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MannKind Corporation (MNKD) Reports 2012 Third Quarter Financial Results



11/2/2012 8:32:55 AM

VALENCIA, Calif.--(BUSINESS WIRE)--MannKind Corporation (Nasdaq: MNKD) today reported financial results for the third quarter ended September 30, 2012.

For the third quarter of 2012, total operating expenses were $35.5 million compared to $32.8 million for the third quarter of 2011, an increase of $2.7 million. Research and development (R&D) expenses were $25.4 million for the third quarter of 2012 compared to $23.1 million for the same quarter in 2011, an increase of $2.3 million. This 10.0% increase was primarily due to an increase of $7.0 million in clinical trial-related activities in the third quarter of 2012, offset in part by a non-recurring $4.1 million expense recorded in the third quarter of 2011 in connection with the settlement of the terminated insulin supply agreement. General and administrative (G&A) expenses were $10.1 million for the third quarter of 2012 compared to $9.6 million for the same quarter of 2011, an increase of $0.5 million. This 5.2% increase in G&A expense was primarily due to an increase in the litigation settlement accrual recorded in the third quarter of 2012.

Read at BioSpace.com


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