MOUNTAIN VIEW, Calif., Aug. 12 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the second quarter ended June 30, 2008.
The net loss for the second quarter ended June 30, 2008 was $16.5
million compared with $8.7 million during the same period in 2007. The net
loss for the first six months of 2008 was $30.8 million compared to $15.3
million for the first six months of 2007. As of June 30, 2008, MAP
Pharmaceuticals had cash, cash equivalents and short-term investments of
2008 Year-to-date accomplishments
-- Clinical development
-- Initiated a Phase 3 clinical program to evaluate UDB for the
potential treatment of pediatric asthma.
-- Initiated a Phase 3 clinical program to evaluate MAP0004 for the
potential treatment of migraine, pursuant to a Special Protocol
Assessment with the U.S. Food and Drug Administration.
-- Announced positive results from a pharmacokinetic clinical trial
of UDB, demonstrating lower systemic drug exposure when compared
to the currently marketed conventional nebulized budesonide.
-- Demonstrated positive results from a Phase 2a clinical study
evaluating MAP0005 for the potential treatment of asthma and
chronic obstructive pulmonary disease (COPD).
-- Peer-reviewed presentations
-- Published positive results from a Phase 2 study evaluating the
safety, tolerability and pharmacokinetics of MAP0004 in adult
asthmatics in Current Medical Research and Opinion.
-- Published positive results from a Phase 1 study evaluating the
safety and pharmacokinetics of MAP0004 in adults in Headache.
-- Delivered over 15 oral and poster presentations related to UDB and
MAP0004 at annual scientific conferences including: American
Academy of Allergy Asthma & Immunology (AAAAI), American Academy
of Neurology (AAN), Respiratory Drug Delivery (RDD), American
Thoracic Society (ATS) and American Headache Society (AHS).
-- Corporate progress
-- Added seasoned industry veterans to the management team and board
of directors, including: Donald J. Kellerman, Pharm.D. to the
position of Senior Vice President, Clinical Development and
Medical Affairs; Marco F. Rosa to the position of Vice President
of Human Resources; and H. Ward Wolff to the board of directors
and audit committee.
-- Secured a $20 million working capital loan to repay the existing
working capital loan and for general corporate purposes.
-- Acquired proprietary drug particle formulation technology from
Telesso Technologies Limited, formerly Eiffel Technologies
"We continue to make progress toward our goal of providing better medicines to patients, with clearly differentiated product benefits for undermet medical needs," said Timothy S. Nelson, President and Chief Executive Officer of MAP Pharmaceuticals. "With two product candidates now in Phase 3 studies, we remain focused on building the team, infrastructure and resources we need to advance MAP Pharmaceuticals through Phase 3 trials, toward commercializing products that address major market opportunities."
Second Quarter and Six Month Financial Results
Research and development expenses for the second quarter and six months ended June 30, 2008 were $13.0 million and $24.8 million, respectively, compared to $6.3 million and $10.8 million, respectively, for the same periods in 2007. The increase in research and development expenses for the three and six months ended June 30, 2008 as compared to the same periods in 2007 was primarily driven by an increase in clinical program expenses to support Phase 3 clinical programs initiated in 2008 for our two lead programs UDB and MAP0004, and an increase in personnel related expenses also related to the support of these clinical programs.
Sales, general and administrative expenses for the second quarter and six months ended June 30, 2008 were $3.2 million and $6.3 million, respectively, compared to $2.7 million and $4.5 million, respectively, for the same periods in 2007. The increase in sales, general and administrative expenses for the three months ended June 30, 2008 as compared to the same period in 2007 was primarily related to increases in personnel related expenses and stock-based compensation, partially offset by a decrease in non-recurring IPO expenses incurred in the prior year. The increase in sales, general and administrative expenses for the six months ended June 30, 2008 as compared to the same period in 2007 was primarily related to increases in personnel related expenses and stock-based compensation, and increased costs as a result of being a public company, partially offset by a decrease in non-recurring IPO expenses incurred in the prior year.
MAP Pharmaceuticals had cash, cash equivalents and short-term investments as of June 30, 2008 of $76.2 million, compared to $95.0 million as of December 31, 2007. In addition, for the second quarter ended June 30, 2008, non-cash share-based compensation and depreciation was approximately $1.5 million.
About MAP Pharmaceuticals, Inc.
MAP Pharmaceuticals develops and plans to commercialize new therapies for children and adults who suffer from chronic conditions that it believes are not adequately treated by currently available medicines. The company applies its proprietary inhalation technologies to enhance the therapeutic benefits and commercial attractiveness of proven drugs while minimizing risk by capitalizing on their known safety, efficacy and commercialization history. MAP Pharmaceuticals has two drug candidates in Phase 3 clinical trials. Unit Dose Budesonide is being developed for the potential treatment of pediatric asthma, and MAP0004 is being developed for the potential treatment of migraine. MAP Pharmaceuticals' pipeline also includes a drug candidate in early clinical development for the treatment of asthma and chronic obstructive pulmonary disease.
Additional information about MAP Pharmaceuticals can be found at http://www.mappharma.com.
In addition to statements of historical facts or statements of current conditions, this press release contains forward-looking statements, including with respect to our late stage clinical programs. Actual results may differ materially from current expectations based on risks and uncertainties affecting MAP Pharmaceuticals' business, including, without limitation, risks and uncertainties relating to the enrollment and conduct of clinical trials, as well as risks related to the failure to achieve favorable clinical outcomes and that our product candidates will not be approved for commercial use by the U.S. Food and Drug Administration. The reader is cautioned not to unduly rely on the forward-looking statements contained in this press release. MAP Pharmaceuticals expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Additional information on potential factors that could affect MAP Pharmaceuticals' results and other risks and uncertainties are detailed in its Quarterly Report on Form 10-Q, filed with the SEC on May 14, 2008, and available at http://edgar.sec.gov .
CONTACT: Christopher Y. Chai, Chief Financial Officer, +1-650-386-3107
of MAP Pharmaceuticals, Inc., or Julio Cantre, media contact,
+1-415-946-1055, of WeissComm Partners.
MAP PHARMACEUTICALS, INC.
(a development stage enterprise)
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
Cash, cash equivalents and short-term
investments $76,185 $94,990
Other current assets 748 1,079
Total current assets 76,933 96,069
Property and equipment, net 5,637 4,183
Restricted cash 321 321
Other assets 36 122
Total assets $82,927 $100,695
Liabilities and stockholders' equity
Accounts payable and accrued expenses $9,308 $8,912
Current portion of long-term debt 3,048 3,820
Total current liabilities 12,356 12,732
Long-term debt, less current portion 17,478 6,357
Total liabilities 29,834 19,089
Total stockholders' equity 53,093 81,606
Total liabilities and stockholders'
equity $82,927 $100,695
MAP PHARMACEUTICALS, INC.
(a development stage enterprise)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Research and development $12,984 $6,316 $24,799 $10,833
Sales, general and
administrative 3,165 2,708 6,305 4,457
Total operating expenses 16,149 9,024 31,104 15,290
Loss from operations (16,149) (9,024) (31,104) (15,290)
Other income (expense),
net (308) 336 347 (58)
Net loss (16,457) (8,688) (30,757) (15,348)
Cumulative stock dividend
attributable to preferred
stockholders - (2,290) - (3,673)
Net loss attributable to
common stockholders $(16,457) $(10,978) $(30,757) $(19,021)
Net loss per share
attributable to common
stockholders, basic and
diluted $(0.81) $(14.29) $(1.52) $(25.11)
shares used in computing
net loss per share
attributable to common
and diluted 20,314,390 768,212 20,262,318 757,536
|SOURCE MAP Pharmaceuticals, Inc.|
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