MannKind gets new financing
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Shares of MannKind Corp., a Valencia-based drug developer that is seeking a partner for its experimental inhaled insulin, posted their biggest gain in almost two months after the firm announced $600 million in new financing.
The financing consists of $350 million in added credit and $250 million from the sale of 27 million shares, MannKind said Tuesday.
Alfred E. Mann, chairman and principal stockholder, provided the credit and, along with two other investors, is buying the shares in an arrangement closing this week.
MannKind plans to file an application late next year for U.S. approval of Technosphere Insulin, the company’s lead product. The inhaled insulin is in the third and final stage of clinical trials needed to support an application, MannKind said.
The financing should carry it through the third quarter of 2009 while it seeks a partner for Technosphere, the company said.
Shares of MannKind rose 69 cents, or 7.3%, to close at $10.10. It was the biggest increase since Aug. 8, when the stock rose 12%.
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