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

d above. Actual results may differ materially from current expectations based on risks and uncertainties affecting the Company's business, including, without limitation, risks and uncertainties relating to the preparation and filing of a New Drug Application, the regulatory process to have the Company's LEVADEX product candidate approved for commercial use,  risks related to MAP Pharmaceuticals' future financial results and the potential benefits from the collaboration between MAP Pharmaceuticals and Allergan. The reader is cautioned not to unduly rely on the forward-looking statements contained in this press release. MAP Pharmaceuticals expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Additional information on potential factors that could affect MAP Pharmaceuticals' results and other risks and uncertainties are detailed in its Annual Report on Form 10-K for the year ended December 31, 2010, available at http://edgar.sec.gov.

CONTACT: Christopher Y. Chai, Sr. Vice President and Chief Financial Officer of MAP Pharmaceuticals, Inc., (650) 386-3107; or media, Nicole Foderaro of WCG, (415) 946-1058, nfoderaro@wcgworld.com.MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)March 31,December 31,20112010ASSETSCurrent assets:Cash and cash equivalents$

114,847$

76,007Accounts receivable70-Other current assets682644Total current assets115,59976,651Property and equipment, net5,8065,803Other assets2730Restricted investment310310Total assets$

121,742$

82,794LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued liabilities$

7,304$

12,440Debt5,6787,581Current portion of deferred revenue14,400-Total current liabilities27,38220,021Deferred revenue, less current portion11,439-Other liabil
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SOURCE MAP Pharmaceuticals, Inc.
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