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MAP Pharmaceuticals Reports 2010 Fourth Quarter and Year End Financial Results
Date:3/1/2011

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

  • Announced that a second Phase 3 efficacy trial would not be required for the LEVADEX New Drug Application (NDA) submission.

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  • SOURCE MAP Pharmaceuticals, Inc.
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