Mannkind posts losses

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week The net loss applicable to common stockholders is $31.7 million, or 73 cents per share based on 43.5 million shares outstanding. A year ago, the net loss was $39.4 million, or $1.40 per share based on 28.1 million shares outstanding. Shares of the company traded on the Nasdaq Stock Market closed at $12.02 Monday, up 32 cents. The company recently completed a stock issue to raise $175 million to finance further product development. “We successfully completed one of the largest equity placements in our sector this year,” Alfred Mann, the company’s chairman and chief executive officer, said in a statement. “As well, our Technosphere Insulin System continues to gain recognition for being unlike any other inhaled insulin therapy in registration or under development. “With a strengthened balance sheet and operating team, management continues to advance and execute its clinical development program.” VALENCIA – Mannkind Corp., which is developing an inhaler system to administer insulin to diabetics, reported on Monday third-quarter losses of nearly $32 million, down from the same period a year ago. The Valencia-based biomedical firm said operating expenses for the three months ending Sept. 30 totaled $32.9 million, compared with $20.5 million from the same period in 2004. Officials attributed higher costs to development of its Technosphere insulin product, which is in Phase 3 clinical trials in the United States and Europe. Research and development expenses for the quarter were $24.5 million – a $12.7 million increase from a year ago. General and administrative expenses decreased by $300,000, to $8.4 million. The Technosphere product is designed to deliver an insulin powder formula through an inhaler to treat patients with Type 2 diabetes. Insulin for diabetics is usually injected by needle or through a pump system. The company is completing its data review of the most recent trials, and plans to announce the results in the next few months. For the first nine months of 2005, operating expenses totaled $83.1 million, compared with $55.5 million from the same period last year. Research expenses tallied $66.8 million for the first nine months of 2005, up from $27.9 million. Administrative expenses decreased by $200,000, to $16.3 million. The net loss applicable to common stockholders for 2005 so far is $81.0 million, or $2.23 per share based on 36.4 million shares outstanding, compared with $74.7 million, or $3.29 per share based on 22.7 million shares outstanding in the first nine months of 2004. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

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