MannKind Corp. announced Tuesday that it has changed the terms of its credit facility with MidCap Financial Trust.

The Westlake Village biotech company entered a credit and security agreement with the Bethesda, Md. financier in August 2019 for a total of $75 million over two years. MannKind took the first $40 million that August. A second advance of $10 million would be available until April 15 of this year, and a final advance of $25 million was scheduled for delivery before June 30, 2021, depending on MannKind’s fulfillment of certain milestones.  

Under this week’s amendments to the credit facility, the $10 million second advance, or “Tranche 2,” was delivered to Mannkind Dec 1. “Tranche 3” for $25 million no longer has a time limit – rather, it will become available when MannKind receives Food and Drug Administration approval for its “TreT” product. TreT is a dry powder formulation of the drug treprostinil, currently being tested to treat pulmonary arterial hypertension.

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