MannKind 1Q operating expenses up, net loss rises to $0.87 per share

By Lisa Kerner

Erie, Pa., May 5 - MannKind Corp. reported total first-quarter operating expenses of $45.1 million, an increase from $22.6 million in first-quarter 2005.

The company had a net loss of $43.6 million, or $0.87 per share, up from the prior year's first-quarter net loss of $22.2 million, or $0.68 per share.

Cash, cash equivalents and marketable securities were $102.6 million at March 31, down from $145.6 million at Dec. 31.

"In first quarter of 2006, we announced the initiation of two pivotal phase 3 clinical trials of Technosphere Insulin in patients with type 1 and type 2 diabetes," chairman and chief executive officer Alfred Mann said in a company news release.

MannKind, located in Valencia, Calif., discovers, develops and commercializes therapeutic products for diabetes and cancer.

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