MAP Pharmaceuticals Reports Second Quarter of 2009 Financi...(2009 and reimbursements for UDB-related ...),Health

Date:8/3/2009

2009 and reimbursements for UDB-related development expenses, pursuant to MAP Pharmaceuticals' license agreement with AstraZeneca AB. On July 8, 2009, the company received notice from AstraZeneca of the termination of the license agreement, effective immediately. As a result, the remaining unamortized deferred revenue of $33.1 million will be recognized as collaboration revenue in the third quarter of fiscal 2009.

Research and development expenses for the quarter and six months ended June 30, 2009 were $9.6 million and $23.7 million, respectively, compared to $13.0 million and $24.8 million, respectively, for the same periods in 2008. The decreases in research and development expenses were driven primarily by decreases in clinical and other project expenses to support the UDB Phase 3 clinical program, partially offset by increases in clinical and other project expenses to support the LEVADEX Phase 3 clinical program, and in personnel-related expenses to support these clinical programs.

Sales, general and administrative expenses for the quarter and six months ended June 30, 2009 were $3.4 million and $6.2 million, respectively, compared to $3.2 million and $6.3 million, respectively, for the same periods in 2008. For the three months ended June 30, 2009 compared to the same period in 2008, the increase was related primarily to increases in personnel-related expenses, stock-based compensation and other miscellaneous fees.

MAP Pharmaceuticals had cash, cash equivalents and short-term investments as of June 30, 2009 of $54.8 million, compared to $44.7 million as of December 31, 2008. In addition, accounts receivables were $5.1 million at June 30, 2009, compared to $0 at December 31, 2008, due to the collaboration with AstraZeneca.

For the quarter and six months ended June 30, 2009, non-cash share-based compensation and depreciation were approximately $1.7 million and $3.3 million, respectiv
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SOURCE MAP Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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