MannKind considers collaboration to offset $600 million accumulated net loss

By Lisa Kerner

Erie, Pa., May 5 - MannKind Corp. is in preliminary discussions with a number of pharmaceutical companies concerning a potential strategic business collaboration, the company disclosed in a 10-K report filed with the Securities and Exchange Commission.

The company has not concluded any discussions or reached any agreement on a collaboration. However, since inception, the development-stage company reported accumulated net losses of $600.9 million through March 31, as well as negative cash flow from operations of $350.9 million.

As a result, MannKind expects it will need to raise additional capital through the sale of equity and/or debt securities or form a strategic partnership.

If it enters into a strategic business collaboration, MannKind said it would expect to receive additional capital and reimbursements for a portion of the development costs associated its Technosphere Insulin System.

MannKind, located in Valencia, Calif., discovers, develops and commercializes therapeutic products for diabetes and cancer.

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