Sunday, November 15, 2015."
Sunrise Securities Corp. acted as MannKind's exclusive placement
agent in connection with the offering. The shares were
offered pursuant to MannKind's effective registration statement on
Form S-3 (File No. 333-333-206778) and a related prospectus
supplement filed with the Securities and Exchange Commission (SEC)
on November 9, 2015. Copies of the prospectus supplement and
accompanying prospectus are available on the SEC's website located
at http://www.sec.gov and may also be obtained by contacting
MannKind at 25134 Rye Canyon Loop, Suite 300, Valencia, CA 91355,
Attn: Investor Relations, or by telephone at (661)
775-5300. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of, the shares in any state or other jurisdiction which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
Stock Exchange Listings
MannKind's common stock is listed on The Nasdaq Global Market
and the Tel Aviv Stock Exchange (TASE). Investors should note that
trading on The Nasdaq Global Market occurs Monday through Friday,
9:30 am to 4:00 pm Eastern Time, except on Nasdaq trading holidays,
and trading on the TASE occurs Sunday from 8:30 am to 4:30 pm
Israel time and Monday to Thursday from 8:30 am to 5:30 Israel
time, except on TASE trading holidays. The TASE Clearing House is
electronically linked to the Depository Trust Company, a subsidiary
of the Depository Trust & Clearing Corporation, to automate the
cross-border settlement of shares listed on both the TASE and a
U.S. Exchange.
About MannKind Corporation
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) focuses on the
discovery and development of therapeutic products for patients with
diseases such as diabetes. MannKind maintains a website at
http://www.mannkindcorp.com to which MannKind regularly posts
copies of its press releases as well as additional information
about MannKind. Interested persons can subscribe on the MannKind
website to e-mail alerts that are sent automatically when MannKind
issues press releases, files its reports with the SEC or posts
certain other information to the website.
Forward-Looking Statements
Statements contained in this press release that are not strictly
historical in nature are forward-looking statements that involve
risks and uncertainties. Words such as "believes",
"anticipates", "plans", "expects", "intend", "will", "goal",
"potential" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
are based upon the MannKind's current expectations. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, the
satisfaction of customary closing conditions, fluctuations in the
New Israeli Shekel-to-U.S. Dollar exchange rate, MannKind's
dependency on Sanofi for commercialization of Afrezza, MannKind's
need and ability to raise additional capital and other risks
detailed in MannKind's filings with the SEC, including the Annual
Report on Form 10-K for the year ended December 31, 2014,
subsequently filed periodic reports on Form 10-Q and current
reports on Form 8-K. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and MannKind undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this press release.
CONTACT: Company Contact:
Matthew J. Pfeffer
Chief Financial Officer
661-775-5300
mpfeffer@mannkindcorp.com
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