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

e acute treatment of migraine, upon potential FDA approval.  Allergan will leverage its existing U.S. sales force dedicated to headache specialists using BOTOX® for Chronic Migraine, which will be complemented by a MAP Pharmaceuticals field sales force targeting neurologists and pain specialists. The Company will retain all rights to commercialize LEVADEX to primary care physicians within the United States, as well as to physicians outside the United States.
  • Received $60.0 million in February 2011 pursuant to the collaboration agreement with Allergan, and may receive up to $97.0 million in additional payments upon meeting certain regulatory milestones associated with the initial indication.
  • Raised gross proceeds of $20.0 million in January 2010 through our equity line of credit.
  • Raised gross proceeds of $50.0 million in October 2010 in a common stock offering.

  • 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
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    SOURCE MAP Pharmaceuticals, Inc.
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