MannKind raises $25M in self-managed stock offering

California, USA-based MannKind Corp say that it has agreed to sell a total of 27,014,686 shares of its common stock in registered direct offerings to Alfred Mann, its principal stockholder, chief executive and chairman, and to two groups of investors, including accounts managed by Legg Mason Capital Management.

MannKind is focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer

Of the offered shares, 15,940,489 were sold to Mr Mann at a price of $9.41 each, which is above the closing bid price of MannKind's common stock on October 1, as reported by the Nasdaq Global Market, and 11,074,197 shares were sold to the other investors at $9.03 per share. The sales of common stock pursuant to these self managed offerings will result in aggregate gross proceeds to MannKind of around $250.0 million before deducting 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.