MannKind Corporation Reports 2012 First Quarter Financial Results

VALENCIA, Calif.--(BUSINESS WIRE)--MannKind Corporation (Nasdaq: MNKD) today reported financial results for the first quarter ended March 31, 2012. For the first quarter of 2012, total operating expenses were $33.9 million, compared to $38.1 million for the first quarter of 2011, a decrease of $4.1 million. Research and development (R&D) expenses were $24.2 million for the first quarter of 2012 compared to $26.3 million for the same quarter in 2011, a decrease of $2.1 million. This 8% decrease was primarily due to the decrease in salary related costs as a result of the February 2011 reduction in force, partially offset by an increase in clinical trial related activities. General and administrative (G&A) expenses decreased by $2.0 million to $9.8 million for the first quarter of 2012 compared to $11.8 million in the first quarter of 2011. This 17% decrease in G&A expense was primarily due to the decrease in salary related costs as a result of the February 2011 reduction in force.