MAP Pharmaceuticals Reports 2007 Fourth Quarter and Year End Financi... (to thecompletion of MAP Pharmaceuticals'...)

MAP Pharmaceuticals Reports 2007 Fourth Quarter and Year End Financial Results

Date:2/28/2008

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
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