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Post by cjc04 on Jan 19, 2018 10:16:29 GMT -5
Isn’t Deerfield selling all these shares as soon as they get them? I don’t see anything from Deerfield that says they believe in MNkD or that they’re working with them for any reason other than getting their money back.
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SEC
Jan 19, 2018 10:23:20 GMT -5
via mobile
Post by cjc04 on Jan 19, 2018 10:23:20 GMT -5
New payment schedule (from 1/19/18 SEC filing):
$5 million due May-2018 and $25 million due by the end of July-2018 ($10M must be applied to the Dec-2019 Tranche B and Tranche 4) before being applied to the Tranche 4 in July-2018).
Way to go, Steve! You da' Man! Thanks for this mnholdem, it gives some perspective for when future shenanigans could play out to pay these off with shares. Does anyone have the payment schedule prior to this handy, for comparison sake? Thx
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Post by alethea on Jan 19, 2018 10:43:51 GMT -5
Isn’t Deerfield selling all these shares as soon as they get them? I don’t see anything from Deerfield that says they believe in MNkD or that they’re working with them for any reason other than getting their money back. I don't think Deerfield holds any shares at the moment which means they used ALL of the shares they previously bought from MNKD to either cover the shares they Sold Short or they simply sold them. If you look on the "Ownership Profile" on the MNKD website you don't see Deerfield shown as owning any shares at all. You do see Kent Kresa, Matt Pfeffer, Mike Castagna, David Thompson etc. And Al Mann et. al. is down to just 8% ownership.
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SEC
Jan 19, 2018 10:58:32 GMT -5
mango likes this
Post by slugworth008 on Jan 19, 2018 10:58:32 GMT -5
Excellent. Good to see Deerfield is continuing to work with Mannkind and is obviously expecting the company to grow. Thanks Kimi. they converted half of the $10M to shares which is more positive than usual. The rest was mnkd giving shares as partial payment, extending the remaining small payment until May 2018, and renegotiating a conversion price on another note to $2.75. Just a quick read early in the morn. Not sure if that is 100% accurate. Seems DF is slowly loading the boat now on the Long side. Or just gaining more shares to short?
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SEC
Jan 19, 2018 11:00:35 GMT -5
Post by slugworth008 on Jan 19, 2018 11:00:35 GMT -5
"I think it's the only option they have, since they obviously don't have cash to pay the debt, but I don't expect the market to react favorably to the news. Paying your debts by diluting your shareholders isn't typically a strategy that the Street looks upon favorably."
#1- Um, you're forgetting that MNKD could still generate other sources of revenue to pay back their debt. Partner buy-ins, for example. #2- This is not a long term solution but a quick fix. It's not a solid corporate long term strategy in any playbook, it comes from the short list. #3- While the market may react unfavorably, that too is only temporary. #4- Scripts are not the ONLY thing that can have a positive impact. Announcements of better insurance coverage, partnerships, cash infused buy-ins, positive news from ADA, etc are also additional sources that can have a positive impact.
Just my humble thoughts and opinions. - Best regards.
I agree that all of those things COULD have an impact, but they haven't to date. MNKD's only substantive partnership since the Sanofi termination was for Brazil, and that didn't provide a single penny in up-front money that would enable MNKD to pay down debt or use for company operations. It's easy to ponder what could have positive impact for the company. The possibilities are limitless. Instead, I prefer to focus on what HAS occurred in the past, and use that as somewhat of an indicator as to what will likely happen in the future. Using that formula, I expect only scripts to have any real impact on the bottom line. Ultimately, it's sales that matter and nothing else. "Ultimately, it's sales that matter and nothing else." - Exact-amundo
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SEC
Jan 19, 2018 11:45:30 GMT -5
Post by boca1girl on Jan 19, 2018 11:45:30 GMT -5
Has anyone figured out what price was used for the MNKD shares that Deerfield took as partial payment?
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Post by alethea on Jan 19, 2018 12:04:10 GMT -5
Has anyone figured out what price was used for the MNKD shares that Deerfield took as partial payment? 1,720,846 shares bot @ $3.25 = $5,592,749 1,267,972 shares bot @ $2.50 = $ 3,157,251Total Shares 2,988,818 Total Dollars $8,750,000 That left $1,250,000 (of the $10M due Jan 15) that was paid in cash I believe. That's an average of almost $2.93 per share for the shares issued to Deerfield by MNKD in order to pay down part of the $10M due a few days ago. About one month's cash outflow at MNKD's current cash burn rate.
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Post by agedhippie on Jan 19, 2018 12:12:58 GMT -5
Has anyone figured out what price was used for the MNKD shares that Deerfield took as partial payment? 1,720,846 shares bot @ $3.25 = $5,592,749 1,267,972 shares bot @ $2.50 = $ 3,157,251Total Shares 2,988,818 Total Dollars $8,750,000 That left $1,250,000 (of the $10M due Jan 15) that was paid in cash I believe. That's an average of almost $2.93 per share for the shares issued to Deerfield by MNKD in order to pay down part of the $10M due a few days ago. About one month's cash outflow at MNKD's current cash burn rate. The $1.25M is deferred to May 6th I think.
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SEC
Jan 19, 2018 12:27:03 GMT -5
Post by alethea on Jan 19, 2018 12:27:03 GMT -5
Oh yeah, now I recall that. Thanks.
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Jan 19, 2018 12:40:12 GMT -5
Post by alethea on Jan 19, 2018 12:40:12 GMT -5
Not sure I understand. What do you mean by 1.39 at the bottom?
But yes, I think they used the recently acquired 2.9888M shares to cover somebody's shares sold short.
Deerfield made money, that's for sure.
I think MNKD still owes them $50M over the course of the next two years.
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SEC
Jan 19, 2018 13:03:30 GMT -5
alethea likes this
Post by peppy on Jan 19, 2018 13:03:30 GMT -5
Not sure I understand. What do you mean by 1.39 at the bottom? But yes, I think they used the recently acquired 2.9888M shares to cover somebody's shares sold short. Deerfield made money, that's for sure. I think MNKD still owes them $50M over the course of the next two years. I could not remember what this was (that was me babbling) investors.mannkindcorp.com/releasedetail.cfm?ReleaseID=1031797MannKind Renegotiates Near-Term Maturities with Deerfield PDF Add to Briefcase VALENCIA, Calif., June 29, 2017 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) and affiliates of Deerfield Management Company L.P. ("Deerfield") have entered into an exchange and third amendment to their facility agreement (the "Facility Agreement"), pursuant to which MannKind's $10 million principal maturity previously due on July 18, 2017 will be extended to October 31, 2017, subject to certain conditions, the existing minimum liquidity covenant is reduced as fully described below, and Deerfield will exchange $5 million of the Amended and Restated 9.75% Senior Convertible Notes due December 2019 (the "Tranche 4 Notes") for 3,584,230 shares of MannKind's common stock (the "Exchange Shares"). The exchange price for the Exchange Shares is $1.395 per share. The principal amount being repaid and exchanged under the Tranche 4 Notes represents the principal amount that would have otherwise become due and payable in December 2019.
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Post by peppy on Jan 19, 2018 13:25:31 GMT -5
New payment schedule (from 1/19/18 SEC filing):
$5 million due May-2018 and $25 million due by the end of July-2018 ($10M must be applied to the Dec-2019 Tranche B and Tranche 4) before being applied to the Tranche 4 in July-2018).
Way to go, Steve! You da' Man! Mike has gotten us to the stat study release. Study Comparing Prandial Insulin Aspart vs. Technosphere Insulin in Patients With Type 1 Diabetes on Multiple Daily Injections: Investigator-Initiated A Real-life Pilot Study—STAT Study (STAT) clinicaltrials.gov/ct2/show/NCT03143816 -------------------------- in the mean time, Dexcom is hitting my TV screen hard, I haven't seen the dreamboat. Who is covered under Medicare? According to CMS, therapeutic CGM may be covered by Medicare when all of the following criteria are met: The beneficiary has diabetes mellitus; and, The beneficiary has been using a home blood glucose monitor (BGM) and performing frequent (four or more times a day) BGM testing; and, The beneficiary is insulin-treated with 3 or more daily injections (MDI) of insulin or a continuous subcutaneous insulin infusion (CSII) pump; and, The beneficiary's insulin treatment regimen requires frequent adjustments by the beneficiary on the basis of therapeutic CGM testing results. Within six (6) months prior to ordering the CGM, the beneficiary had an in-person visit with the treating practitioner to evaluate their diabetes control and determine that the above criteria are met; and, Every six (6) months following the initial prescription of the CGM, the beneficiary has an in-person visit with the treating practitioner to assess adherence to their CGM regimen and diabetes treatment plan. In order to be included in this category, the system must be defined as therapeutic CGM, meaning you can make treatment decisions using the device. Note: Under the current ruling, the beneficiary may NOT use their smart phone to display glucose data and still be eligible for reimbursement for the purchase of a therapeutic CGM: you cannot use the Dexcom CGM app to display glucose data and be eligible for reimbursement from Medicare. ---------------- once all we old people can see our blood glucose levels and get the stat studies?
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SEC
Jan 19, 2018 13:42:22 GMT -5
peppy likes this
Post by dreamboatcruise on Jan 19, 2018 13:42:22 GMT -5
New payment schedule (from 1/19/18 SEC filing):
$5 million due May-2018 and $25 million due by the end of July-2018 ($10M must be applied to the Dec-2019 Tranche B and Tranche 4) before being applied to the Tranche 4 in July-2018).
Way to go, Steve! You da' Man! Mike has gotten us to the stat study release. Study Comparing Prandial Insulin Aspart vs. Technosphere Insulin in Patients With Type 1 Diabetes on Multiple Daily Injections: Investigator-Initiated A Real-life Pilot Study—STAT Study (STAT) clinicaltrials.gov/ct2/show/NCT03143816 -------------------------- in the mean time, Dexcom is hitting my TV screen hard, I haven't seen the dreamboat. Who is covered under Medicare? According to CMS, therapeutic CGM may be covered by Medicare when all of the following criteria are met: The beneficiary has diabetes mellitus; and, The beneficiary has been using a home blood glucose monitor (BGM) and performing frequent (four or more times a day) BGM testing; and, The beneficiary is insulin- treated with 3 or more daily injections (MDI) of insulin or a continuous subcutaneous insulin infusion (CSII) pump; and, The beneficiary's insulin treatment regimen requires frequent adjustments by the beneficiary on the basis of therapeutic CGM testing results. Within six (6) months prior to ordering the CGM, the beneficiary had an in-person visit with the treating practitioner to evaluate their diabetes control and determine that the above criteria are met; and, Every six (6) months following the initial prescription of the CGM, the beneficiary has an in-person visit with the treating practitioner to assess adherence to their CGM regimen and diabetes treatment plan. In order to be included in this category, the system must be defined as therapeutic CGM, meaning you can make treatment decisions using the device. Note: Under the current ruling, the beneficiary may NOT use their smart phone to display glucose data and still be eligible for reimbursement for the purchase of a therapeutic CGM: you cannot use the Dexcom CGM app to display glucose data and be eligible for reimbursement from Medicare. ---------------- once all we old people can see our blood glucose levels and get the stat studies? Hopefully this is not applied too literally.
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Post by traderdennis on Jan 19, 2018 15:02:35 GMT -5
Excellent. Good to see Deerfield is continuing to work with Mannkind and is obviously expecting the company to grow. Thanks Kimi. they converted half of the $10M to shares which is more positive than usual. The rest was mnkd giving shares as partial payment, extending the remaining small payment until May 2018, and renegotiating a conversion price on another note to $2.75. Just a quick read early in the morn. Not sure if that is 100% accurate. Seems DF is slowly loading the boat now on the Long side. There is no indication that Deerfield is loading the boat to the long side. Their MO in the past is to short and use the shares in payment to cover.
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Jan 19, 2018 15:11:06 GMT -5
Post by wgreystone on Jan 19, 2018 15:11:06 GMT -5
I agree that all of those things COULD have an impact, but they haven't to date. MNKD's only substantive partnership since the Sanofi termination was for Brazil, and that didn't provide a single penny in up-front money that would enable MNKD to pay down debt or use for company operations. It's easy to ponder what could have positive impact for the company. The possibilities are limitless. Instead, I prefer to focus on what HAS occurred in the past, and use that as somewhat of an indicator as to what will likely happen in the future. Using that formula, I expect only scripts to have any real impact on the bottom line. Ultimately, it's sales that matter and nothing else. While what you say is true that the MannKind-Biomm deal (for marketing Afrezza in Brazil) did not bring in upfront $ that can be used for debt obligations or operations, it's also a fact that Biomm has agreed to pick up all the costs associated with registering Afrezza with ANVISA in Brazil. I'm not certain what the cost of registration is, but at least MannKind doesn't have to pay anything to get their product into that country.
It's very uncommon that a partnership deal without upfront payment. Better to look for a partner in China instead. A lot of private capital there looking for biotech investment opportunities and are willing to pay upfront.
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