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

MannKind Corporation

(Exact name of registrant as specified in its charter)

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

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

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		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 February 17, 2009, MannKind Corporation issued a press release announcing its financial results for the fourth quarter and full year 2008. 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 February 17, 2009, reporting MannKind’s financial results for the fourth quarter and full year 2008.

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.

		MANNKIND CORPORATION
		By:		/s/ matthew j. pfeffer
				Name:		Matthew J. Pfeffer
				Title:		Corporate Vice President and Chief
						Financial Officer

Dated: February 17, 2009

EXHIBIT INDEX

Number		Description
99.1		Press Release of MannKind Corporation dated February 17, 2009, reporting MannKind’s financial results for the fourth quarter and full year 2008.

Exhibit 99.1

Company Contact:
Matthew J. Pfeffer
Corporate Vice President and
Chief Financial Officer
661-775-5300
mpfeffer@mannkindcorp.com

MANNKIND CORPORATION REPORTS FOURTH QUARTER AND FULL
YEAR 2008 FINANCIAL RESULTS

- Conference Call to Begin Today at 4:00 PM ET -

VALENCIA, Calif., February 17 /PRNewswire-FirstCall/ — MannKind Corporation (Nasdaq: MNKD) today reported financial results for the fourth quarter and year ended December 31, 2008.

For the fourth quarter of 2008, total operating expenses were $81.8 million, compared to $79.1 million for the fourth quarter of 2007. Research and development (R&D) expenses increased by $2.0 million to $68.8 million for the fourth quarter of 2008 compared to the fourth quarter of 2007. This increase is primarily due to higher manufacturing costs (including clinical supplies) for AFRESA^®, offset in part by lower purchased services in the associated clinical development program, and lower technology agreement costs in our oncology research programs. General and administrative (G&A) expenses increased by $0.7 million to $13.0 million for the fourth quarter of 2008 compared to the fourth quarter of 2007.

The net loss applicable to common stockholders for the fourth quarter of 2008 was $83.3 million, or $0.82 per share based on 101.8 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $75.0 million, or $0.75 per share based on 99.6 million weighted average shares outstanding, for the fourth quarter of 2007.

For the year ended December 31, 2008, total operating expenses were $305.8 million, compared with $307.4 million for 2007. R&D expenses were $250.4 million in 2008, down $6.4 million from 2007, primarily related to lower technology agreement costs in our oncology research programs and decreased clinical development program expenses, which were offset by increases in manufacturing costs (including clinical supplies) for

AFRESA and associated clinical development program expenses. G&A expenses increased by $4.8 million to $55.3 million for 2008 as compared to 2007 primarily due to salaries and stock compensation expenses. The total number of employees decreased from 609 at the end of 2007 to 580 at the end of 2008.

The net loss applicable to common stockholders for 2008 was $303.0 million, or $2.98 per share based on 101.6 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $293.2 million, or $3.66 per share based on 80.0 million weighted averages shares outstanding for 2007. The number of common shares outstanding at December 31, 2008 was 102,008,096.

Cash, cash equivalents and marketable securities were $46.5 million at December 31, 2008, $95.2 million at September 30, 2008, and $368.3 million at December 31, 2007. Currently, the Company has additional financial resources of $320.0 million available under the loan arrangement with our principal stockholder.

“Our NDA for AFRESA is now almost finished,” stated Alfred Mann, Chairman and Chief Executive Officer. “Little more than the hyperlinking of the electronic submission remains to be completed. Our clinical, regulatory and CMC teams have done an extraordinary job assembling a comprehensive document that describes the robust safety and efficacy data that we have collected for AFRESA. The extensive clinical program that we conducted has provided evidence that AFRESA consistently decreases A1C levels and additionally offers marked benefits for patients in terms of post-prandial glucose control, fasting glucose control, weight loss and hypoglycemia. Moreover, the studies indicate that AFRESA achieves these clinical benefits without any adverse effects on pulmonary function. We look forward to the year ahead as we transition from the development of AFRESA into commercial readiness.”

Conference Call

MannKind management will host a conference call to discuss these results today at 4:00 PM ET. To participate in the call, please dial (888) 677-5721 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 (800) 756-2759 or (402) 998-0791.

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 patients with diseases such as diabetes and

cancer. Its pipeline includes AFRESA, which has completed Phase 3 clinical trials, and MKC253, which is currently in Phase 1 clinical trials. Both of these investigational products are being evaluated for their safety and efficacy in the treatment of diabetes. MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press release as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to email alerts that are sent automatically when MannKind issues press releases, files its reports with the SEC or posts certain other information to the website.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to differentiating AFRESA from other insulins. 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 MannKind’s current expectations and involve risks and uncertainties. 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, 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, 2007 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
(A Development Stage Company)
Condensed Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

																		Cumulative
																		period from
																		February 14,
																		1991 (date of
		Three months ended								Twelve months ended								inception) to
		December 31,								December 31,								December 31,
		2008				2007				2008				2007				2008
Revenue		$	—			$	—			$	20			$	10			$	2,988
Operating expenses:
Research and development			68,777				66,751				250,442				256,844				997,482
General and administrative			12,978				12,316				55,343				50,523				245,842
In-process research and development costs			—				—				—				—				19,726
Goodwill impairment			—				—				—				—				151,428
Total operating expenses			81,755				79,067				305,785				307,367				1,414,478
Loss from operations			(81,755	)			(79,067	)			(305,765	)			(307,357	)			(1,411,490	)
Other expense			(55	)			(355	)			(62	)			(197	)			(1,943	)
Interest expense on note payable to principal stockholder			(12	)			—				(12	)			—				(1,523	)
Interest expense on senior convertible notes			(1,742	)			(584	)			(2,327	)			(3,408	)			(5,957	)
Interest income			271				4,996				5,129				17,775				36,861
Loss before provision for income taxes			(83,293	)			(75,010	)			(303,037	)			(293,187	)			(1,384,052	)
Income taxes			(2	)			(3	)			(2	)			(3	)			(26	)
Net loss			(83,295	)			(75,013	)			(303,039	)			(293,190	)			(1,384,078	)
Deemed dividend related to beneficial conversion feature of convertible preferred stock			—				—				—				—				(22,260	)
Accretion on redeemable preferred stock			—				—				—				—				(952	)
Net loss applicable to common stockholders		$	(83,295	)		$	(75,013	)		$	(303,039	)		$	(293,190	)		$	(1,407,290	)
Net loss per share applicable to common stockholders — basic and diluted		$	(0.82	)		$	(0.75	)		$	(2.98	)		$	(3.66	)
Shares used to compute basic and diluted net loss per share applicable to common stockholders			101,758				99,605				101,561				80,038

MannKind Corporation
(A Development Stage Company)
Condensed Balance Sheet
(Unaudited)
(in thousands)

		December 31, 2008				December 31, 2007
Assets
Current assets:
Cash and cash equivalents		$	27,648			$	368,285
Marketable securities			18,844				—
State research and development credit exchange receivable — current			1,500				831
Prepaid expenses and other current assets			5,983				9,596
Total current assets			53,975				378,712
Property and equipment — net			226,436				162,683
State research and development credit exchange receivable — net of current portion			1,500				1,500
Other assets			548				548
Total		$	282,459			$	543,443
Liabilities and Stockholders’ Equity
Current liabilities		$	53,472			$	67,558
Senior convertible notes			112,253				111,761
Note payable to principal stockholder			30,000				—
Other liabilities			—				24
Stockholders’ equity			86,734				364,100
Total		$	282,459			$	543,443