(Recasts, adds details from conference call and stock movement)
Aug 3 (Reuters) - MannKind Corp. (MNKD.O) said it is struggling to find a partner for its lead diabetes product and that it extended a loan agreement with its chief executive. “...we do not expect to reach a partnership agreement in the near term,” Chief Executive Alfred Mann said on a conference call with analysts.
The company’s shares were trading almost 17 percent down at $8.80 in late morning trade on the Nasdaq Friday. They hit a year low of $8.56 earlier in the day.
MannKind said it extended its loan arrangement with CEO Mann and that it can borrow up to $150 million anytime before Aug. 1, 2008 under the deal.
Valencia, California-based MannKind’s diabetes product, Technosphere insulin system, is in late-stage trials.
On Thursday, MannKind said it had $284 million of cash, cash equivalents and marketable securities in hand at June 30, 2007, down 22 percent from the previous quarter.
On Friday, the biopharmaceutical company also said its chief financial officer, Richard Anderson, plans to step down once a successor has been identified.
(Reporting by Varsha Tickoo in Bangalore)
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