MannKind Selling Convertible Notes to Fund Clinical Costs

MannKind Corp. plans to offer $100 million in senior convertible notes to help fund its clinical and operational costs, the Valencia-based biopharmaceutical company announced. The company proposes to offer the notes, due 2015, to qualified institutional buyers. MannKind expects to use the net proceeds from the offering to fund costs of its clinical trials programs and other research and development activities, to expand its manufacturing operations and for general corporate purposes, which include working capital. The notes will be general unsecured senior obligations of MannKind Corporation, will pay interest semi-annually and will be convertible into shares of the company’s common stock. The interest rate, conversion rate and other terms of the notes will be determined at the time of the offering’s pricing. Jessica Selva