UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2007

MannKind Corporation

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)		000-50865 (Commission File Number)		13-3607736 (IRS Employer Identification No.)

28903 North Avenue Paine Valencia, California (Address of principal executive offices)		91355 (Zip Code)

Registrant’s Telephone Number, Including Area Code: (661) 775-5300

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition

On May 11, 2007, MannKind Corporation issued a press release announcing its financial results for the first quarter of 2007. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits. The following exhibit is furnished herewith:

99.1

Press Release of MannKind Corporation dated May 11, 2007, reporting MannKind’s financial results for the first quarter of 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 11, 2007

EXHIBIT INDEX

Number		Description
99.1		Press Release of MannKind Corporation dated May 11, 2007, reporting MannKind’s financial results for the first quarter of 2007.

Company Contact:		Financial Dynamics:
Dick Anderson		Evan Smith (investors)
Chief Financial Officer		Robert Stanislaro (media)
661-775-5302		212-850-5600
danderson@mannkindcorp.com		mnkd@fd.com

MANNKIND CORPORATION REPORTS FIRST QUARTER FINANCIAL RESULTS

— Conference Call Today at 9:00 a.m. EDT —

VALENCIA, Calif., May 11, 2007 — MannKind Corporation (Nasdaq: MNKD) today reported financial results for the first quarter ended March 31, 2007.

For the first quarter of 2007, total operating expenses were $77.3 million, compared with $45.1 million for the first quarter of 2006. A substantial proportion of this increase was attributed to increased research and development (R&D) expenses which were $63.8 million for this quarter compared to $36.0 million for the same quarter in 2006. These increased (R&D) costs were associated with the Company’s expanded clinical development program and manufacturing costs for Technosphere^® Insulin. General and administrative (G&A) expenses increased by $4.4 million to $13.6 million for the first quarter of 2007 compared to the first quarter of 2006. This was due primarily to employee related expenses and professional fees.

The net loss applicable to common stockholders for the first quarter of 2007 was $73.1 million, or $1.00 per share, based on 73.4 million weighted average shares outstanding. This compares to a net loss applicable to common stockholders of $43.6 million, or $0.87 per share, based on 49.8 million weighted average shares outstanding for the first quarter of 2006.

Cash, cash equivalents and marketable securities were $365.6 million at March 31, 2007, $436.5 million at December 31, 2006, and $102.6 million at March 31, 2006.

“Technosphere Insulin continues to demonstrate significant differentiating qualities when compared to other diabetes therapies. Technosphere Insulin produces a rapid elevation in insulin that peaks within 12 to 14 minutes after inhalation. We believe the kinetics for Technosphere Insulin are much faster than any other product in commercial development. The result of these kinetics in safety and efficacy further strengthens our belief that Technosphere Insulin will emerge as the first in a new class of diabetes products.” said Alfred Mann, Chairman and Chief Executive Officer of MannKind Corporation. “We continue to meet our program milestones and remain on track to file our NDA submission with the FDA for Technosphere Insulin in December 2008. All of our key Phase 3 trials for Technosphere Insulin are progressing satisfactorily and I am pleased to announce today the completion of enrollment for the 009 trial and anticipate we will complete enrollment for the 102 and the 103 trials around the end of this month.”

MannKind also announced today that it has initiated a clinical trial in healthy individuals for a second Technosphere product, MKC-253. This trial is being conducted in Europe. MKC-253 is a formulation of GLP-1 delivered on Technosphere particles that MannKind is evaluating for safety, tolerability, and pharmacokinetics. GLP-1 is a hormone secreted in the small intestine and colon in response to food intake. GLP-1 in healthy individuals is known to stimulate insulin secretion and slow gastric emptying. Patients with type 2 diabetes often exhibit a lower level of GLP-1 secretion. “The initiation of this trial demonstrates our commitment to expand our proprietary Technosphere formulation for the delivery of other drugs and develop Technosphere as a platform technology”, concluded Alfred Mann.

Conference Call

MannKind management will host a conference call to discuss these results today at 9:00 a.m. Eastern Daylight Time. To participate in the call please dial (888) 566-5775 or (210) 839-8503. To listen to the call via the Internet please visit www.mannkindcorp.com. The web site replay will be available for fourteen days. A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 568-0920 or (203) 369-3791 and entering conference number 2363283.

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 Dick Anderson

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.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to MannKind’s clinical trials, product candidates and organizational development that involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the Company’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the progress, timing and results of clinical trials, difficulties or delays in seeking or obtaining regulatory approval, the manufacture of the Technosphere Insulin System, competition from other pharmaceutical or biotechnology companies, MannKind’s ability to enter into any collaborations or strategic partnerships, intellectual property matters and other risks detailed in MannKind’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2006 and periodic reports on Form 10-Q and Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

(Tables to follow)

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

		Three Months Ended March 31,
		2007				2006
Revenue		$	10			$	100
Operating expenses:
Research and development			63,788				35,950
General and administrative			13,550				9,138
Total operating expenses			77,338				45,088
Loss from operations			(77,328	)			(44,988	)
Other income			52				50
Interest expense on senior convertible notes			(1,145	)			—
Interest income			5,280				1,380
Loss before provision for income taxes			(73,141	)			(43,558	)
Income taxes			—				(1	)
Net loss		$	(73,141	)		$	(43,559	)
Net loss — basic and diluted		$	(1.00	)		$	(0.87	)
Shares used to compute basic and diluted net loss per share			73,388				49,787

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

		March 31,				December 31,
Assets		2007				2006
Current assets:
Cash and cash equivalents		$	262,753			$	319,555
Marketable securities			102,824				116,924
State research and development tax credit exchange receivable — current			3,918				2,418
Prepaid expenses and other current assets			13,714				10,650
Total current assets			383,209				449,547
Property and equipment — net			98,622				88,328
State research and development tax credit exchange receivable — net of current portion			375				1,500
Other assets			361				362
Total		$	482,567			$	539,737
Liabilities and Stockholders’ Equity
Current liabilities		$	55,853			$	44,959
Other liabilities			24				24
Senior convertible notes			111,406				111,267
Stockholders’ equity			315,284				383,487
Total		$	482,567			$	539,737

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