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Post by Deleted on Dec 23, 2017 5:46:02 GMT -5
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Post by liane on Dec 23, 2017 5:58:28 GMT -5
@kastanes,
I have to delete the text of this SO article - he cries to PB if we copy his text. So if anyone wants to read his non-stop dribble, you have to click on the link.
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Post by Omega on Dec 23, 2017 21:45:47 GMT -5
How about we delete links to his articles too =)
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Post by Deleted on Dec 24, 2017 6:52:12 GMT -5
$10 million is due January 15th, without a partnership agreement with substantial up-front cash, dilution is inevitable.
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Post by brotherm1 on Dec 24, 2017 12:23:40 GMT -5
we’ll have several months past January 15 to come up with more cash somehow.
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Post by Deleted on Dec 24, 2017 12:55:03 GMT -5
brotherm1 it is estimated MannKind will start the year with $46 million with a cash-burn of $24 million / quarter. If one does the math, MannKind will finish the quarter with $22 million. That violates the Deerfield agreement of maintaining $25 million at the end of the quarter.
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Post by brotherm1 on Dec 24, 2017 13:05:12 GMT -5
agree
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Post by mnholdem on Dec 24, 2017 13:41:24 GMT -5
Didn't the renegotiated debt agreement reduce the cash reserve to $10 million?
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Post by cjm18 on Dec 24, 2017 14:21:51 GMT -5
Q3 transcript. ...other items to keep in mind are ATM, co-promote opportunities which could represent us finding a primary care co-promote partner but also bringing in another product to put into our sales force bag. We have debt options, equity, international licensing, as well as partnerships for pipeline assets.
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Post by cjm18 on Dec 24, 2017 14:23:50 GMT -5
Castagna interview...”we're open to a co-promote partner, which means you would take another large company's 300 to 500 reps, and you would drop this in their bag as a secondary position. And now we can train them and do a lot better.”
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Post by Deleted on Dec 24, 2017 15:17:57 GMT -5
On October 23, 2017, the Company and MannKind LLC, the Company's wholly owned subsidiary, entered into a Fourth Amendment to Facility Agreement (the "Deerfield Amendment"), pursuant to which the parties amended the Facility Agreement, to, among other things, (i) defer the payment of $10.0 million in principal amount (the "October Payment") of the Company's 9.75% Senior Convertible Notes due 2019 there under (the "Tranche 4 Notes") from October 31, 2017 to January 15, 2018, conditioned upon, among other things, the Company depositing an amount of cash equal to the October Payment into an escrow account until the October Payment has been satisfied in full (subject to early release to the extent that portions of the October Payment are satisfied through the exchange of principal for shares of the Company's common stock).
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I didn't see anything to indicate a reduction of cash at the end of the quarter from $25 million to $10 million. The $46 million includes the $10 million in escrow.
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Post by chyaboi on Dec 24, 2017 18:02:33 GMT -5
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Post by Deleted on Dec 24, 2017 18:08:38 GMT -5
"On August 31, 2017, the Company delivered a written certification to Deerfield certifying that the Extension Conditions were met (the “Certificate”). In connection with the Certificate, the Company elected to defer the payment of principal on the Tranche 4 Notes from August 31, 2017 to October 31, 2017. Per the terms of the Deerfield Amendment, the Company’s obligation under the Facility Agreement to maintain at least $25 million in cash as of the end of each quarter has been reduced to $10 million as of the last day of each month through October 31, 2017 and on December 31, 2017."
I see it is reduced through December 31 2017. Was it extended again?
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Post by akemp3000 on Dec 24, 2017 18:32:14 GMT -5
Mike C knew what he was doing the last time the company was approaching a short runway. Maybe, we'll just have a Happy New Year and the January 15th debt won't be a significant issue at all. IMO Mike already knows how this is going to be handled. It sure would be nice to see another quick run-up...and one that holds.
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Post by Deleted on Dec 25, 2017 7:22:32 GMT -5
From Osborne
"The $10 million at the end if various months was temporary only. After December 31st, it goes back to $25 million at the end if each quarter. If you read through the original contract, and then apply the new language where it tells you, then you see that the $25 million at the end of each quarter still exists. Essentially, Deerfield relaxed the covenant for a limited period of time and in doing so benefitted. Deerfield still has its safety in the deal in place."
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