MannKind Takes Bigger 4Q Loss on $13M Charge
Drug developer MannKind Corp.'s fourth-quarter loss widened as it took a one-time charge related to the value of a contract and continued to study its inhaled diabetes drug Afrezza.
MannKind said Monday that it took a charge of $13.3 million after adjusting the fair value of a contract. Its research costs increased as it continued new late-stage trials of Afrezza. MannKind has been trying for years to win approval of Afrezza and the inhaler that delivers it, and the company plans to file for marketing approval in the third quarter of 2013.
MannKind originally asked the Food and Drug Administration to approve Afrezza in early 2009.
The company took a loss of $51.8 million, or 23 cents per share, in the fourth quarter after losing $36.4 million, or 30 cents per share, a year ago. The company has no approved drugs and did not have any revenue in the fourth quarter of 2011 or 2012.
Analysts expected MannKind to report a loss of 17 cents per share, according to FactSet.
The company lost $169.4 million in 2012 after losing $160.8 million in 2011. At the end of 2012, MannKind said it had lost $2.13 billion since it began operating in early 1991.
Shares of MannKind lost 5 cents to $2.56 on Monday, and gave up a penny to $2.55 in aftermarket trading.