MannKind Corp. on Monday reported a quarterly loss that beat analyst expectations, as well as the hiring of a chief medical officer.
The Valencia biotech reported a net loss of $28.9 million (-7 cents a share) for the quarter ended June 30, compared to a loss of $73.4 million (-19 cents) for the same quarter a year ago. Revenue was zero for both quarters.
Analysts on average expected a net loss of 8 cents a share on revenue of $250,000, according to Thompson Financial Network.
MannKind started selling Afrezza, an inhalable insulin and the company’s only commercial product, earlier this year. During the quarter, the company shipped $5.9 million worth of Afrezza, but the sales didn’t count as revenue because the money went to repay a loan from Sanofi S.A., the French drug maker that is MannKind’s marketing partner for Afrezza.
In a separate announcement, MannKind said it has hired Dr. Raymond Urbanski as its chief medical officer. He previously was a vice president at Pfizer Inc. and chief marketing officer at Metabolix. At MannKind, he will lead the company’s drug development projects.
MannKind announced its quarterly results before the market opened Monday. Shares closed up 6 cents or 1.5 percent to $4.04 on the Nasdaq.