MAP Pharmaceuticals Reports Second Quarter of 2009 Financi...( MOUNTAIN VIEW Calif...),Health

MOUNTAIN VIEW, Calif., Aug. 3 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the second quarter ended June 30, 2009.

The net loss for the quarter ended June 30, 2009 was $5.0 million, compared to $16.5 million during the same period in 2008. The net loss for the first six months of 2009 was $14.9 million, compared to $30.8 million for the first six months of 2008. As of June 30, 2009, MAP Pharmaceuticals had cash, cash equivalents, short-term investments and accounts receivables of $59.9 million.

"We are very pleased that in the first Phase 3 trial for our LEVADEX(TM) migraine therapy, all four primary endpoints were met with statistical significance," said Timothy S. Nelson, President and Chief Executive Officer of MAP Pharmaceuticals. "With these positive results in hand and our recent decision to suspend development of Unit Dose Budesonide (UDB), we are now focusing our efforts on the development of LEVADEX. We believe that LEVADEX has a differentiated profile, with the potential to provide rapid and sustained relief of migraine symptoms, and could offer benefit to many of the approximately 30 million migraine sufferers in the U.S., including many who are not helped by currently available migraine therapies. We look forward to presenting the data from our successful Phase 3 trial of LEVADEX at the 14th Congress of the International Headache Society in September."

Second Quarter and Six Month Financial Results

Revenues for the quarter and six months ended June 30, 2009 were $8.6 million and $16.1 million, respectively, compared to $0 for the same periods in 2008. The collaboration revenue to date in 2009 was due to the amortization of a $40.0 million upfront payment received in February
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