MannKind Corporation (NASDAQ:MNKD) entrenched firmly in second Tranche of financing
The MannKind Corporation (NASDAQ:MNKD) has announced that as per the agreement to the 1 July 2013, facility contract, between MNKD and the Deerfield Private Design Fund II. L.P, the conditions or the terms that obligate Deerfield to buy the 2nd tranche worth $40M of 9.75% senior-secured Convertible Notes, have been met now.
The 2nd tranche of convertible notes was dependent on achievement of the third phase from the 171 and 175 researches. These have now satisfied the main efficiency endpoints of the studies and have not demonstrated any negative security-issue that might have the potential to prevent or revert the AFREZZA approval. The Facility agreement stated that Deerfield will have to pay a minimum of 4 equal tranches of convertible-notes for gross proceeds of 4160M. The closing of the 2nd tranche is expected to close no later than September 6 2013.
Positive AFREZZA data
The company held a conference call to discuss all the preliminary results of the 171 and 175 studies of AFREZZA. This medication is connected to Insulin Human rDNA origin. It is an ultra-rapid acting, investigational mealtime insulin therapy that is administered with the use of the company’s GEN2 inhaler which is also called the Dreamboat inhaler.
Features of the study
Amongst all the patients who have been affected by Type 1 diabetes, in contrast to insulin, AFREZZA showed a non-inferior reduction in A1c levels, significant weight advantage, notably less hypoglycemia, and a significant reduction in fasting blood glucose-levels. Apart from this the transitions in the pulmonary-function that were seen in the GEN 2 group were not totally distinct from those that were observed in the AFREZZA treatment group.
The latter had used MannKind Corporation (NASDAQ:MNKD)’s MedTone inhaler. MNKD is a development-stage biopharma company. It focuses on discovering, developing and commercializing therapeutic products for diseases like diabetes and cancer.