Biotechnology firm MannKind Corp. said its first-quarter loss narrowed on lower research and development costs.
Valencia-based MannKind lost $71.4 million, or 70 cents a share, compared with a loss of $73.1 million, or $1, a year earlier. Revenue rose to $20,000 from $10,000.
Analysts polled by Thomson Financial expected a loss of 79 cents a share, with no revenue.
Research and development expenses fell 8% to $58.4 million, more than offsetting a 15% rise to $15.7 million in general and administrative expenses.
Shares rose 4 cents to $2.55.