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Wednesday, Feb 8, 2023

Business Briefs: MannKind Corp., Korn/Ferry International, Northrop Grumman Corp., American IDC Corp.

MannKind Corporation

entered into a definitive purchase agreement for a $175 million private placement of newly issued common stock shares and the issuance of warrants for the purchase of additional shares.

Leading institutional investors will provide $87.5 million while the other $87.5 million will come from chairman and principal stockholder Alfred Mann’s personal funds. The funding is critical in financing the phase III U.S. clinical trials for its lead product called Technosphere, an inhaled form of insulin that is still under development. Analysts estimate that at least $200 million will be required to finish the trials. Alfred Mann said previously that he would fund the company from his own pocket if the need arose.

Top recruiting firm

Korn/Ferry International

sued one of its top executives and four former employees for stealing confidential trade secrets to set up a competing business, according to the Wall Street Journal.

The primary defendant and former executive of the Los Angeles-based company, David Nosal said in an interview that he was poised to start a new business called Nosal Partners in October. The company has also accused Nosal of soliciting its employees to join his new venture.

Northrop Grumman Corp.

was chosen by the U.S. Air Force to provide 30 high-accuracy LN – 120G stellar navigation systems for the RC – 135 family of reconnaissance aircrafts. The LN – 120G can track stars during the day and night and provide accurate positioning information on them. This in turns helps in determining exact positioning information on enemy targets. The new technology will replace its LN -20 stellar navigation systems that has used mechanical gyroscopes and accelerometers for over 30 years.

Los Angeles-based

American IDC Corp.

will change its name to SmartSMS Corp to accurately reflect its business model and corporate mission, according to chief exectuive officer Gordon Lee.

SMartSMS is an Internet entertainment company specializing in mobile marketing campaigns for major brands such as Budweiser, Hyundai, Visa and Mastercard. SmartSMS owns Smart Entertainment, a text messaging company from Europe. With this service, members can be notified of anything from upcoming chances to win backstage passes to paid trips for meeting celebrities.

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