EARNINGS ROUNDUP / MANNKIND

Valencia biotechnology company MannKind Corp. posted a smaller loss in the first quarter as expenses fell.

The company said it lost $59.4 million, or 58 cents a share, an improvement over its loss of $71.4 million, or 70 cents, a year earlier.

It reported no revenue for the quarter, versus $20,000 in revenue a year earlier.

Analysts surveyed by Thomson Reuters were expecting a loss of 66 cents a share, with no revenue.

The company, which is developing a rapid-acting insulin called Afresa, said it scaled back research-and-development spending by $15.6 million, to $42.9 million, as it shifts from developing the new insulin to getting it ready for commercial use.

The company said it submitted a new drug application to the Food and Drug Administration during the quarter.

MannKind shares rose 14 cents to $4.15.