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MAP Pharmaceuticals Reports Third Quarter of 2008 Financial Results
Date:11/12/2008

MOUNTAIN VIEW, Calif., Nov. 12 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the third quarter ended September 30, 2008.

The net loss for the third quarter ended September 30, 2008 was $20.4 million compared with $9.8 million during the same period in 2007. The net loss for the nine months ended September 30, 2008 was $51.1 million compared to $25.2 million for the nine months ended September 30, 2007. As of September 30, 2008, MAP Pharmaceuticals had cash, cash equivalents and short-term investments of $63.0 million.

"We had a very busy and productive third quarter with two active Phase 3 clinical programs ongoing. We completed patient enrollment of our Phase 3 trial of Unit Dose Budesonide, or UDB, for the potential treatment of pediatric asthma, and continued enrollment of our Phase 3 trial of MAP0004 for the potential treatment of migraine," said Timothy S. Nelson, President and Chief Executive Officer of MAP Pharmaceuticals. "In this environment, we continue to manage our resources prudently as we advance toward our goal of commercializing clearly differentiated products that address major market opportunities."

Third Quarter 2008 and Recent Accomplishments

Clinical development

-- UDB: Completed enrollment and randomized approximately 360 patients in a Phase 3 clinical trial to evaluate UDB for the potential treatment of pediatric asthma. The last patient in this trial is expected to complete the 12-week treatment period by the end of 2008.

-- MAP0004: Initiated enrollment in a Phase 3 clinical trial to evaluate MAP0004 for the potential treatment of migraine, pursuant to a Special Protocol Assessment with the U.S. Food and Drug Admin
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SOURCE MAP Pharmaceuticals, Inc.
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