MannKind Corp., the Valencia-based biomedical company that markets Afrezza, an inhalable form of insulin, reported a net loss of $16.3 million in the first quarter of 2017 on revenues of $3 million, according to its quarterly filing with the SEC today.
The company’s stock closed Wednesday at $1.60 a share, and dropped in after-hours trading to $1.27 by 5 p.m. Pacific time.
On May 4, MannKind announced a collaboration with One Drop, an online provider of diabetes-management services, to market Afrezza on One Drop’s digital platforms and through Amazon and Apple.
“Against a backdrop of soaring insulin costs, this proposed collaboration is an essential step in the right direction,” Jeff Dachis, CEO and founder of One Step, said in a statement. One Step was created by Informed Data Systems, Inc., in 2014.
“Through this partnership with MannKind, we will continue to work tirelessly to empower everyone with diabetes to achieve better health outcomes through the use of modern delivery methods that reduce the burden of diabetes management and increase engagement in self-care,” Dachis said.
“Even though injectable insulins have been available for decades, 20% of users regularly skip injections,” said Michael Castagna, MannKind’s chief commercial officer. “We intend to empower people with diabetes to take charge of their health by trying something different.”