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MAP Pharmaceuticals Reports Second Quarter of 2008 Financial Results
Date:8/12/2008

pectively, 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 inhalati
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SOURCE MAP Pharmaceuticals, Inc.
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