VALENCIA, Calif.--(BUSINESS WIRE)--MannKind Corporation (Nasdaq:MNKD) today reported financial results for the first quarter ended March 31, 2011. For the first quarter of 2011 total operating expenses were $38.1 million, compared to $40.6 million for the first quarter of 2010. Research and development (R&D) expenses were $26.3 million for the first quarter of 2011 compared to $30.5 million for the same quarter in 2010, a decrease of $4.2 million. This 14% decrease in R&D expense was primarily due to a decrease in raw materials purchases resulting from the February 2011 termination of an insulin supply agreement. As a consequence of terminating the agreement, the Company did not accept delivery of any insulin in the first quarter of 2011. General and administrative (G&A) expenses increased by $1.7 million to $11.8 million for the first quarter of 2011 compared to $10.1 million in the first quarter of 2010. This 16% increase in G&A expense was primarily due to employee severance and other related termination benefits associated with the February 2011 reduction in force.
