MannKind, OrthoVita: After-Hours Trading

NEW YORK (TheStreet) -- Shares of MannKind were weak in late traded on Thursday after the Valencia, Calif.-based drug developer said it's laying off 41% of its workforce in the wake of the mid-January setback in its efforts to secure regulatory approval of its proposed inhalable diabetes drug Afrezza. The company also reported its fourth-quarter results, saying it lost $38.3 million, or 33 cents a share, in the three months ended Dec. 31, narrower than its loss of $59.5 million, or 53 cents a share, in the same period a year earlier. In Form 8-K filing with the Securities and Exchange Commission, MannKind gave some additional color on the layoffs, saying it expects to reduce its workforce to 257 employees by mid-April, implying 178 employees are being let go. "We are requesting guidance from the FDA in order to clarify the regulatory path for AFREZZA and we will promptly implement their recommendations as soon as possible after our requested meeting," said Alfred Mann, the company's chairman and CEO, in a press release. "In the meantime, we are restructuring our organization to be focused on securing the approval of AFREZZA, which today resulted in the elimination of approximately 41% of our workforce." ... Click to view a price quote on MNKD. Click to research the Drugs industry.

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