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MannKind Announces New $350 Million Credit Facility
Date:10/2/2007

Brings Total Financing Commitments Announced Today to $600 Million New Commitments Expected To Fund Operations Through Third Quarter of 2009

VALENCIA, Calif., Oct. 2 /PRNewswire-FirstCall/ -- MannKind Corporation (Nasdaq: MNKD) announced today that it has entered into a new loan arrangement with Alfred E. Mann, its principal stockholder, Chief Executive Officer and Chairman of the Board of Directors, providing for $350 million in credit available until December 31, 2009. The loan can be drawn down in certain amounts and during specific times. Advances bear interest at the rate of LIBOR plus 3%, are unsecured, and rank pari passu with the Company's other senior unsecured debt. There are no warrants or other consideration in connection with the loan arrangement. MannKind will be required to repay any borrowings under this arrangement on December 31, 2011. At any time after January 1, 2010, Mr. Mann can require MannKind to prepay up to $200 million in advances that have been outstanding for at least 12 months. This new loan agreement replaces the $150 million loan agreement with Mr. Mann that was previously in place.

"This arrangement together with the registered direct offerings of common stock also announced today represent commitments of $600 million, which we believe will enable us to continue to advance our Technosphere(R) Insulin program and fund our other operations through the third quarter of 2009," stated Hakan Edstrom, President and Chief Operating Officer. "These funds ensure that we will be able to support our operations beyond the filing of our NDA for Technosphere Insulin -- which is still scheduled for December 2008 -- and the subsequent pre-approval inspection of our manufacturing facility
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SOURCE MannKind Corporation
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