MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website.
This press release contains forward-looking statements, including statements related to MannKind’s proposed public offering of common stock, that involve risks and uncertainties. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering, the progress, timing and results of clinical trials, difficulties or delays in seeking or obtaining regulatory approval, the manufacture of AFREZZA, competition from other pharmaceutical or biotechnology companies, MannKind’s ability to enter into any collaborations or strategic partnerships, intellectual property matters, stock price volatility and other risks detailed in MannKind’s filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2011. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
|(A Development Stage Company)|
|Condensed Consolidated Statements of Operations|
|(In thousands, except per share amounts)|
|Three months ended December 31,||Twelve months ended December 31,||Cumulative period from February 14, 1991 (date of inception) to December 31,|
|Research and development||20,242||24,217||99,959||112,279||1,366,051|
|General and administrative||10,337||7,877||40,630||40,312||380,231|
|In-process research and development costs||—||—||—||—||19,726|
|Total operating expenses||30,579||32,094||140,589||152,591||1,917,436|
|Loss from operations||(30,579||)||(32,094||)||(140,539||)||(152,498||)||(1,914,305||)|
|Other income (expense)||66||(626||)||1,541||(725||)||(1,076||)|
|Interest expense on note payable to principal stockholder||(3,035||)||(2,773||)||(10,883||)||(10,249||)||(28,334||)|
|Interest expense on senior convertible notes||(2,849||)||(2,831||)||(10,941||)||(7,128||)||(28,794||)|
|Loss before provision for income taxes||(36,397||)||(38,306||)||(160,804||)||(170,560||)||(1,935,520||)|
|Deemed dividend related to beneficial conversion feature of convertible preferred stock||—||—||—||—||(22,260||)|
|Accretion on redeemable preferred stock||—||—||—||—||(952||)|
|Net loss applicable to common stockholders||$||(36,397||)||$||(38,306||)||$||(160,804||)||$||(170,560||)||$||(1,958,758||)|
|Net loss per share applicable to common stockholders — basic and diluted||$||(0.30||)||$||(0.33||)||$||(1.32||)||$||(1.50||)|
|Shares used to compute basic and diluted net loss per share applicable to common stockholders||122,357||114,932||121,817||113,672|
|(A Development Stage Company)|
|Condensed Consolidated Balance Sheet|
|December 31,||December 31,|
|Cash and cash equivalents||$||2,681||$||66,061|
|State research and development credit exchange receivable — current||-||674|
|Prepaid expenses and other current assets||2,625||2,849|
|Total current assets||5,821||73,954|
|Property and equipment — net||193,029||202,356|
|State research and development credit exchange receivable — net of current portion||473||629|
|Liabilities and Stockholders’ Deficit|
|Senior convertible notes||210,642||209,335|
|Note payable to principal stockholder||277,203||235,319|
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