In addition to the funding, the company — which also develops inhaled insulin technology — won FDA approval for the Furoscix ReadyFlow auto-injector.
MannKind said it entered into a securities purchase agreement in connection with a private placement to certain institutional investors. It expects to close the financing on or about today, July 24, with proceeds of approximately $50 million. Frazier Life Sciences led the private placement.
The company plans to use the net proceeds for general corporate purposes. That includes funding a $45 million contingent value rights payment triggered by the Furoscix ReadyFlow approval.
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