MannKind Corp. on Friday reported a smaller-than-expected third quarter loss despite slightly higher spending on its inhaled insulin drug candidate Afrezza, which is awaiting U.S. regulatory approval.
The Valencia biotech reported a net loss of $45.3 million (-40 cents per share), compared to a loss of $45.5 million (-42 cents) a year earlier. The company, which has no products on the market, had no revenue.
Analysts surveyed by Thomson Reuters on average expected the company to report a loss of 39 cents per share.
While research and development spending on Afrezza was down from a year ago, the company reported slightly higher raw material purchases as it anticipates a decision soon by the U.S. Food & Drug Administration on whether to approve the drug.
“During this past quarter we were primarily focusing on preparations for commercial readiness, and for an Afrezza partnership,” said Chief Executive Al Mann, who hopes to partner with a larger drug company on marketing.
MannKind earlier this month announced progress on a second experimental cancer vaccine, announcing that the first patient had been dosed in a Phase 2 clinical trial of the drug labeled MKC1106-MT.
Shares were down 12 cents, or less than 2 percent, to $6.28 in midday trading on the Nasdaq.
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