MannKind Corporation (NASDAQ: MNKD) has been seeing its shares sag ahead of a stock and debt offering. The company plans to sell about $50 million in new shares and up to $161 million in debt. The sale will include units which have shares and warrants attached and are going to be coordinated by Jeffries, Piper Jaffray, and Cowen & Co.
CEO Alfred Mann’s The Mann Group will also be participating in the offering. The Afrezza inhalable insulin is the company’s target and it has been riddled with criticisms in recent years. Some of the criticisms are internal, but much may also be to failures from other drug and biotech companies seeking to offer diabetics a new means of insulin delivery rather than injections.
Shares were near $3.40 as recently as last Friday and the stock has slid down each day since. Shares are down almost 2% at $2.63 today and the 52-week trading range is $2.20 to $5.42. The offering is currently expected to price tonight.
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