VALENCIA, Calif.--(BUSINESS WIRE)--MannKind Corporation (Nasdaq: MNKD) today announced the pricing of its previously announced offering of $100 million aggregate principal amount of Senior Convertible Notes due 2015 (the “Notes”). The Notes will be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), by the financial institutions that are the initial purchasers of the notes. MannKind has also granted the initial purchasers of the Notes an option, exercisable up to 13 days after the closing of the offering, to purchase up to an additional $10 million aggregate principal amount of the Notes solely to cover overallotments, if any. MannKind expects to use the net proceeds of the offering to fund the costs of its clinical trials programs and other research and development activities, to expand its manufacturing operations, both on-going and planned, and for general corporate purposes, including working capital. The closing of the Note offering is expected to take place on August 24, 2010.
