DANBURY, Conn. (AP) -- MannKind Corp., a biopharmaceutical company, is laying off 131 workers at its Danbury manufacturing plant after it was forced to delay the launch of a new drug.
The layoffs are among 179, or 40 percent of its work force, announced last week by the Valencia, Calif., company. Mannkind is conserving cash as it seeks government approval for its inhaled insulin, Afrezza. The Food and Drug Administration has told MannKind to run additional clinical trials.
Chief Financial Officer Matt Pfeffer (FEFF'-er) said the company expected approval of the drug earlier this year and trials will take about 18 months.
The company reported a $38.3 million loss in the fourth quarter. Its shares closed down 31 cents, or 8 percent, to $3.48 in trading Monday.