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MannKind Narrows First Quarter Loss, Awaits FDA Approval

Tue, 05/10/2011 - 4:47am

 

VALENCIA, Calif. (AP) — MannKind Corp., which is seeking government approval for an inhaled insulin treatment, narrowed its first-quarter loss as it cut its research and development costs.

The loss of $41.5 million, or 34 cents per share, compares to a loss of $44.7 million, or 40 cents per share, in the same quarter a year ago. Mannkind's reported revenue of $50,000, compared with zero a year earlier.

Analysts were expecting a loss of 29 cents per share, excluding one-time items, and no revenue, according to FactSet.

Valencia-based MannKind said it spent $26.3 million on research and development in the quarter, a 14 percent decrease from the prior year primarily due to the termination of an insulin supply agreement. The company did not put a number on its adjusted earnings.

General expenses increased 16 percent to $11.8 million in the quarter, largely due to severance payments. The company laid off 179 workers, or 40 percent of its staff, in February to conserve cash.

MannKind said Monday that it had $47.5 million at the end of March, down from $70.4 million at the end of December.

The U.S. Food and Drug Administration told the company to run additional trials on its drug, Afrezza, in January. MannKind Chairman and CEO Alfred Mann said Monday that the company recently held productive meetings with the FDA and expects to initiate clinical studies in the U.S., Europe and Latin America once it meets the FDA's requirements.

MannKind shares fell 60 cents, or 13 percent, to $3.80 in after-market trading after the company reported its financial results. They had ended regular trading up 5 cents at $4.40.

 

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