MANNKIND POSTS LOSSES.Byline: Daily News VALENCIA - Mannkind Corp., which is developing an 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. 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 bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. firm said 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 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 phase 3 clinical trial Phase 3 study. See Phase study. 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 type 2 diabetes n. See diabetes mellitus. . Insulin for diabetics is usually injected by needle or through a pump system. The net loss applicable to common stockholders is $31.7 million, or 73 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 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 Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. 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 operating team Surgery The participants–surgeons, nurses, etc–in a sterile surgical procedure performed under general–less commonly, local anesthesia , management continues to advance and execute its clinical development program.'' 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. |
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