MannKind Delays 2Q Earnings

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Shares in MannKind Corp. lost nearly 13 percent and hit a 52-week low Friday, after the company postponed its earnings report and said its supply of cash has fallen more than a third this year.


The Valencia-based biotech company, which is developing an inhalable insulin product for diabetics, said in a statement Friday that it is continuing to review quarterly results and said cash and equivalents had fallen to $284 million as of June 30 down 35 percent form $437 million the company reported at the end of 2006. The company said it will release its second-quarter earnings and hold its conference call August 9.


Separately, the company also reported that Chief Financial Officer Richard Anderson would resign once the company appoints a successor. He will stay on in an advisory role until his retirement in 2008.


Shares in MannKind dropped $1.38, or 13 percent, to $9.19 in afternoon trading Friday on Nasdaq.

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