VALENCIA, Calif., Dec. 18 /PRNewswire-FirstCall/ -- MannKind Corporation announced today the exercise in full by the underwriters of an over-allotment option to purchase an additional 3,000,000 shares of MannKind's common stock in connection with its follow-on stock offering that priced on December 6, 2006. Including the over-allotment shares, the common stock offering will total 23,000,000 shares at a public offering price of $17.42 per share. Together with the concurrent public offering of $115,000,000 aggregate principal amount of 3.75% senior convertible notes due in 2013 (including $15,000,000 aggregate principal amount of notes sold pursuant to the full exercise of an over-allotment option granted to the note offering underwriters), the expected aggregate net proceeds to MannKind from the offerings (after payment of the underwriting discounts but before expenses) will be approximately $497.2 million.
J.P. Morgan Securities Inc. and Merrill Lynch & Co. are acting as joint lead managers and joint bookrunners of each of the public offerings. Wachovia Capital Markets, LLC, CIBC World Markets Corp. and Leerink Swann & Co., Inc. are acting as co-managers of the common stock offering. Information about each of the offerings is available in the prospectus supplements for the offerings filed with the Securities and Exchange Commission. Copies of the prospectus supplements can be obtained from J.P. Morgan's prospectus department at 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention Prospectus Department and from Merrill Lynch's prospectus department at 4 World Financial Center, New York, NY 10080.
Registration statements relating to these securities have become effective by order or rule of the Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About MannKind Corporation
MannKind Corporation focuses on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. Its lead product, the Technosphere(R) Insulin System, is currently in phase 3 clinical trials in the United States, Europe and Latin America, to study its safety and efficacy in the treatment of diabetes.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the sale by MannKind of its securities and the amount of expected net proceeds from the offerings. 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 MannKind's current expectations and involve risks and uncertainties. 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, risks related to MannKind's ability to meet the closing conditions required for the consummation of the over-allotment sale and other risks detailed in MannKind's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2005 and periodic reports on Form 10-Q and 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 news release.
MannKind CorporationCONTACT: Dick Anderson, Chief Financial Officer of MannKind Corporation,+1-661-775-5302, danderson@mannkindcorp.com; or Julie Huang (investors), orRobert Stanislaro (media), both of Financial Dynamics, +1-212-850-5600,mnkd@fd.com, for MannKind Corporation
Web site: http://www.mannkindcorp.com/
