MannKind raises $50 million in private placement tied to Furoscix ReadyFlow approval

MannKind Corporation entered into a securities purchase agreement on July 23, 2026 with certain institutional accredited investors for a private placement, and the company agreed to sell and issue an aggregate of 10,440,838 shares of common stock at $3.89 per share, along with pre-funded warrants to purchase up to 2,412,632 additional shares at $3.88 per warrant, in lieu of common stock to certain investors¹. The pre-funded warrants carry an exercise price of $0.01 per warrant share and will not expire until exercised in full¹.

MannKind announced the deal in a press release dated July 24, 2026. The closing of the private placement occurred on July 24, 2026, with total gross proceeds to the company of approximately $50.0 million before expenses.¹

The private placement was led by Frazier Life Sciences, described as a longstanding biotech investment firm.¹

MannKind intends to use the net proceeds for general corporate purposes, including funding a $45.0 million contingent value rights payment obligation triggered by the FDA's approval of Furoscix ReadyFlow (furosemide injection).¹ Separately, the filing states that on July 23, 2026, the FDA approved Furoscix ReadyFlow (furosemide injection) for treatment of edema, or fluid overload, in adults with heart failure or chronic kidney disease.¹

MannKind also agreed to file for resale registration of the shares. Under a Registration Rights Agreement with the investors, the company agreed to prepare and file a registration statement with the SEC within 30 days of the closing, subject to certain allowable delays, to register the shares and warrant shares for resale.¹ The pre-funded warrants can be exercised on a cashless basis and cannot be exercised if doing so would push a holder's beneficial ownership above 19.99%.¹