MannKind secures up to $160M in debt from Deerfield

MannKind Corp. (NASDAQ:MNKD) raised $40 million from Deerfield Management in the first tranche of a potential $160 million debt financing comprising 9.75% senior secured notes due 2019. MannKind is eligible for three additional $40 million tranches tied to the release of data from two ongoing Phase III trials of the company's Afrezza in Type I and II diabetics, the repayment of outstanding 3.75% convertible notes and FDA approval for Afrezza, a dry powder formulation of insulin plus an inhaler. Deerfield is eligible for up to $90 million in milestones. ...