MannKind hires financial adviser after boosting cash on hand
MannKind, a Southern California biotechnology company heading to Westlake Village, hired Greenhill & Co. as a financial and strategic adviser June 28, after requesting the last of its line of credit through a loan from the Mann Group.
The company will draw on the remaining $30.1 million of funding, using $10.6 million to capitalize unpaid interest, and receiving $19.4 million in cash. This leaves it with an outstanding balance of $79.7 million with the Mann Group, due in 2020.
“This advance will meaningfully increase our cash on hand as we continue to explore potential opportunities to enhance our capital structure,” Michael Castagna, who became CEO of the company in May, said in a news release. “We truly appreciate our working relationship with the Mann Group and their continued support of MannKind.”
The company, which develops an inhalable insulin product called Afrezza, had around $48 million in cash on hand prior to the announcement of the deal.
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