Drug company MannKind Corp. (MNKD) Thursday reported first-quarter net loss to common stockholders of $41.0 million, wider than $38.2 million in the comparable quarter last year. Loss for the latest first quarter narrowed to $0.15 per share from $0.27 per share in the prior year.
On average, 8 analysts polled by Thomson Reuters expected a loss of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Research and development expenses were $26.4 million for the first quarter of 2013, compared to $24.2 million for the same quarter in 2012. This 9% increase was primarily due to an increase in clinical trial related expenses, partially offset by a decrease in facilities related costs and depreciation.
Mannkind did not generate any revenues for the quarter, just as in the prior year.
Cash and cash equivalents were $28.0 million at March 31, 2013.
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