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Message: Recap of call today and ready for the long awaited rise in stock price

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LEGITIMATE transaction

in response to Another Man's Opinion.... by knrme

posted on Oct 15, 07 07:43AM

Advice to Cheerleader: In case you are intersted. This is a legitimate transaction involving a CEO :-

================

MannKind Corp. (MNKD) on Tuesday said will receive gross proceeds of about $250 million after agreeing to sell 27 million shares in registered direct offerings to Chairman and Chief Executive Alfred Mann and to two groups of investors, including accounts managed by Legg Mason Capital Management Inc.

The Valencia, Calif., biopharmaceutical company said 15.9 million shares were sold to Mann at $9.41 a share, while 11.1 million shares were sold to the other investors at $9.03 a share.

In addition, MannKind said it entered a new loan arrangement with Mann providing for $350 million in credit available until Dec. 31, 2009.

The company noted the new loan agreement replaces a $150 million loan agreement with Mann previously in place.

Shares of the company recently changed hands at $10.80, up $1.39, or 14.8%.

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