VALENCIA, Calif. (AP) — Drug developer MannKind Corp.'s fourth-quarter loss widened as it took a one-time charge related to the value of a contract and continued to study its inhaled diabetes drug Afrezza.

MannKind said Monday that it took a charge of $13.3 million after adjusting the fair value of a contract. Its research costs increased as it continued new late-stage trials of Afrezza. MannKind has been trying for years to win approval of Afrezza and the inhaler that delivers it, and the company plans to file for marketing approval in the third quarter of 2013.

MannKind originally asked the Food and Drug Administration to approve Afrezza in early 2009.

The company took a loss of $51.8 million, or 23 cents per share, in the fourth quarter after losing $36.4 million, or 30 cents per share, a year ago. The company has no approved drugs and did not have any revenue in the fourth quarter of 2011 or 2012.

Analysts expected MannKind to report a loss of 17 cents per share, according to FactSet.

The company lost $169.4 million in 2012 after losing $160.8 million in 2011. At the end of 2012, MannKind said it had lost $2.13 billion since it began operating in early 1991.

Shares of MannKind lost 5 cents to $2.56 on Monday, and gave up a penny to $2.55 in aftermarket trading.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel