MANNKIND POSTS $22.2 MILLION LOSS BIOMED FIRM CITES INSULIN INHALER TRIALS.Byline: Daily News VALENCIA - A local biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. firm developing an insulin inhaler inhaler /in·hal·er/ (in-hal´er) 1. an apparatus for administering vapor or volatilized medications by inhalation. 2. ventilator (2). in·hal·er n. treatment for diabetics reported losses of $22.2 million in the first quarter due to higher research spending from advanced clinical trials, officials said Friday. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for Valencia-based MannKind Corp. rose to $22.6 million over three months ending March 31 - a $6 million increase from the same period a year ago. Research and development expenses accounted for $5.9 million of the increase, as expanded clinical trials and support for the Technosphere Insulin program pushed spending to $18.7 million, compared with $12.7 million in 2004. The net loss totaled $22.2 million, or 68 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. based on 32.8 million shares outstanding, compared with $17.1 million, or 86 cents per share based on 20 million shares outstanding during the same period in 2004. Shares of the firm closed Friday at $13.57 on the Nasdaq, down 3.69 percent from previous close of $14.09. The Technosphere product delivers a special insulin powder formula through a proprietary inhaler that could treat patients with Type 2 diabetes type 2 diabetes n. See diabetes mellitus. . Insulin for diabetics is usually injected by needle or through a pump system. The experimental system is moving into Phase 3 trials in Europe, and is slated to begin final trials in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by midyear, officials said. ``The increased spending levels this past quarter reflect our significantly higher activity levels within the clinical and regulatory areas,'' Hakan Edstrom, company president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said in a statement. Alfred Mann, the company's chairman and chief executive officer, said an experienced clinical and regulatory team has been assembled to guide the product through this critical phase. ``As we move forward, we need exceptional discipline and focus on our Phase 3 clinical program,'' he said in a statement. ``We recently performed an in-depth organizational review of our clinical and regulatory functions, and have reorganized and structured these groups to better ensure the successful and timely completion of our pivotal trials, both in the United States and in Europe.'' |
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