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

SG&A expenses for the year ended December 31, 2009 were $13.1 million compared to $13.4 million for the year ended December 31, 2008. The decrease in SG&A expenses for the year ended December 31, 2009 as compared to the year ended December 31, 2008 was related primarily to a decrease in professional services, partially offset by an increase in stock-based compensation and an increase in personnel related expenses.

MAP Pharmaceuticals had cash, cash equivalents and short-term investments of $65.8 million as of December 31, 2009, compared to $44.7 million as of December 31, 2008.  For the fourth quarter and year ended December 31, 2009, non-cash share-based compensation and depreciation was approximately $1.5 million and $6.4 million, respectively.  Additionally, in January 2010, the company received net proceeds of approximately $19.7 million from drawing down on an equity line of credit pursuant to the common stock purchase agreement with Azimuth signed on November 11, 2009.

2010 Financial Outlook


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SOURCE MAP Pharmaceuticals, Inc.
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