VALENCIA, Calif. -- Biopharmaceutical company MannKind Corp. said Thursday its third-quarter loss nearly doubled from the year-ago period, largely driven by a jump in research and development spending.
The company reported a quarterly net loss of $61 million, or $1.23 per share, versus a loss of $31.7 million, or 73 cents per share, for the same quarter in 2005. The company recorded no revenue in either quarter.
Analysts polled by Thomson Financial had expected a loss of $1.17 per share.
Total operating expenses increased to $61.1 million from $32.9 million in the third quarter of 2005.
Research and development expenses more than doubled to $50.8 million, primarily due to the expansion of clinical trials for the company's Technosphere insulin program, MannKind said.
General and administrative expenses increased by $2 million to $10.3 million, mainly as a result of stock-compensation expenses and increased consulting costs.
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