MannKind Raising Scratch

It will sell stock and bonds.
Author:
Publish date:

MannKind (MNKD) - Get Report plans to offer 17.5 million common shares and $100 million worth of senior convertible notes.

The Valencia, Calif., biotech said underwriters have reserved up to half the offering for sale to CEO Alfred E. Mann. The number of shares and the amount of notes that Mann will be allocated will depend on market conditions and may be more or less than the amount initially reserved for allocation.

J.P. Morgan Securities and Merrill Lynch are acting as joint lead managers and joint book-runners of each of the public offerings. Wachovia Capital Markets, CIBC World Markets and Leerink Swann are acting as co-managers.

The news comes as the company received regulatory clearance in the U.S. to proceed with human trials of an experimental cancer treatment.

Shares slipped 12 cents late Monday to $17.08.