MannKind Corporation Announces Pricing of Public Offering of Units Consisting of Common Stock and Warrants to Purchase Common Stock

VALENCIA, Calif.--(BUSINESS WIRE)--MannKind Corporation (Nasdaq: MNKD) today announced the pricing of an underwritten public offering of 31,250,000 units, with each unit consisting of one share of its common stock and a warrant to purchase 0.6 of a share of its common stock. The shares of common stock and the warrants are being offered at a combined price to the public of $2.40 per unit. The gross proceeds to MannKind from this offering are expected to be $75.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by MannKind. The warrants will be exercisable at $2.40 per share and will expire four years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. MannKind has granted the underwriters a 30-day option to purchase up to an additional 4,687,500 shares of common stock and/or warrants to purchase 2,812,500 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about February 8, 2012, subject to customary closing conditions. MannKind anticipates using the net proceeds from the offering for general corporate purposes, including research and development expenses, capital expenditures, working capital and general administrative expenses.