VALENCIA, Calif., Oct. 2 /PRNewswire-FirstCall/ -- MannKind Corporation announced today that it has agreed to sell a total of 27,014,686 shares of its common stock in registered direct offerings to Alfred E. Mann, its principal stockholder, Chief Executive Officer and Chairman of the Board of Directors, and to two groups of investors, including accounts managed by Legg Mason Capital Management, Inc. Of the offered shares, 15,940,489 shares were sold to Mr. Mann at a price per share of $9.41, which is above the closing bid price of MannKind’s common stock on October 1, 2007 as reported by the Nasdaq Global Market, and 11,074,197 shares were sold to the other investors at a price per share of $9.03. The sales of common stock pursuant to these self managed offerings will result in aggregate gross proceeds to MannKind of approximately $250 million before deducting offering expenses. The offerings are being conducted by means of separate prospectus supplements. The closings of the sales of the common stock are scheduled to occur on or about October 5, 2007.
A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission and has become effective. 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 patients with diseases such as diabetes and cancer. Its lead product, the Technosphere 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 common stock, as well as MannKind’s clinical trials and product candidates. 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 the progress, timing and results of clinical trials, difficulties or delays in seeking or obtaining regulatory approval and other risks detailed in the registration statement covering such sales and in MannKind’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2006 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.
CONTACT: Dick Anderson, Chief Financial Officer of MannKind Corporation,
+1-661-775-5302, danderson@mannkindcorp.com; or investors, Evan Smith of
Financial Dynamics, +1-212-850-5600, mnkd@fd.com, for MannKind Corporation
Web site: http://www.mannkindcorp.com/
