MannKind and MidCap Amend Credit Facility
December 01 2020 - 8:00AM
MannKind Corporation (Nasdaq: MNKD) today announced that it and
MidCap Financial Trust, as agent, have entered into an amendment to
the credit and security agreement dated August 6, 2019 (the “MidCap
Credit Facility”).
“We appreciate the unwavering financial support
and partnership from MidCap as we progress our three most important
business objectives – growing Afrezza to become the standard of
care for mealtime insulin, working with our collaboration partner,
United Therapeutics, to move Treprostinil Technosphere (TreT)
toward an NDA submission with the FDA, and developing our
pipeline,” said Michael Castagna, CEO of MannKind.
The amendment to the MidCap Credit Facility
provides that: (i) Tranche 2 of $10.0 million is made available to
the Company and is scheduled to be funded on December 1, 2020, (ii)
Tranche 3 of $25.0 million is available to the Company upon the
satisfaction of certain conditions, including FDA approval of TreT,
(iii) modifications to the financial covenant relating to trailing
twelve month minimum Afrezza Net Revenue requirements, (iv) an
additional covenant that requires the marketing of TreT if Tranche
3 is funded, (v) an extension of the interest-only period until
September 1, 2022 (vi) the minimum cash covenant is increased to
$30.0 million at all times, and (vii) amendments to the prepayment
fees.
About
MannKind
Corporation
MannKind Corporation (Nasdaq: MNKD) focuses on
the development and commercialization of inhaled therapeutic
products for patients with endocrine and orphan lung diseases.
MannKind is currently commercializing Afrezza® (insulin human)
Inhalation Powder, its first FDA-approved product and the only
inhaled ultra rapid-acting mealtime insulin in the United States,
where it is available by prescription from pharmacies nationwide.
MannKind is headquartered in Westlake Village, California, and has
a state-of-the art manufacturing facility in Danbury, Connecticut.
The Company also employs field sales and medical representatives
across the U.S. For further information, visit
www.mannkindcorp.com.
About MidCap Financial
MidCap Financial is a middle market-focused,
specialty finance firm that provides senior debt solutions to
companies across all industries. MidCap Financial provides
management or other services with respect to over $27 billion of
commitments as of September, 2020 of which $3.9 billion are managed
by MidCap Financial Services Capital Management LLC, a registered
investment adviser. MidCap Financial provides a broad array of
products intended to finance growth and manage working capital.
MidCap Financial is managed by Apollo Capital Management, L.P., a
subsidiary of Apollo Global Management, Inc., pursuant to an
investment management agreement. Apollo Global Management, Inc. is
one of the world's largest asset managers with approximately $414
billion of assets under management (as of June 30, 2020), providing
market leading industry expertise, market reach, and financing
synergies. Loans to CA residents issued under California Financing
Law License No. 60DBO 45424, 60DBO 45427, 60DBO 45431, 60DBO 45435,
60DBO 45439, 60DBO 49531 or 603I389
Forward-Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties. Words such as
"believes," "anticipates," "plans," "expects," "intends," "will,"
"goal," "potential" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based upon 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
various risks and uncertainties detailed in MannKind's filings with
the SEC. For a discussion of these and other factors, please refer
to MannKind’s annual report on Form 10-K for the year ended
December 31, 2019 as well as MannKind’s other filings with the SEC.
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.
Company
Contact:818-661-5000ir@mannkindcorp.com
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