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MannKind reports loss to shareholders

Posted: August 8, 2012 2:00 a.m.
Updated: August 8, 2012 2:00 a.m.

MannKind Corp. reported a second quarter net loss to shareholders Tuesday.

The Valencia-based biomedical company has pioneered an inhaler that delivers pre-measured powder doses for the control of hyperglycemia in the treatment of Type 1 and Type 2 diabetes. The product, Afrezza, is in late-stage clinical investigation.

Operating expenses for the second quarter were $44.1 million, compared to $39.2 million for the second quarter of 2011, an increase of $4.9 million. Research and development expenses of $26.6 million were down $3.7 million from the same period in 2011.

Second quarter general and administrative costs topped out at $17.4 million, almost double the $8.9 million reported in the second quarter of 2011. The company said the increase was primarily due to a $7.7-million litigation settlement accrual recorded in the second quarter, and increased legal fees and financing transaction costs.

The net loss to common stockholders for the second quarter of 2012 was $36.6 million, or $0.23 per share; less than the $44.5 million recorded in the second quarter of 2011. Shares of stock dropped 5 percent, from $2.19 to $2.08, at close of trading Tuesday.


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