MOUNTAIN VIEW, Calif., March 1, 2011 /PRNewswire/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the fourth quarter and year ended December 31, 2010.
The net loss for the fourth quarter ended December 31, 2010 was $13.9 million compared to $13.4 million during the same period in 2009. The net loss for the year ended December 31, 2010 was $54.7 million compared to $9.0 million for the year ended December 31, 2009. The increase in net loss for the 12 month period was primarily due to collaboration revenue received in 2009, including a one-time upfront payment pursuant to a previous license agreement with AstraZeneca, compared to no collaboration revenue in 2010.
MAP Pharmaceuticals had cash and cash equivalents of $76.0 million as of December 31, 2010, compared to $65.8 million as of December 31, 2009. This does not include the $60.0 million upfront payment the Company received in February 2011 pursuant to its collaboration agreement with Allergan, Inc.
"With a strategic collaboration in place, and all of our clinical trials complete, we look forward to submitting the NDA for LEVADEX in the first half of 2011 and, if approved by the FDA, moving closer to our goal of bringing a new acute treatment option to the migraine market," said Timothy S. Nelson, president and chief executive officer of MAP Pharmaceuticals. "We are very proud of our accomplishments over the past year, and we remain dedicated to our goal of bringing LEVADEX to many of the approximately 30 million American migraine sufferers, including those who have not been successfully treated with currently available therapies."
2010 and 2011 Year-to-Date Accomplishments
LEVADEX™ Clinical Program
Fourth Quarter and 2010 Year End Financial ResultsRevenues for the quarter and year ended December 31, 2010 were $0.0 for both periods, compared to $2.8 million and $54.2 million, respectively, for the same periods in 2009. Revenues for the quarter and year ended December 31, 2009 were due to amortization of an upfront payment and reimbursements for development expenses related to Unit Dose Budesonide (UDB), pursuant to a previous license agreement with AstraZeneca.
Research and development (R&D) expenses for the fourth quarter ended December 31, 2010 were $9.7 million, compared to $12.4 million for the same period in 2009. The decrease in R&D expenses was driven primarily by a decrease in clinical and other related expenses to support the LEVADEX Phase 3 clinical program and a decrease in clinical and other related expenses to support the UDB Phase 3 clinical program which was suspended in the third quarter of 2009, partially offset by an increase in personnel related expenses, including stock-based compensation.
R&D expenses for the year ended December 31, 2010 were $37.8 million, compared to $48.0 million for the year ended December 31, 2009. The decrease in R&D expenses was due primarily to a decrease in clinical and other project expenses to support the UDB Phase 3 clinical program, which was suspended in the third quarter of 2009, and a decrease in clinical and other project expenses to support the LEVADEX Phase 3 clinical program. The Company completed clinical development for LEVADEX in 2010 and plans to submit an NDA to the FDA in the first half of 2011. The decrease in R&D expenses was partially offset by an increase in personnel related expenses, including stock-based compensation.
Sales, general and administrative (SG&A) expenses for the fourth quarter ended December 31, 2010 were $4.0 million compared to $3.3 million for the same period in 2009. The increase in SG&A expenses for the fourth quarter ended December 31, 2010 as compared to the same period in 2009 was related primarily to an increase in personnel related expenses, including stock-based compensation, and an increase in professional services and LEVADEX related marketing activities.
SG&A expenses for the year ended December 31, 2010 were $15.7 million compared to $13.1 million for the year ended December 31, 2009. The increase in SG&A expenses was due primarily to an increase in personnel related expenses, including stock-based compensation, an increase in professional services and LEVADEX related marketing activities and an increase in other expenses.For the fourth quarter and year ended December 31, 2010, non-cash stock-based compensation and depreciation was approximately $2.1 million and $7.8 million, respectively.
2011 Financial Outlook MAP Pharmaceuticals currently is working with its partner Allergan on planning activities for LEVADEX. At the conclusion of this exercise, the Company will provide financial guidance for 2011.
About MAP Pharmaceuticals MAP Pharmaceuticals is an emerging biopharmaceutical company focused on developing and commercializing new therapies to address undermet patient needs in neurology. The Company is developing LEVADEX orally inhaled therapy for the potential treatment of migraine and has reported positive results from the efficacy portion of its Phase 3 trial of LEVADEX. In addition, MAP Pharmaceuticals generates new pipeline opportunities by applying its proprietary drug particle and inhalation technologies to enhance the therapeutic benefits of proven drugs, while minimizing risk by capitalizing on their known safety, efficacy and commercialization history.
Additional information about MAP Pharmaceuticals can be found at http://www.mappharma.com.
Forward-Looking Statements In addition to statements of historical facts or statements of current conditions, this press release contains forward-looking statements, including with respect to MAP Pharmaceuticals' LEVADEX product candidate. Actual results may differ materially from current expectations based on risks and uncertainties affecting the Company's business, including, without limitation, risks and uncertainties relating to the preparation and filing of a New Drug Application, the regulatory process to have the Company's LEVADEX product candidate approved for commercial use and the potential benefits from the collaboration between MAP Pharmaceuticals and Allergan. The reader is cautioned not to unduly rely on the forward-looking statements contained in this press release. MAP Pharmaceuticals expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Additional information on potential factors that could affect MAP Pharmaceuticals' results and other risks and uncertainties are detailed in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, available at http://edgar.sec.gov.
CONTACT: Christopher Y. Chai, Sr. Vice President and Chief Financial Officer of MAP Pharmaceuticals, Inc., (650) 386-3107; or media, Nicole Foderaro of WCG, (415) 946-1058, firstname.lastname@example.org.MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)December 31,December 31,20102009ASSETSCurrent assets:Cash and cash equivalents$
65,776Other current assets644620Total current assets76,65166,396Property and equipment, net5,8034,164Other assets30126Restricted investment310310Total assets$
70,996LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued expenses$
14,484Current portion of debt7,5817,283Total current liabilities20,02121,767Debt, less current portion-7,337Other liabilities11790Total liabilities20,13829,194Total stockholders’ equity 62,65641,802Total liabilities and stockholders’ equity $
70,996MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share amounts)(Unaudited)Three Months Ended December 31,Twelve Months Ended December 31,2010200920102009Collaboration revenue
54,166Operating expenses:Research and development 9,73812,38137,77547,996Sales, general and administrative4,0013,29715,71313,139Total operating expenses13,73915,67853,48861,135Loss from operations (13,739)(12,914)(53,488)(6,969)Other expense, net (209)(453)(1,185)(2,028)Net loss$
(8,997)Net loss per share attributed to common stockholdersBasic$
(0.41)Weighted average common shares used in computing net loss per share Basic30,042,97524,583,45627,260,95522,194,686Diluted30,042,97524,583,45627,260,95522,194,686
|SOURCE MAP Pharmaceuticals, Inc.|
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