MannKind Corporation Widens Net Loss in Q2

MannKind Corporation widened its net loss and had no revenues in the second quarter. For the quarter that ended June 30, the Valencia-based therapeutic product company had net loss of $44.5 million, or $0.37 per, with no revenue. For the same period last year, the company had a net loss of $42.3 million, or $0.37 per diluted share, on revenues of $93,000. Research and development expenses increased 15.6 percent, to $30.3 million for the most recent second quarter compared to $26.2 million for the second quarter of 2010. The increase was primarily due to a settlement reached with Organon to resolve a dispute related to the termination by the company of an insulin supply agreement. In connection with the settlement, MannKind Corporation received the first two shipments of recombinant human insulin from Organon and paid the first two $8 million installments during the second quarter. The company also recorded a loss contingency of $3.9 million, as of June 30, in connection with the second installment that was paid in full in the third quarter. General administrative expenses decreased by 20.5 percent to $8.9 million during the second quarter compared to $11.2 million a year ago. Jessica Vernabe