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MannKind Corporation (MNKD) Q2 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Operator
Good afternoon, and welcome to MannKind Corporation first-quarter 2021 earnings call. As a reminder this call is being recorded on May 12th, 2021, and will be available for playback on the MannKind Corporation website shortly after the conclusion of this call until May 26, 2021. This call will contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from these stated expectations.
For further information on the company s risk factors please see their 10-Q report filed with the Securities and Exchange Commission this morning, the earnings release and the slides prepared for this presentation. Joining us today from Mannkind are Chief Executive Officer Michael Castagna, and Chief Financial Officer Steven Binder. I would now like to turn the conference over to Mr. Castagna.
MannKind Corp. has reduced its debt by $49.5 million through a paid note to the Mann Group and an amended agreement with MidCap Financial Trust, the Westlake Village company said on Monday.
The company broke down the debt reduction as follows: $10 million paid to MidCap, $35.1 million paid to the principal balance of its Mann Group non-convertible note, and $4.4 million paid in accrued interest for the same note.
Through its amended agreement with MidCap, the biotech company’s available borrowings will increase from $25 million to $60 million through June 30 of next year, the company said in a statement.
Annual interest expense on its remaining debt to MidCap was reduced by $5 million because of a lowered interest rate from 7 to 2.5 percent and an extended maturity date. MannKind’s principal balance with MidCap is currently $40 million.