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

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.

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SOURCE MAP Pharmaceuticals, Inc.
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