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MAP Pharmaceuticals Reports 2009 Fourth Quarter and Year End Financial Results
Date:3/2/2010

as $13.4 million compared to $21.8 million during the same period in 2008. The net loss for the year ended December 31, 2009 was $9.0 million compared to $72.9 million for the year ended December 31, 2008.

MAP Pharmaceuticals had $65.8 million in cash and cash equivalents as of December 31, 2009. Additionally, in January 2010, the company received net proceeds of approximately $19.7 million pursuant to an equity line of credit common stock purchase agreement with Azimuth Opportunity, Ltd.

"With our strong Phase 3 clinical results and recent notification from the FDA that a second pivotal efficacy trial will not be required, we have made significant progress towards our goal of bringing LEVADEX to many of the approximately 30 million migraine sufferers in the U.S., including many who are not helped by currently available migraine therapies," said Timothy S. Nelson, president and chief executive officer of MAP Pharmaceuticals.  "We remain focused on completing patient treatment in the remaining safety, pharmacokinetics and pharmacodynamics trials this year to support our planned NDA filing."


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