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MannKind's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our cash, cash equivalents and marketable securities at the end of the second quarter of 2012 totaled $32 million. Natural resources including the remaining credit facility from Al amounted to $58.9 million as of June 30, 2012.

Our cash burn decreased from $33.3 million spent in Q1 2012 to $24.7 million in the second quarter of 2012. We expect though that our spending will accelerate through the end of 2012 as we complete the trials and approach commercialization.

With our cash on hand and the amount available under the credit facility from Al, we believe we'll be able to fund our operations comfortably into the fourth quarter of 2012. We continue to pursue additional funding opportunities to extend our cash runway, but I cannot comment further until we have something definitive to announce.

It’s also worth noting that the company recently settled the securities class action and derivative litigation pending against it in Federal and State Court. Specifically, on July 26, 2012, we announced that the company and other named defendants had entered into a stipulation of settlement to resolve the Federal Securities class action in the Central District of California. Pursuant to that stipulation in an exchange for release of all claims and dismissal of the action with prejudice, the company's insurers agreed to pay $16 million and MannKind agreed to issue approximately 2.8 million shares to the class members.

On August 6, 2012, we announced that the company had entered into a stipulation of settlement to also resolve the derivative lawsuits pending in Federal Court in the Central District of California and in State Court, Los Angeles.

Pursuant to the stipulation in an exchange for release of all claims and dismissal of the derivative actions with prejudice, the company agreed to adopt certain corporate governance measures as insurers agreed to pay $800,000 to plaintiffs’ attorney and MannKind agreed to issue 225,000 shares to plaintiffs’ attorneys. Both settlements are subject to court approval in notice to MannKind stockholders.

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