MannKind Corporation Reports First Quarter Financial Results
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.
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
Chief Financial Officer
of MannKind Corporation,
Web site: http://www.mannkindcorp.com