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MAP Pharmaceuticals Reports 2008 Fourth Quarter and Year End Financial Results
Date:3/2/2009

MOUNTAIN VIEW, Calif., March 2 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the fourth quarter and year ended December 31, 2008.

The net loss for the fourth quarter ended December 31, 2008 was $21.8 million compared with $14.9 million during the same period in 2007. The net loss for the year ended December 31, 2008 was $72.9 million compared with $40.1 million for the year ended December 31, 2007.

MAP Pharmaceuticals had $44.7 million in cash, cash equivalents and short-term investments as of December 31, 2008. Subsequent to December 31, 2008, the company received a $40 million upfront payment from AstraZeneca pursuant to the worldwide Unit Dose Budesonide, UDB, collaboration signed on December 19, 2008.

"Despite the recently announced results from our UDB clinical trial, MAP Pharmaceuticals made progress in a number of areas in 2008. Moving into 2009, we have a strong balance sheet, a robust pipeline and significant upcoming milestones, including efficacy results from our first Phase 3 clinical trial of MAP0004 for the potential treatment of migraine," said Timothy S. Nelson, President and Chief Executive Officer of MAP Pharmaceuticals.

2008 and 2009 Year to Date Key Developments

Unit Dose Budesonide

  • Initiated our first Phase 3 clinical trial of UDB, for the potential treatment of asthma in children, and completed patient enrollment. On February 23, 2009 announced top-line results indicating that this trial did not meet its primary endpoints.
  • Entered into an exclusive worldwide collaboration with AstraZeneca to develop and commercialize UDB.
  • Announced positive results from a pharmacokinetic clinical trial of UDB, demonstrating lower syste
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SOURCE MAP Pharmaceuticals, Inc.
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