Liane, I removed it because bospenc posted a minute before I did.
By the way, these seem like better financing terms than the terms of the past few financings which were very dilutive. Just back of the envelope, six years of interest at 9.75% on $160MM is $93.6MM. Add to that the $90MM from the milestone payments is a total cost of $183.6MM. So, it is roughly equivalent to borrowing at a bit over 20% per annum, depending on when the milestone payments are made. There is also an option attached to the financing, but the maximum number of shares that it will create is 12MM and the shares are purchased at the weighted average price from the preceding 20 days, so I think the value of these options are less than that of the warrants that have been issued in the past. The extra cash should also will take some pressure off Mannkind when negotiating a partnership.
