Financing will support the launch of a newly approved therapy for adults with heart failure or chronic kidney disease.
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Danbury-based biopharmaceutical company MannKind Corp. announced it has raised $50 million from institutional investors following the U.S. Food and Drug Administration's approval of a new treatment for adults with heart failure or chronic kidney disease.
The financing will help fund a $45 million milestone payment tied to MannKind's 2025 acquisition of drugmaker scPharmaceuticals, which developed Furoscix ReadyFlow. The payment became due after the FDA approved the treatment.
MannKind said the remaining proceeds will be used for general corporate purposes.
Furoscix ReadyFlow is an injectable treatment for fluid overload, a condition commonly associated with heart failure and chronic kidney disease that can lead to emergency room visits and hospitalizations. According to MannKind, the treatment is designed to allow patients to administer the medication at home in about 10 seconds instead of receiving intravenous therapy in a hospital or other healthcare setting.
MannKind — which develops and commercializes therapies for diabetes, heart and kidney diseases, and rare lung conditions — said it expects the product to become commercially available in the United States by the end of August.
The investment round was led by Frazier Life Sciences. As part of the financing, MannKind sold approximately 10.4 million shares of common stock, along with pre-funded warrants that can be converted into about 2.4 million additional shares.
MannKind reported that it had 592 employees at the end of 2025, according to its latest annual report.
