MAP Pharmaceuticals Reports 2008 Fourth Quarter and Year End Financi... (grams initiated in 2008 for UDB and MAP0...)

MAP Pharmaceuticals Reports 2008 Fourth Quarter and Year End Financial Results

Date:3/2/2009

grams initiated in 2008 for UDB and MAP0004, and increases in personnel related expenses to support these clinical programs, as well as manufacturing and stock-based compensation.

Sales, general and administrative expenses for the fourth quarter and year ended December 31, 2008 were $3.7 million and $13.4 million, respectively, compared to $2.7 million and $9.6 million, respectively, for the same periods in 2007. The increase in sales, general and administrative expenses for the fourth quarter ended December 31, 2008 as compared to the same period in 2007 was primarily related to increases in professional fees, stock-based compensation and personnel related expenses. The increase in sales, general and administrative expenses for the year ended December 31, 2008 as compared to the year ended December 31, 2007 was primarily related to increases in stock-based compensation, personnel related expenses, outside services and professional fees.

MAP Pharmaceuticals had cash, cash equivalents and short-term investments as of December 31, 2008 of $44.7 million, compared to $95.0 million as of December 31, 2007. For the fourth quarter and year ended December 31, 2008, non-cash share-based compensation and depreciation was approximately $1.2 million and $5.2 million, respectively. Subsequent to December 31, 2008, the company received a $40 million upfront payment from AstraZeneca pursuant to the worldwide UDB collaboration signed on December 19, 2008.

2009 Financial Outlook

MAP Pharmaceuticals' cash, cash equivalents and short-term investments as of December 31, 2008 and the upfront payment received from AstraZeneca in February 2009 provide operating capital for at least the next twelve months, and the company currently expects its cash usage for fiscal year 2009 to be less than its cash usage for fiscal year 2008. As previously disclosed, in light of the clinical results released recently with respect to MA
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SOURCE MAP Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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