Cash in Kind

MannKind Corp. (NASDAQ:MNKD) raised $100 million in senior convertible notes due 2015. The financing gives it immediate cash - something not accomplished in the two deals disclosed the prior week to sell up to 36.4 million shares over almost a year to the Mann Group and Seaside 88 Advisors(see BioCentury, Aug. 16).

The notes carry an annual rate of 5.75% and convert at $6.80 per share. That's about a 14% premium to MannKind's share price of $5.97 the day before the offering priced...