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MAP Pharmaceuticals Reports 2007 Fourth Quarter and Year End Financial Results
Date:2/28/2008

MOUNTAIN VIEW, Calif., Feb. 28 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the fourth quarter and year ended December 31, 2007.

The net loss for the fourth quarter and year ended December 31, 2007 was $14.9 million and $40.1 million, respectively, compared with $8.5 million and $25.8 million during the same periods in 2006. MAP Pharmaceuticals had cash, cash equivalents and short-term investments as of December 31, 2007 of $95.0 million.

2007 Accomplishments

During 2007, MAP Pharmaceuticals' accomplishments included the following:

-- Successfully completed Phase 2 trial and presented positive results

for Unit Dose Budesonide (UDB), for the potential treatment of

pediatric asthma, at the World Asthma Meeting. In this randomized,

double-blind, placebo-controlled trial, UDB produced a statistically

significant reduction in nighttime and daytime composite symptom

scores vs. placebo for the low dose tested. Positive trends in Forced

Expiratory Volume in one second were seen in those patients old enough

to take the test. UDB was shown in the trial to be well tolerated and

there were no serious adverse events reported. In this trial,

complete nebulization of UDB using a standard nebulizer occurred in an

average of three to five minutes.

-- Successfully completed Phase 2 trial and presented positive results

for MAP0004, an orally inhaled formulation of dihydroergotamine, for

the potential treatment of migraine, at the American Headache Society

Meeting. In this randomized, double-blind, placebo-controlled trial,

MAP0004 demonstrated pain relief in 32% of patients at ten minutes,

pain relief in 72% of patients at two hours, and sustained pain relief

in 43% of patients at 24 hours in a treatment received population.

The trial also showed clinically significant trends in the resolution

of phonophobia, photophobia and nausea at certain time points.

MAP0004 was shown in the trial to be well tolerated and no serious

adverse events were reported.

-- Conducted end of Phase 2 meetings with the U.S. Food and Drug

Administration for UDB and MAP0004 in preparation for the initiation

of Phase 3 clinical programs.

-- Initiated a Phase 2a clinical trial of MAP0005 for the potential

treatment of asthma and chronic obstructive pulmonary disease.

MAP0005 combines a corticosteroid and a long-acting beta-agonist

within a single particle, and is administered via the company's

proprietary Tempo(TM) inhaler.

-- Added experienced pharmaceutical industry executives to its management

team and board of directors. Charlene A. Friedman was appointed Vice

President, General Counsel and Secretary, and Shashidar Kori, M.D. was

appointed Vice President of Clinical Development. Also, Bernard J.

Kelley, former President, Merck Manufacturing Division, Merck & Co.,

Inc., was appointed to the board of directors.

-- Completed its initial public offering and a Series D equity financing,

raising combined gross proceeds of approximately $119 million to

further support research and development.

"In 2007, positive results in two Phase 2 programs allowed us to focus our resources on planning for the advancement of our pediatric asthma and migraine drug candidates into late-stage clinical trials," said Timothy S. Nelson, President and Chief Executive Officer of MAP Pharmaceuticals. "Those investments are starting to show results, as we recently initiated a Phase 3 clinical trial of UDB in children with asthma, and reached agreement with the FDA on a special protocol assessment for a Phase 3 clinical trial of MAP0004 in patients with migraine."

Fourth Quarter and 2007 Year End Financial Results

Research and development expenses for the fourth quarter and year ended December 31, 2007 were $13.0 million and $31.4 million, respectively, compared to $7.2 million and $22.3 million, respectively, for the same periods in 2006. The increase in research and development expenses for the fourth quarter of 2007 was primarily related to increases in clinical trial expenses and personnel expenses to support the company's growth in preparation for its Phase 3 clinical programs related to its two lead product candidates. The increase in research and development expenses for the year ended 2007 was primarily related to increases in clinical trial expenses and personnel expenses to support the company's growth in preparation for its Phase 3 clinical programs related to its two lead product candidates, partially offset by a decrease in milestone expenses predominantly related to its two lead product candidates.

Sales, general and administrative expenses for the fourth quarter and year ended December 31, 2007 were $2.7 million and $9.6 million, respectively, compared to $1.3 million and $4.1 million, respectively, for the same periods in 2006. The increase in sales, general and administrative expenses for the fourth quarter of 2007 and year ended 2007 was primarily related to increases in personnel expenses, professional services related to becoming a public company, professional services for marketing activities and share-based compensation.

MAP Pharmaceuticals had cash, cash equivalents and short-term investments as of December 31, 2007 of $95.0 million, compared to $17.7 million as of December 31, 2006. The increase was due primarily to the completion of MAP Pharmaceuticals' initial public offering in October 2007, which generated net proceeds to the company of approximately $62.1 million. In addition, a Series D preferred stock financing was completed in March 2007, raising net proceeds of approximately $50.2 million.

2008 Financial Outlook

MAP Pharmaceuticals' outlook statements are 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."

MAP Pharmaceuticals currently expects in fiscal year 2008 to have operating expenses, excluding non-cash share-based compensation and depreciation of approximately $62 to $67 million. For the year ended 2007, MAP Pharmaceuticals had approximately $2.8 million in non-cash share-based compensation and depreciation.

About MAP Pharmaceuticals, Inc.

MAP Pharmaceuticals develops and plans to commercialize new therapies for children and adults who suffer from chronic conditions that it believes are not adequately treated by currently available medicines. The company applies its proprietary inhalation technologies to enhance the therapeutic benefits and commercial attractiveness of proven drugs while minimizing risk by capitalizing on their known safety, efficacy and commercialization history. MAP Pharmaceuticals has two drug candidates, Unit Dose Budesonide and MAP0004, in late stage development for the potential treatment of pediatric asthma and migraine respectively. MAP Pharmaceuticals' pipeline also includes a drug candidate in early clinical development for the treatment of asthma and chronic obstructive pulmonary disease.

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

Forward-Looking Statements

In addition to statements of historical facts or statements of current conditions, this press release contains forward-looking statements, including with respect to MAP Pharmaceuticals' expected operating expenses during 2008 described above. Actual results may differ materially from current expectations based on risks and uncertainties affecting MAP Pharmaceuticals' business, including, without limitation, risks and uncertainties relating to the commencement, enrollment and conduct of clinical trials, and relating to its expenditures in other areas of the company. 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 Quarterly Report on Form 10-Q, filed with the SEC on November 19, 2007, and available at http://edgar.sec.gov.

MAP PHARMACEUTICALS, INC.

(a development stage enterprise)

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

December 31, December 31,

2007 2006

Assets

Current assets:

Cash, cash equivalents and short-term

investments $94,990 $17,746

Other current assets 1,079 443

Total current assets 96,069 18,189

Property and equipment, net 4,183 2,852

Restricted cash 321 200

Other assets 122 384

Total assets $100,695 $21,625

Liabilities, redeemable convertible preferred

stock and stockholders' equity (deficit)

Current liabilities:

Accounts payable and accrued expenses $8,912 $4,091

Current portion of long-term debt 3,820 840

Total current liabilities 12,732 4,931

Long-term debt, less current portion 6,357 10,061

Redeemable convertible preferred stock

warrant liability -- 411

Total liabilities 19,089 15,403

Redeemable convertible preferred stock -- 64,898

Total stockholders' equity (deficit) 81,606 (58,676)

Total liabilities, redeemable convertible

preferred stock and stockholders' equity

(deficit) $100,695 $21,625

MAP PHARMACEUTICALS, INC.

(a development stage enterprise)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended Year Ended

December 31, December 31,

2007 2006 2007 2006

Operating expenses:

Research and development $13,019 $7,171 $31,362 $22,268

Sales, general and

administrative 2,744 1,261 9,567 4,128

Total operating expenses 15,763 8,432 40,929 26,396

Loss from operations (15,763) (8,432) (40,929) (26,396)

Other income (expense), net 893 (94) 869 587

Net loss (14,870) (8,526) (40,060) (25,809)

Cumulative stock dividend

attributable to preferred

stockholders -- (1,240) (5,575) (4,729)

Net loss attributable to

common stockholders $(14,870) $(9,766) $(45,635) $(30,538)

Net loss per share

attributable to common

stockholders, basic and

diluted $(0.76) $(13.40) $(8.28) $(43.11)

Weighted-average common

shares used in computing net

loss per share attributable

to common stockholders,

basic and diluted 19,535,077 728,703 5,509,780 708,307


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SOURCE MAP Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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