MannKind takes bigger 3Q loss as costs increase

MannKind reports greater stock-based compensation costs and takes larger 3rd-quarter loss

Associated Press

NEW YORK (AP) -- NEWS: Diabetes drug developer MannKind said Monday it took a larger loss in the third quarter as compensation and other costs increased.

DETAILS: MannKind Corp. said costs related to stock-based compensation increased, leading to a 26 jump in total operating expenses.

MannKind has no drugs on the market. It is seeking approval for an inhaled diabetes drug called Afrezza.

NUMBERS: The company said it lost $50.8 million, or 17 cents per share. A year ago it took a loss of $42.8 million, or 22 cents per share. The number of shares outstanding increased by about 55 percent year over year.

Analysts expected a loss of 15 cents per share, according to FactSet.

FUTURE: MannKind is waiting for the Food and Drug Administration's decision on Afrezza. It first sought approval in March 2009, and in early 2011 the FDA told the company to run more clinical studies. After running new trials, the company filed for approval again in October.

STOCK: Shares of MannKind lost 20 cents, or 4.1 percent, to $4.56 in afternoon trading.

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