MannKind raises $175 million in private placement of stock

By Sheri Kasprzak

New York, Aug. 3 - MannKind Corp. said it has received definitive agreements for a $175 million private placement.

Major institutional investors will buy $87.5 million in shares, and company chief executive officer Alfred Mann has agreed to buy $87.5 million in shares.

The full details of the offering could not be confirmed by press time Wednesday.

The offering, being placed through agents Wachovia Securities and Leerink Swann & Co., is expected to close Aug. 5.

Based in Valencia, Calif., MannKind is a biotechnology company focused on therapeutic treatments for cancer and diabetes.

Following the announcement of the offering Wednesday morning, the company's stock jumped 11.73%, or $1.20, to end at $11.43.

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