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MAP Pharmaceuticals Reports First Quarter of 2008 Financial Results
Date:5/12/2008

MOUNTAIN VIEW, Calif., May 12 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the first quarter ended March 31, 2008.

The net loss for the first quarter ended March 31, 2008 was $14.3 million compared with $6.7 million during the same period in 2007. As of March 31, 2008, MAP Pharmaceuticals had cash, cash equivalents and short-term investments of $81.1 million.

First Quarter Financial Results

Research and development expenses for the first quarter ended March 31, 2008 were $11.8 million compared to $4.5 million for the same period in 2007. The increase in research and development expenses for the first quarter of 2008 was primarily related to increases in clinical trial expenses, personnel expenses to support Phase 3 clinical programs related to MAP Pharmaceuticals' two lead product candidates, and the attainment of a milestone related to the UDB program.

Sales, general and administrative expenses for the first quarter ended March 31, 2008 were $3.1 million compared to $1.7 million for the same period in 2007. The increase in sales, general and administrative expenses for the first quarter of 2008 was primarily related to increases in personnel expenses, share-based compensation and professional services.

MAP Pharmaceuticals had cash, cash equivalents and short-term investments as of March 31, 2008 of $81.1 million, compared to $95.0 million as of December 31, 2007. In addition, for the first quarter ended March 31, 2008, non-cash share-based compensation and depreciation was approximately $1.1 million.

"We are pleased with the progress we have made during the first quarter," said Timothy S. Nelson, President and Chief Executive Officer of
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SOURCE MAP Pharmaceuticals, Inc.
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