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

t to the collaboration agreement, Allergan paid the Company an upfront payment of $60.0 million, $34.2 million of which was recognized as collaboration revenue in the quarter ended March 31, 2011. The remaining $25.8 million is deferred revenue and will be amortized as collaboration revenue over the estimated obligation periods. Under the terms of the collaboration agreement, the Company may also receive up to an additional $97.0 million in the form of regulatory milestones, which includes milestones for acceptance of filing of the LEVADEX NDA and first commercial sale associated with the initial acute migraine indication.

Research and development (R&D) expenses for the first quarter ended March 31, 2011 were $11.6 million compared to $9.8 million for the same period in 2010. The increase in R&D expenses for the first quarter ended March 31, 2011 was driven primarily by an increase in expenses related to the LEVADEX program, including a milestone of $1.0 million paid by the Company to a third party licensor as a result of entering into the Allergan collaboration, and an increase in personnel related expenses, including stock-based compensation.

Sales, general and administrative (SG&A) expenses for the first quarter ended March 31, 2011 were $4.8 million compared to $3.9 million for the same period in 2010. The increase in SG&A expenses was related primarily to increases in personnel related expenses, including stock-based compensation and professional services.  

For the first quarter ended March 31, 2011, non-cash stock-based compensation and depreciation expense was approximately $2.4 million.

2011 Financial Outlook

MAP Pharmaceuticals' financial outlook is based on current expectations. The following statements are forward looking, and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements."

The Company currently anticipates
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SOURCE MAP Pharmaceuticals, Inc.
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