MannKind loss widens on costs
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Biopharmaceutical company MannKind Corp. said its second-quarter loss widened on higher research and development costs.
MannKind lost of $72 million, or 98 cents a share, compared with a loss of $54.8 million, or $1.10, a year earlier.
The company posted no revenue for the quarter in either year.
Analysts polled by Thomson Financial had expected a loss of $1.05 a share on no revenue.
Research and development costs rose 36% to $61.5 million.
MannKind said the increase was tied to the company’s expanded clinical development program and manufacturing costs for Technosphere Insulin.
Shares of Valencia-based Mannkind rose 40 cents, or 4.1%, to $10.08.
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