MannKind has dip in profit, flat sales

VALENCIA, Calif. A drug company focused on developing drugs for diabetes and cancer reported a reduction in operating, research and development and general and administrative expenses of more than $32 million in its first quarter 2009 financial results Monday.

MannKind Corp. said the decrease in research and development expenses, by $15.6 million, was primarily due to decreased costs associated with the clinical development of the fast-acting insulin Afresa.

Cash, cash equivalents and marketable securities were $30.2 million as of March 31, compared with $46.5 million on Dec. 31 and $269.1 million on March 31, 2008.

“This past quarter was extremely busy for MannKind, culminating in our submission to the FDA of a new drug application for Afresa.” chairman and CEO Alfred Mann said in a statement. “With this milestone accomplished, we are now turning our attention to commercial readiness activities.”