Boston, MA 05/30/2014 (wallstreetpr) – MannKind Corporation (NASDAQ:MNKD) is currently focusing on the development of medicines for the diabetic patients and yet to report a profit as its products are in different pipeline stages. The available funds are mostly used to keep on investing in R&D.
Recently, Afrezza the lead product of MannKind received positive results in Phase III study especially in insulin inhaler space, and expects to file a New Drug Application (NDA). The patented technology of MannKind may be an alternative option for insulin dependent patients.
Yet to report profit
MannKind Corporation (NASDAQ:MNKD) reported a net loss of $52.1 million or $0.14 per share during 1Q2014 ended March 31, 2014 versus the net loss of $41.0 million in last year. The increase resulted from higher operating expenses of $41.4 million (1Q2013: $36.4 million), contributed mainly by $15.2 million of G&A costs and R&D expenses of $26.2 million. MannKind has cash balances of $35.8 million and available borrowings of $30.1 million as of March 31, 2014.
Inhalation seems to be an innovation to treat diabetic as the patients mostly depend either on insulin or tablets. But, the development process becomes a challenging factor as major drug makers like Eli Lily and Pfizer failed in their process.
On such conditions, MannKind Corporation (NASDAQ:MNKD) may witness challenge during the process and to predict the opportunity for its innovative needle based technology becomes a difficult task. As of now, the Company’s lead product qualified the standard and successful in Phase III study.
But, the diabetic therapeutic market remains high with growing patient population. As per the estimates, one in ten people suffer from diabetic worldwide and expect to increase to ~552 million by 2030. So, the chances are high and new alternative like inhaler will have a superior presence in patients reluctant to insulin injections.