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

fiscal 2011 full year operating expenses, excluding non-cash charges such as stock-based compensation and depreciation, to be approximately $50 to $55 million. In addition, the Company currently anticipates capital expenditures in 2011 to be approximately $4 to $5 million. As previously disclosed, the Company anticipates loan payments of approximately $8 million in 2011 related to a working capital loan. Collaboration revenues are estimated to be approximately $65 million in 2011. This estimate includes amortization of the upfront payment received in February 2011 and a milestone payment that the Company would be eligible to receive in 2011 under its collaboration agreement with Allergan, if a certain milestone is met.

About MAP PharmaceuticalsMAP Pharmaceuticals is an emerging biopharmaceutical company focused on developing and commercializing new therapies to address undermet patient needs in neurology. The Company is developing LEVADEX, an orally inhaled investigational drug for the acute treatment of migraine. The Company has reported positive results from its Phase 3 trial of LEVADEX and has entered into a collaboration agreement with Allergan, Inc. to co-promote LEVADEX to neurologists and pain specialists in the U.S. MAP Pharmaceuticals also applies its proprietary drug particle and inhalation technologies to generate new pipeline opportunities by enhancing the therapeutic benefits of proven drugs, while minimizing risk by capitalizing on their known safety, efficacy and commercialization history.

Additional information about MAP Pharmaceuticals can be found at http://www.mappharma.com.

Forward-Looking StatementsIn addition to statements of historical facts or statements of current conditions, this press release contains forward-looking statements, including with respect to MAP Pharmaceuticals' LEVADEX product candidate and MAP Pharmaceuticals' expected cash requirements during 2011 describe
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SOURCE MAP Pharmaceuticals, Inc.
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