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MAP Pharmaceuticals Reports First Quarter of 2011 Financial Results
Date:5/3/2011

MOUNTAIN VIEW, Calif., May 3, 2011 /PRNewswire/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the first quarter ended March 31, 2011.

The net income for the first quarter ended March 31, 2011 was $17.6 million compared to a net loss of $14.1 million during the same period in 2010. Net income for the first quarter ended March 31, 2011 was related primarily to the $34.2 million in collaboration revenue recognized from a $60.0 million upfront payment received in February 2011 pursuant to a collaboration agreement with Allergan, Inc., compared to no collaboration revenue for the first quarter ended March 31, 2010.

MAP Pharmaceuticals had $114.8 million in cash and cash equivalents as of March 31, 2011, compared to $76.0 million as of December 31, 2010.

"We began 2011 by securing a strategic collaboration with Allergan for LEVADEX®, our investigational drug for the acute treatment of migraine. The companies have been working closely together as MAP Pharmaceuticals prepares to submit its New Drug Application (NDA) to the U.S. Food and Drug Administration in the first half of 2011, while also building infrastructure and strategy for the launch and commercialization of LEVADEX, if approved," said Timothy S. Nelson, president and chief executive officer of MAP Pharmaceuticals. "In addition, we continue to present scientific data on LEVADEX, most recently at the 63rd Annual Meeting of the American Academy of Neurology. In our pharmacodynamics study there was no difference in pulmonary arterial systolic pressure between the LEVADEX and the placebo group over two hours and in our pharmacokinetics study comparing smokers vs. non-smokers, LEVADEX exposure was not higher in smokers."

Revenues for the first quarter ended March 31, 2011 were $34.2 million compared to $0 for the same period in 2010. In February 2011, pursuan
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SOURCE MAP Pharmaceuticals, Inc.
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