VALENCIA, Calif., June 29, 2017 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) and (TASE:MNKD),
announced today that it has delivered a funding request notification to the Mann Group LLC pursuant to the terms of the Mann Group
Loan Arrangement (the “Loan Arrangement”) to draw the remaining $30.1 million of availability thereunder. Upon funding, MannKind
will concurrently use $10.6 million of the proceeds to capitalize all accrued but unpaid interest under the Loan Arrangement. Under
a subordination agreement with Deerfield, the Mann Group previously agreed with Deerfield not to demand or accept any payment under
the Loan Arrangement until MannKind’s payment obligations to Deerfield have been satisfied in full, except for payments (such as
interest payable in-kind) that are permitted under the subordination agreement. After the request is funded, MannKind will
(i) receive $19.4 million of cash, (ii) have drawn the full amount available under the Loan Arrangement, and (iii) have paid all
accrued interest outstanding thereunder as of June 30, 2017. The outstanding balance under the Loan Arrangement after this
transaction will be $79.7 million, which is due on January 5, 2020.
“This advance will meaningfully increase our cash on hand as we continue to explore potential opportunities to enhance our
capital structure. We truly appreciate our working relationship with the Mann Group and their continued support of MannKind,” said
Michael Castagna, Chief Executive Officer of MannKind Corporation. “In addition, we have engaged Greenhill & Co., Inc. as a
financial and strategic advisor, a firm that we believe will provide independent advice as I transition into my new role.”
About MannKind Corporation
MannKind Corporation (NASDAQ:MNKD) (TASE:MNKD) focuses on the discovery, development and commercialization of
therapeutic products for patients with diseases such as diabetes. MannKind maintains a website at www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well
as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent
automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain
other information to the website.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding
MannKind's ability to directly commercialize pharmaceutical products. 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 the MannKind's current expectations. 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, the 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, 2016 and subsequent periodic reports on Form 10-Q and current reports on
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 press release.
Company Contact: Rose Alinaya Acting CFO 661-775-5300 ralinaya@mannkindcorp.com
