MannKind Corporation Reports First Quarter Financial Results

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- Conference Call Today at 5:00 p.m. EDT -

VALENCIA, Calif., May 5 /PRNewswire-FirstCall/ -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the first quarter ended March 31, 2008.

For the first quarter of 2008, total operating expenses were $74.1 million, compared to $77.3 million for the first quarter of 2007. Research and development (R&D) expenses decreased by $5.3 million to $58.4 million for the first quarter of 2008 compared to the first quarter of 2007, primarily due to lower clinical trial costs and associated packaging costs for clinical materials, partially offset by higher stock compensation expense. General and administrative (G&A) expenses increased by $2.1 million to $15.6 million for the first quarter of 2008 compared to the first quarter of 2007 primarily due to additional patent expenses.

The net loss applicable to common stockholders for the first quarter of 2008 was $71.4 million, or $0.70 per share based on 101.4 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $73.1 million, or $1.00 per share based on 73.4 million weighted average shares outstanding for the first quarter of 2007.

Cash and cash equivalents were $269.1 million at March 31, 2008 and $368.3 million at December 31, 2007.

Conference Call

MannKind management will host a conference call to discuss these results today at 5:00 p.m. EDT. To participate in the call, please dial (800) 857-0373 or (210) 839-8507. To listen to the call via the internet, please visit http://www.mannkindcorp.com. The web site replay will be available for 14 days. A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (866) 457-6651 or (203) 369-1300.



Presenting from the Company will be:

  • Chairman and Chief Executive Officer Alfred Mann
  • President and Chief Operating Officer Hakan Edstrom

  • Corporate Vice President and Chief Financial Officer Matthew Pfeffer

  • Corporate Vice President and Chief Scientific Officer Peter Richardson

About MannKind Corporation



MannKind Corporation (Nasdaq: MNKD) focuses on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. Its lead product, the Technosphere® Insulin System, is currently in Phase 3 clinical trials in the United States, Europe and Latin America to study its safety and efficacy in the treatment of diabetes. For more information on MannKind Corporation and its technology, visit http://www.mannkindcorp.com.

                              (Tables to follow)



                             MannKind Corporation
                      Condensed Statements of Operations
                                 (Unaudited)
                   (in thousands, except per share amounts)

                                                 Three Months Ended March 31,
                                                   2008                 2007

    Revenue                                         $20                  $10

    Operating expenses:
    Research and development                     58,445               63,788
    General and administrative                   15,640               13,550
    Total operating expenses                     74,085               77,338
    Loss from operations                        (74,065)             (77,328)
    Other income                                     60                   52
    Interest expense on senior convertible
     notes                                         (337)              (1,145)
    Interest income                               2,921                5,280
    Loss before provision for income taxes      (71,421)             (73,141)
    Income taxes                                      -                    -

    Net loss applicable to common
     stockholders                              $(71,421)            $(73,141)

    Net loss per share applicable to common
     stockholders - basic and diluted            $(0.70)              $(1.00)

    Shares used to compute basic and diluted
     net loss per share applicable to common
     stockholders                               101,409               73,388



                             MannKind Corporation
                           Condensed Balance Sheets
                                 (Unaudited)
                                (in thousands)

                                                     March 31,  December 31,
    Assets                                              2008          2007

    Current assets:
      Cash and cash equivalents                       $269,079      $368,285
      State research and development tax credit
       exchange receivable - current                         -           831
      Prepaid expenses and other current assets          8,004         9,596

    Total current assets                               277,083       378,712

    Property and equipment - net                       185,895       162,683

    State research and development tax credit
     exchange receivable - net of current portion        1,875         1,500
    Other assets                                           549           548

    Total                                             $465,402      $543,443

    Liabilities and Stockholders' Equity

    Current liabilities                                $55,447       $67,558
    Other liabilities                                        -            24
    Senior convertible notes                           111,882       111,761

    Stockholders' equity                               298,073       364,100

    Total                                             $465,402      $543,443

SOURCE MannKind Corporation

CONTACT:
Matthew Pfeffer,
Chief Financial Officer
of MannKind Corporation,
+1-661-295-4784,
mpfeffer@mannkindcorp.com

Web site: http://www.mannkindcorp.com

MNKD

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Price: 0.87

Change: 0.00 (0.388%)

Volume: 1,087,860

Data as of
04/28/2017 04:00 PM ET .
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