The chairman and CEO of MannKind joined with institutional investors in a $175 million private placement. The money will be used to advance MannKind's Technosphere Insulin System, which is currently in phase III clinical trials in the US and Europe as a treatment for diabetes. Company namesake Alfred Mann is putting up half of the money. Valencia, California-based MannKind has been heavily criticized recently as it tries to catch up with competitors already far ahead in the race for an inhaled insulin product.
- read this press release for more