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MannKind Corporation
MNKD today announced that, pursuant to a
Facility Agreement (the “Facility Agreement”) dated July 1, 2013 between
Deerfield Private Design Fund II, L.P. and Deerfield Private Design
International II, L.P. (collectively, “Deerfield”) and MannKind, the
conditions that obligate Deerfield to purchase the second $40 million tranche
of 9.75% senior secured convertible notes (the “Convertible Notes”) have now
been satisfied. The second tranche of Convertible Notes was subject to the
achievement of Phase 3 data from studies 171 and 175 that met the primary
efficacy endpoints of these studies and did not show any adverse safety issue
that would reasonably be expected to prevent approval of AFREZZA. The Facility
Agreement provides that Deerfield is obligated to purchase up to four equal
tranches of Convertible Notes for total gross proceeds of up to $160 million.
The closing of the second tranche is expected to occur no later than September
6, 2013.
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