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Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events

14. Subsequent Events

On April 1, 2014 the EMDA voted 13 to 1 to recommend that AFREZZA inhalation powder be granted approval by the FDA to improve glycemic control in adults with type 1 diabetes and voted 14 to 0 to recommend that AFREZZA be granted approval by the FDA to improve glycemic control in adults with type 2 diabetes.

Subsequent to the EMDA meeting, the FDA extended the PDUFA date for AFREZZA by three months from April 15, 2014 to July 15, 2014 in order to provide time for a full review of information submitted by MannKind in response to the FDA’s requests.

On April 2, 2014, Deerfield elected to convert an aggregate of $7.5 million of principal amount of the Tranche 1 notes, pursuant to which the Company issued Deerfield 1,500,000 shares of the Company’s common stock. As a result of this election, Deerfield has fully exercised the conversion option under the Amendment by converting the additional $60.0 million of the Tranche 1 and Tranche 3 notes allowable, into 10,763,829 shares of the Company’s common stock in the aggregate.

On May 6, 2014, Deerfield purchased an aggregate principal amount of $20.0 million in Tranche B notes in accordance with the provisions of the Facility Agreement, as amended.