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MannKind Agrees to $50 Million Private Stock Sale

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MannKind (MNKD) said Friday it agreed to a $50 million private placement with institutional investors led by Frazier Life Sciences.

The firm is selling about 10.4 million common shares for $3.89 each and pre-funded warrants to buy up to roughly 2.4 million shares at $3.88 per warrant, the company said.

The transaction is expected to close on or about Friday, and the business plans to use the net proceeds for general corporate purposes, including a $45 million contingent value rights payment related to the recent US Food and Drug Administration approval of Furoscix ReadyFlow, MannKind said.

Shares of the company were up 6.4% in Friday premarket trading.

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