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

"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
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SOURCE MAP Pharmaceuticals, Inc.
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