MannKind 1Q Loss Shrinks With Falling Expenses

VALENCIA, Calif. (AP) — Biotechnology company MannKind Corp. said on Monday it posted a smaller loss in the first quarter as expenses fell.

The company said it lost $59.4 million, or 58 cents per share, for the quarter that ended March 31, an improvement from its loss of $71.4 million, or 70 cents per share, for the same period last year. It reported no revenue for the quarter, versus $20,000 in revenue a year ago.

Analysts surveyed by Thomson Reuters were expecting a loss of 66 cents per 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 16 cents, or 4 percent, to $4.17 in afternoon trading.