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MannKind Corporation Reports 2011 Fourth Quarter And Full Year Financial Results

The net loss applicable to common stockholders for 2011 was $160.8 million, or $1.32 per share based on 121.8 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $170.6 million, or $1.50 per share based on 113.7 million weighted averages shares outstanding for 2010.

Cash, cash equivalents and marketable securities were $3.2 million at December 31, 2011 and $70.4 million at December 31, 2010. As of December 31, 2011, the Company had $45.0 million of available borrowings under the loan agreement compared to $98.0 million as of December 31, 2010.

On January 16, 2012, the Company amended its note with The Mann Group LLC, an entity controlled by the Company’s principal stockholder. The amendment extends the maturity date of the $350.0 million loan arrangement from December 31, 2012 to March 31, 2013. The Company can continue to borrow under the amended terms of the note until June 30, 2012. Since December 31, 2011, the Company borrowed $6.3 million under the loan agreement and $38.8 million remains available to borrow.

On February 8, 2012, the Company sold $86.3 million of units in an underwritten public offering, with each unit consisting of one share of common stock and a warrant to purchase 0.6 of a share of common stock, and reflects the full exercise of an over-allotment option granted to the underwriters. Net proceeds from this offering were approximately $80.6 million, excluding any warrant exercises. Concurrent with this public offering, The Mann Group LLC purchased $77.2 million worth of restricted shares of common stock which will be paid by cancellation of principal indebtedness under the amended loan arrangement.

Conference Call

MannKind management will host a conference call to discuss these results today at 5:00 p.m. Eastern Time. To participate in the call please dial (866) 314-5232 or (617) 213-8052 and use the participant passcode: MANNKIND. To listen to the call via the Internet please visit The web site replay will be available for 14 days. A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 286-8010 or (617) 801-6888.

Presenting from the Company will be:
  • Chairman and Chief Executive Officer Alfred Mann
  • President and Chief Operating Officer Hakan Edstrom
  • Corporate Vice President and Chief Financial Officer Matthew Pfeffer

About MannKind Corporation

MannKind Corporation (Nasdaq: MNKD) focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes and cancer. Its lead product candidate, AFREZZA®, is in late stage clinical investigation for the treatment of adults with type 1 or type 2 diabetes for the control of hyperglycemia.

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