July 01, 2013 10:55 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–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.”
Deerfield is a leading investment management firm, committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Deerfield Management Company
Karen Arnone, 212-922-1349