- Conference Call Today at 5:00 p.m. EDT -
VALENCIA, Calif., Aug. 11 /PRNewswire-FirstCall/ -- MannKind Corporation
(Nasdaq: MNKD) today reported financial results for the second quarter ended
June 30, 2008.
For the second quarter of 2008, total operating expenses were
$80.9 million, compared to $75.4 million for the second quarter of 2007. This
increase was primarily attributable to increased research and development
(R&D) expenses which totaled $67.6 million for this quarter compared to
$61.5 million for the same quarter in 2007. The increase in research and
development expenses for the three months ended June 30, 2008 as compared to
the same period in the prior year was primarily due to increases in
manufacturing costs, clinical trial costs, and stock-based compensation
expense. General and administrative (G&A) expenses decreased by $0.6 million
to $13.3 million for the second quarter of 2008 compared to the second quarter
of 2007. The decrease in general and administrative expenses for the three
months ended June 30, 2008 as compared to the same period in the prior year
was primarily due to lower professional service fees, partially offset by
increases in stock-based compensation expense and salary related expenses.
For the first six months of 2008, operating expenses totaled
$154.9 million, compared to $152.7 million in the first half of 2007. R&D
expenses for the first six months were $126.0 million, compared to
$125.3 million in 2007. The increase in R&D expenses for the first six
months was primarily due to increases in stock-based compensation expense and
manufacturing costs, partially offset by lower clinical trial costs. G&A
expenses increased by $1.5 million to $28.9 million for the first half of 2008
as compared to the same period in 2007.
