EARNINGS ROUNDUP / MANNKIND
- Share via
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.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
