MannKind Posts Larger Fourth Quarter Loss on Increased Expenses

Valencia-based MannKind Corp. posted a wider loss in the fourth quarter due to increased operating costs and other expenses. The biopharmaceutical company’s loss rose to $33.3 million, or $0.66 per share, compared to a loss of $21.2 million, or $0.65 per share, in the year-ago quarter. For the full year 2005, the company posted a loss of $114.4 million, or $2.87 per share compared with a loss of $95.9 million, or $3.80 per share in 2004. The company did not report revenues for the quarter and full year. The development of Technosphere, MannKind’s inhalable insulin which is in the last stage of clinical trials, led to higher costs. Quarterly operating expenses rose 62 percent to $35 million, while research and development expenses increased 39 percent to $28.6 million. General and administrative expenses grew to $6.5 million on changes in stock compensation expense and increased consulting and other expenses.