MannKind (MNKD) Prices 40M Common, 30M Warrants Offering

MannKind Corporation (Nasdaq: MNKD) announced the pricing of an underwritten public offering of 40,000,000 shares of its common stock, together with warrants to purchase up to an aggregate of 30,000,000 shares of its common stock. Each share of common stock is being sold together with a warrant for a combined purchase price of $2.00. Each warrant entitles the holder to purchase 0.75 of a share of common stock The gross proceeds to MannKind from this offering are expected to be $80.0 million, not including any future proceeds from the exercise of the warrants and before deducting underwriting discounts and commissions and other estimated offering expenses payable by MannKind. The warrants will be exercisable at a price of $2.60 per share and will expire 53 weeks from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. The offering is expected to close on or about October 23, 2012, subject to customary closing conditions. In addition, MannKind has granted the underwriters a 30-day option to purchase up to an additional 6,000,000 shares of common stock and/or warrants to purchase up to an aggregate of 4,500,000 shares of common stock. MannKind anticipates using the net proceeds from the offering to fund its on-going late stage clinical trials of AFREZZA® and for general corporate purposes, including research and development expenses, capital expenditures, working capital and general administrative expenses.

Jefferies & Company, Inc. and Piper Jaffray & Co. are acting as joint book-running managers for the offering. JMP Securities LLC, Griffin Securities, Inc. and Imperial Capital, LLC are acting as co-managers for the offering.

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