MannKind announces $110 million stock agreement

MannKind Corporation, which is waiting for FDA approval of its Afrezza inhaled insulin, announced that it hopes to raise up to $110 million by lending 9 million shares of its stock to Bank of America. Merrill Lynch will then sell the borrowed shares, shorting the stock, and will use the proceeds in conjunction with a private offering of MannKind Senior Convertible Notes due in 2015. Read the company’s press release