MannKind Satisfies Conditions for Second Tranche of Convertible Notes Financing

MannKind Corporation (Nasdaq: MNKD) today announced that, pursuant to aFacility Agreement (the “Facility Agreement”) dated July 1, 2013 betweenDeerfield Private Design Fund II, L.P. and Deerfield Private DesignInternational II, L.P. (collectively, “Deerfield”) and MannKind, theconditions that obligate Deerfield to purchase the second $40 million trancheof 9.75% senior secured convertible notes (the “Convertible Notes”) have nowbeen satisfied. The second tranche of Convertible Notes was subject to theachievement of Phase 3 data from studies 171 and 175 that met the primaryefficacy endpoints of these studies and did not show any adverse safety issuethat would reasonably be expected to prevent approval of AFREZZA. The FacilityAgreement provides that Deerfield is obligated to purchase up to four equaltranches 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 September6, 2013.