MannKind loss expands; sales nil
Biotechnology company MannKind Corp. reported a deeper second-quarter loss as the company faced higher research and development costs.
MannKind reported a loss of $79.8 million, or 79 cents a share, compared with a loss of $72 million, or 98 cents, a year earlier.
The company recorded no revenue during the quarter.
Analysts polled by Thomson Financial expected a loss of 74 cents a share on no revenue.
MannKind is developing diabetes and cancer treatments. Its lead product, the Technosphere Insulin System, is in three late-stage clinical trials. Company executives hope to submit it to the Food and Drug Administration by the end of the year.
The Valencia-based company has no products on the market.
Its shares rose 4 cents to close at $3.79.