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MAP Pharmaceuticals Reports First Quarter of 2012 Financial Results
Date:5/4/2012

ses related to the LEVADEX program, that was partially offset by a one-time $2.8 million expense to purchase a data package relating to the propellant used for LEVADEX, an increase in expenses related to earlier stage research projects and an increase in personnel related expenses.

Sales, general and administrative (SG&A) expenses for the first quarter ended March 31, 2012 were $7.9 million, compared to $4.8 million for the same period in 2011. The increase in SG&A expenses was related primarily to an increase in personnel related expenses primarily within sales and marketing, and an increase in professional services, including activities in preparation for a potential launch of LEVADEX.

For the first quarter ended March 31, 2012, non-cash stock-based compensation and depreciation was approximately $2.7 million.

2012 Financial Outlook MAP Pharmaceuticals' financial outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements."

The Company currently anticipates operating expenses for the remainder of 2012, excluding non-cash charges such as stock-based compensation and depreciation, to be approximately $35 to $37 million.  Not included in this financial outlook are potential incremental launch costs which will be determined once the Company has clarity around the Complete Response letter.  Collaboration revenues are estimated to be approximately $2.6 million for the remainder of 2012.

About MAP PharmaceuticalsMAP Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing new therapies to address undermet patient needs in neurology. The Company is developing LEVADEX®, an orally inhaled investigational drug for the acute treatment of migraine. The U.S. Food and Drug Administration (FDA) reviewed the New Drug Appli
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SOURCE MAP Pharmaceuticals, Inc.
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