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

istration.

Other corporate progress

-- Added 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; Alan H. Cohen, M.D., to the position of Vice President, Clinical Development and Medical Affairs, Pulmonary; and Scott R. Ward to the board of directors.

-- Published positive results in a scientific journal from a Phase 2 study evaluating the safety, tolerability and pharmacokinetics of MAP0004 in adult asthmatics, and presented three posters related to MAP0004 at the European Headache and Migraine Trust International Congress.

Third Quarter and Nine Month Financial Results

Research and development expenses for the three and nine months ended September 30, 2008 were $16.8 million and $41.6 million, respectively, compared to $7.5 million and $18.3 million, respectively, for the same periods in 2007. The increase in research and development expenses for the three and nine months ended September 30, 2008 as compared to the same periods in 2007 was primarily driven by an increase in clinical expenses to support Phase 3 clinical programs initiated in 2008 for our two lead product candidates, UDB and MAP0004, and an increase in personnel related expenses and stock-based compensation in support of these clinical programs.

Sales, general and administrative expenses for the three and nine months ended September 30, 2008 were $3.4 million and $9.7 million, respectively, compared to $2.4 million and $6.8 million, respectively, for the same periods in 2007. The increase in sales, general and administrative expenses for the three months ended September 30, 2008 as compared to the same period in 2007 was primarily related to increases in personnel related expenses and stock-based compensation, as well as increases due to professional fees, outside services and other administrative related costs. The increas
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SOURCE MAP Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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