Al re-rolled the LOC maturity date recently and then re-opened the remaining balance. For almost 2 years when the balance on the LOC was reduced by dilution, that which had been retired was no longer available.

I find the fact we have heard no pricing of the recent deal intriguing. At this moment we have no further dilution. We have heard no follow-up SEC filing to indicate Al will use the dilution as a reason to offset the LOC with shares to protect his % of ownership.

I speculate the timing of this move is tied to something completely different. Perhaps the joint project with Tolero has already borne fruit and it is time to buy back the cancer line in full.

I point you to this language in the prospectus:

"

USE OF PROCEEDS

Except as described in any prospectus supplement or in any related free writing prospectus that we may authorize to be provided to you, we currently intend to use the net proceeds from the sale of securities under this prospectus for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, repayment of outstanding indebtedness, manufacturing expenses, and other expenses related to pursuing regulatory approval for and commercializing AFREZZA. We may also use a portion of the net proceeds to in-license, invest in or acquire businesses or technologies that we believe are complementary to our own, although we have no current plans, commitments or agreements with respect to any acquisitions. As of the date of this prospectus, we cannot specify with certainty all of the particular uses of the proceeds from the sale of securities under this prospectus. Accordingly, we will retain broad discretion over the use of such proceeds. Pending the use of the net proceeds from the sale of securities under this prospectus as described above, we intend to invest the net proceeds in investment-grade, interest-bearing instruments."

On the other hand, if consummation of a partnership looks unlikely at this point in time and MannKind needs to launch Afrezza solo, how much filling equipment could be installed with these funds.

Swing