VALENCIA, Calif., Oct. 2 /PRNewswire-FirstCall/ -- MannKind Corporation (Nasdaq: MNKD) announced today that it has agreed to sell a total of 27,014,686 shares of its common stock in registered direct offerings to Alfred E. Mann, its principal stockholder, Chief Executive Officer and Chairman of the Board of Directors, and to two groups of investors, including accounts managed by Legg Mason Capital Management, Inc. Of the offered shares, 15,940,489 shares were sold to Mr. Mann at a price per share of $9.41, which is above the closing bid price of MannKind's common stock on October 1, 2007 as reported by the Nasdaq Global Market, and 11,074,197 shares were sold to the other investors at a price per share of $9.03. The sales of common stock pursuant to these self managed offerings will result in aggregate gross proceeds to MannKind of approximately $250 million before deducting offering expenses. The offerings are being conducted by means of separate prospectus supplements. The closings of the sales of the common stock are scheduled to occur on or about October 5, 2007.
A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission and has become effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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