MannKind Corporation has announced a proposed offer of senior secured discount notes, due 2017, that would yield approximately $370 million. The company says that it would use the money to complete Phase 3 clinical trials of its Afrezza inhaled insulin, to prepare for commercialization of the product, and for work on its manufacturing plant in Danbury, CT, among other activities. The announcement comes less than two months after MannKind and the FDA agreed on the design of new trials.
Afrezza is a dry powder insulin created using the company’s Technosphere particle engineering technology and delivered using its Dreamboat inhaler. According to MannKind the Dreamboat can deliver a respirable fraction of approximately 70% when used with a Technosphere formulation. One of the new trials approved by the FDA in August will compare the Dreamboat DPI to the MedTone DPI used in earlier trials.
Read the MannKind press release.
