On Monday, Shares of MannKind Corporation (NASDAQ:MNKD), lost -5.41% to $3.59.
MannKind Corporation stated financial results for the second quarter ended June 30, 2015.
For the three and six months ended June 30, 2015, product shipments of Afrezza, our novel rapid-acting inhaled insulin therapy, were $5.9 million and $13.0 million, respectively, which we recorded as deferred product sales from our partnership with Sanofi. For the quarter ended June 30, 2015, our portion of the loss sharing arrangement with Sanofi related to Afrezza was $12.8 million, which we subsequently financed by way of an advance under the loan facility with an associate of Sanofi after June 30, 2015. The amount presently outstanding under the Sanofi loan facility is now $28.4 million, which comprises $0.2 million in paid-in-kind interest.
For the second quarter of 2015, total operating expenses reduced from $69.8 million to $24.1 million, a decline of 65.5% contrast to the same quarter in 2014, primarily due to Afrezza having moved out of clinical development into the commercial market. Additionally, non-cash stock compensation from the non-recurring achievement of performance and modification events in 2014 reduced in the second quarter of 2015 as contrast to the second quarter of 2014. Research and development expenses reduced from $37.3 million to $7.7 million, a decrease of 79.4%, reflecting the transition from development to commercial activities. General and administrative expenses reduced from $32.5 million to $10.6 million, a reduction of 67.4%, mainly due to the decrease in non-cash stock compensation expense. Offsetting the total decrease of $51.5 million in R&D and G&A for the second quarter of 2015 was product-manufacturing costs of $5.7 million. We did not recognize any product manufacturing costs in the second quarter of 2014 as we had not yet commenced commercialization of Afrezza.
MannKind Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes in the United States.
Shares of Public Service Enterprise Group Inc. (NYSE:PEG), declined -3.28% to $40.66, during its last trading session.
Public Service Enterprise Group declared that Sewaren 7, a new 540-MW, dual-fuel combined-cycle power plant has cleared PJM’s Reliability Pricing Model Base Residual Auction. PSEG Power will work to secure permits and anticipates starting construction on the highly efficient generating plant in early 2016. The plant, which represents an investment of more than $600 million, is targeted to be accomplished and supplying needed energy to New Jersey and the region in time for summer of 2018.
The Sewaren 7 plant will be constructed at PSEG Power’s existing Sewaren Generating Station site in Woodbridge, New Jersey, replacing Sewaren Units 1, 2, 3 & 4, which will be stepped down after almost 70 years of providing energy to the region. In repowering an existing generating site, PSEG Power will be able to take advantage of existing infrastructure.
Sewaren 7 will represent a major investment in the local and regional economy. The plant will bring noteworthy tax revenue to Woodbridge Township, in addition to other economic benefits. The plant will run primarily on natural gas, but also will be able to run on ultra-low-sulfur distillate (ULSD) fuel oil as a back up, supporting fuel diversity and exceptional dependability. Sewaren 7 will be well positioned to supply power for the Capacity Performance market due to its dual-fuel capability and high level of reliability.
Public Service Enterprise Group Incorporated, through its auxiliaries, operates as an energy company primarily in the northeastern and Mid Atlantic United States. The company operates nuclear, coal, gas, oil-fired and renewable generation facilities with a generation capacity of about 13,146 megawatts.
At the end of Monday’s trade, Shares of Travelers Companies Inc (NYSE:TRV), lost -4.03% to $98.78.
A.M. Best has assigned an issue rating of “a+” to the $400 million 4.3% senior unsecured notes, due 2045, recently issued by The Travelers Companies, Inc. The outlook assigned is stable.
The proceeds from the sale of the notes will be used to pay off the existing $400 million 5.5% senior unsecured notes, due Dec. 1, 2015. The debt offering is following a shelf registration statement filed with the Securities and Exchange Commission. While Travelers’ financial leverage will modestly enhance in the near term, it will remain within A.M. Best’s guidelines to support its current ratings. A.M. Best anticipates Travelers’ coverage ratios to remain strong and well supportive of the current rating.
The Travelers Companies, Inc., through its auxiliaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the Unites states and internationally.
Finally, Live Nation Entertainment, Inc. (NYSE:LYV), ended its last trade with -1.64% loss, and closed at $23.98.
Live Nation Entertainment released financial results for the three and six months ended June 30, 2015.
Live Nation has continued growing in the second quarter and for the first half, with revenue up 12% and AOI up 6% on a constant currency basis in the second quarter. The enhance in revenue was led by our concerts business as we continued attracting more fans to more shows globally, which in turn drove AOI growth in our advertising and ticketing businesses through the first half of the year.
With the majority of our tickets sold for the year, we are confident that we remain on track to deliver our 2015 plan, and all key leading indicators reinforce our expectation of continued top- and bottom-line growth as we build global market share in our core concerts, advertising and ticketing businesses.
Live Nation Entertainment, Inc. operates as a live entertainment company. The company operates through Concerts, Ticketing, Artist Nation, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
