Deerfield Invests $160 Million in MannKind Corporation Biotechnology Companies
By a News Reporter-Staff News Editor at Diabetes Week -- 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 (see also Biotechnology Companies).
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." About Deerfield Deerfield is a leading investment management firm, committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Keywords for this news article include: Biotechnology Companies, Clinical Trials and Studies, Deerfield Management Company.
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