VALENCIA, Calif. (AP) -- MannKind Corp. said Friday its first-quarter loss widened, as the drug developer spent more on research and development.
The Valencia, Calif.-based company posted a loss of $41 million, or 15 cents per share, compared with a loss of $38.2 million, or 27 cents per share, in the same quarter of 2012. The company had nearly twice as many shares outstanding this year, accounting for the lower loss per share compared to last year.
The loss matched the average prediction of analysts surveyed by FactSet.
The company has no approved drugs and reported no revenue for either period.
Total operating expenses rose 7 percent to $36.4 million, as research and development costs increased 9 percent to $26.4 million on higher clinical trial expenses.
MannKind shares rose 16 cents, or 4 percent, to $4.14 in morning trading.