MannKind sees Q3 net Afrezza product revenue $1.8M-$2.2M
For the three months ended September 30, MannKind expects to report $2.6M-$3.0M of gross Afrezza product revenue and $1.8M-$2.2M of net Afrezza product revenue. MannKind estimates that as of September 30, its cash and cash equivalents were approximately $20.2M. MannKind estimates that as of September 30, the principal balance outstanding for its 9.75% Senior Convertible Notes due 2019 and 8.75% Senior Convertible Notes due 2019 issued under its facility agreement with Deerfield was $60M; its 5.75% Convertible Senior Subordinated Exchange Notes Due 2018 was $27.7M; and its borrowings under the loan arrangement with The Mann Group was $79.7M. MannKind estimates that the annual purchase requirements under the insulin supply agreement with Amphastar as of September 30 were unchanged from June 30, except for the impact of foreign currency translation. MannKind said it has not yet purchased the annual minimum required quantities of insulin for 2017 of EUR 2.7M.