MannKind’s Loss Widens

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MannKind Corp. on Tuesday reported a larger fourth quarter loss, largely due to higher expenses as the Valencia biotech prepares to submit its first product for U.S. regulatory approval.

MannKind, which is developing an inhalable insulin product, reported a net loss of $83.3 million (82 cents per share) compared with a $75 million loss (75 cents) a year earlier. The company, which does not have any products on the market, had no revenue to report.

The loss was 17 cents higher than the consensus of analysts surveyed by Thomson Reuters.

Research and development expenses rose 3 percent to $68.8 million. Interest income declined 94 percent to $271,000, further hurting results. The company had cash, cash equivalents and marketable securities of $46.5 million at the end of the quarter, and access to an additional $320 million under a loan agreement with Chief Executive Alfred Mann, the company’s largest stockholder.

“Our (Food and Drug Administration application) for Afresa is now almost finished,” Mann said in a statement. “We look forward to the year ahead as we transition from the development of Afresa into commercial readiness.”

MannKind shares were down 11 cents, or 3 percent, to $3.48 in morning trading on the Nasdaq.

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