Deerfield Management Company has entered into an agreement with MannKind
Corporation (NASDAQ: MNKD) under which Mannkind may receive up to
$160,000,000. This financing is designed to support the regulatory
process and commercialization activities for Afrezza®, MannKind’s
inhaled insulin product.
Deerfield funded $40,000,000 at closing and will fund three additional
$40,000,000 tranches as MannKind successfully completes its Phase III
clinical trial, repays its outstanding 3.75% convertible notes and
receives FDA approval for Afrezza®.
“We are pleased to be able to support MannKind’s innovative efforts to
advance the treatment of diabetes,” said James E. Flynn, General Partner
at Deerfield. “Diabetes remains one of the most prevalent, fastest
growing and most expensive diseases from a societal standpoint and
efforts to fund more effective and more widely adopted therapies are
essential.”
About Deerfield
Deerfield is a leading investment management firm, committed to
advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Copyright Business Wire 2013