MannKind Corp., the Valencia-based biomedical firm bankrolled by billionaire Alfred Mann, widened its third-quarter loss to $42.8 million (22 cents per share) from $38.4 million (31 cents attributed to fewer shares) a year earlier.
The company, which has not yet brought a product to market, increased research and development expenses by $2.3 million to $25.4 million, including an increase of $7 million for clinical trials if its candidate insulin inhaler, Afrezza, intended for diabetes patients.
Total operating expenses for the quarter ended Sept. 30 were $35.5 million, compared to $32.8 million for the year-earlier period.
For the nine months ending Sept. 30, operating expenses totaled $113.5 million, up $3.5 million over the same period last year.
MannKind finished the quarter with just $2.1 million in cash and short-term investments, but it raised $86 million through a public offering in October to pay for its phase-3 clinical trials of Afrezza. Also, to reduce the company’s debt to him, Alfred Mann signaled his intent to purchase $107.4 million in shares, and allow the company to borrow from him against under its current loan agreement.