MannKind Loss Smaller Than ExpectedTuesday, February 18, 2014
MannKind Corp. reported on Tuesday another quarterly loss, but shares held steady as investors look forward to possible FDA approval of the company’s inhalable insulin in April.
The Valencia biotech reported a fourth quarter net loss of $53.6 million (-16 cents a share), compared with a loss of $51.8 million (-23 cents) for the same period a year earlier.
Analysts on average expected a loss of 14 cents, according to Thomson Financial Network.
The drug developer does not yet have a product on the market so it recorded no revenue.
For full-year, the company lost $191 million (-64 cents) compared to a loss of $169 million (-94 cents) for the previous year. Analysts on average expected a loss of 62 cents, according to Thomson.
The Food and Drug Administration has scheduled an April 1 meeting to review the application for MannKind’s Afrezza brand of inhalable insulin. If approved, it would become the company’s first commercial product. The company has sustained itself through stock sales and loans from billionaire Alfred Mann, its founder.
In addition to its financial results, the company announced it had nearly $71 million in cash and cash equivalents on hand as of Dec. 31, in addition to $30 million of available borrowing capacity from the Mann Group.
Shares closed up 6 cents, or 1 percent, to $5.63 on the Nasdaq, and was 2.6 percent in after-hours trading.