MannKind Satisfies Conditions for Second Tranche of Convertible Note Financing

  MannKind Satisfies Conditions for Second Tranche of Convertible Note
  Financing

Business Wire

VALENCIA, Calif. -- August 16, 2013

MannKind Corporation (Nasdaq: MNKD) today announced that, pursuant to a
Facility Agreement (the “Facility Agreement”) dated July 1, 2013 between
Deerfield Private Design Fund II, L.P. and Deerfield Private Design
International II, L.P. (collectively, “Deerfield”) and MannKind, the
conditions that obligate Deerfield to purchase the second $40 million tranche
of 9.75% senior secured convertible notes (the “Convertible Notes”) have now
been satisfied. The second tranche of Convertible Notes was subject to the
achievement of Phase 3 data from studies 171 and 175 that met the primary
efficacy endpoints of these studies and did not show any adverse safety issue
that would reasonably be expected to prevent approval of AFREZZA. The Facility
Agreement provides that Deerfield is obligated to purchase up to four equal
tranches of Convertible Notes for total gross proceeds of up to $160 million.
The closing of the second tranche is expected to occur no later than September
6, 2013.

About MannKind Corporation

MannKind Corporation (Nasdaq: MNKD) focuses on the discovery, development and
commercialization of therapeutic products for patients with diseases such as
diabetes. Its lead product candidate, AFREZZA®, has completed Phase 3 clinical
trials. MannKind maintains a website at www.mannkindcorp.com to which MannKind
regularly posts copies of its press releases as well as additional information
about MannKind. Interested persons can subscribe on the MannKind website to
e-mail alerts that are sent automatically when MannKind issues press releases,
files its reports with the Securities and Exchange Commission or posts certain
other information to the website.

Forward-Looking Statements

This press release contains forward-looking statements, including statements
related to the potential future sale and purchase of Convertibles Notes, that
involve risks and uncertainties. Words such as “believes,” “anticipates,”
“plans,” “expects,” “intend,” “will,” “goal,” “potential” and similar
expressions are intended to identify forward-looking statements. These
forward-looking statements are based upon the Company’s current expectations.
Actual results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, the Company’s ability to
comply with various covenants in the Agreements, the Company’s ability to
manage its existing cash resources or raise additional cash resources, stock
price volatility and other risks detailed in MannKind’s filings with the
Securities and Exchange Commission, including the Annual Report on Form 10-K
for the year ended December 31, 2012 and periodic reports on Form 10-Q and
Form 8-K. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. All forward-looking statements are qualified in their entirety by
this cautionary statement, and MannKind undertakes no obligation to revise or
update any forward-looking statements to reflect events or circumstances after
the date of this press release.

Contact:

MannKind Corporation
Matthew Pfeffer, 661 775-5300
Chief Financial Officer
mpfeffer@mannkindcorp.com