VALENCIA, Calif. -- Shares of MannKind Corp. fell sharply in after-hours trading Wednesday after the diabetes drug developer said it is planning a public offering of stock and warrants.
MannKind said that it intends to sell common shares and warrants to purchase common shares in the underwritten offering. The Valencia, Calif., company said the plan is subject to market and other conditions and may not be completed. The proposed size of the offering and other terms were not released.
The company said it plans to use proceeds from the offering for general corporate purposes, including research and development costs, capital expenses, working capital and general administrative expenses.
MannKind made the announcement after the markets closed. Its shares increased 2 cents to end at $2.60 and fell 16 cents, or 6.2 percent, in after-hours trading. In the past 52 weeks, the price has ranged from $1.57 to $3.48 per share.