MannKind's 1Q loss narrows on lower costs

VALENCIA, Calif.—Biotechnology company MannKind Corp. said Monday its first-quarter loss narrowed on lower research and development costs.

The company lost $71.4 million, or 70 cents per share, compared with a loss of $73.1 million, or $1 per share, during the same period a year prior. Revenue rose to $20,000 from $10,000. During the most recent period, MannKind had about 28 million additional shares of common stock outstanding.

Analysts polled by Thomson Financial expected a loss of 79 cents per share, with no revenue.

Research and development expenses fell by 8 percent to $58.4 million, more than offsetting a 15 percent rise to $15.7 million in general and administrative expenses.

Shares rose 4 cents to close at $2.55.

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