EX-99.1 2 v40470exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
(MANNKIND CORPORATION LOGO)
Company Contact:
Matthew Pfeffer
Chief Financial Officer
661-295-4784
mpfeffer@mannkindcorp.com
MANNKIND CORPORATION REPORTS FIRST QUARTER FINANCIAL RESULTS
- Conference Call Today at 5:00 p.m. EDT -
VALENCIA, Calif., May 5, 2008 – MannKind Corporation (Nasdaq: MNKD) today reported financial results for the first quarter ended March 31, 2008.
For the first quarter of 2008, total operating expenses were $74.1 million, compared to $77.3 million for the first quarter of 2007. Research and development (R&D) expenses decreased by $5.3 million to $58.4 million for the first quarter of 2008 compared to the first quarter of 2007, primarily due to lower clinical trial costs and associated packaging costs for clinical materials, partially offset by higher stock compensation expense. General and administrative (G&A) expenses increased by $2.1 million to $15.6 million for the first quarter of 2008 compared to the first quarter of 2007 primarily due to additional patent expenses.
The net loss applicable to common stockholders for the first quarter of 2008 was $71.4 million, or $0.70 per share based on 101.4 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $73.1 million, or $1.00 per share based on 73.4 million weighted average shares outstanding for the first quarter of 2007.
Cash and cash equivalents were $269.1 million at March 31, 2008 and $368.3 million at December 31, 2007.
Conference Call
MannKind management will host a conference call to discuss these results today at 5:00 p.m. EDT. To participate in the call, please dial (800) 857-0373 or (210) 839-8507. To listen to the call via the internet, please visit www.mannkindcorp.com. The web site replay will be available for 14 days. A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (866) 457-6651 or (203) 369-1300.

 

 

Presenting from the Company will be:
  -   Chairman and Chief Executive Officer Alfred Mann
 
  -   President and Chief Operating Officer Hakan Edstrom
 
  -   Corporate Vice President and Chief Financial Officer Matthew Pfeffer
 
  -   Corporate Vice President and Chief Scientific Officer Peter Richardson
About MannKind Corporation
MannKind Corporation (Nasdaq: MNKD) focuses on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. Its lead product, the Technosphere® Insulin System, is currently in Phase 3 clinical trials in the United States, Europe and Latin America to study its safety and efficacy in the treatment of diabetes. For more information on MannKind Corporation and its technology, visit www.mannkindcorp.com.
(Tables to follow)

 

 

MannKind Corporation
Condensed Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
                 
    Three Months Ended March 31,  
    2008     2007  
Revenue
   $ 20     $ 10  
 
            
 
                
Operating expenses:
                
Research and development
     58,445       63,788  
General and administrative
     15,640       13,550  
 
            
Total operating expenses
     74,085       77,338  
 
            
Loss from operations
     (74,065 )     (77,328 )
Other income
     60       52  
Interest expense on senior convertible notes
     (337 )     (1,145 )
Interest income
     2,921       5,280  
 
            
Loss before provision for income taxes
     (71,421 )     (73,141 )
Income taxes
     —       —  
 
            
 
                
Net loss applicable to common stockholders
   $ (71,421 )   $ (73,141 )
 
            
 
                
Net loss per share applicable to common stockholders — basic and diluted
   $ (0.70 )   $ (1.00 )
 
            
 
                
Shares used to compute basic and diluted net loss per share applicable to common stockholders
     101,409       73,388  
 
            

 

 

MannKind Corporation
Condensed Balance Sheets
(Unaudited)
(in thousands)
                 
    March 31,     December 31,  
    2008     2007  
Assets
                
Current assets:
                
Cash and cash equivalents
   $ 269,079     $ 368,285  
State research and development tax credit exchange receivable – current
     —       831  
Prepaid expenses and other current assets
     8,004       9,596  
 
            
 
                
Total current assets
     277,083       378,712  
 
                
Property and equipment – net
     185,895       162,683  
 
                
State research and development tax credit exchange receivable - net of current portion
     1,875       1,500  
Other assets
     549       548  
 
            
 
                
Total
   $ 465,402     $ 543,443  
 
            
 
                
Liabilities and Stockholders’ Equity
                
 
                
Current liabilities
   $ 55,447     $ 67,558  
Other liabilities
     —       24  
Senior convertible notes
     111,882       111,761  
 
                
Stockholders’ equity
     298,073       364,100  
 
            
 
                
Total
   $ 465,402     $ 543,443  
 
            
 
                
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