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MAP Pharmaceuticals Reports Second Quarter of 2011 Financial Results
Date:8/4/2011

MOUNTAIN VIEW, Calif., Aug. 4, 2011 /PRNewswire/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial results for the second quarter ended June 30, 2011.

The net loss for the three months ended June 30, 2011 was $8.6 million compared to $12.5 million during the same period in 2010. The net income for the first six months of 2011 was $9.0 million compared to a net loss of $26.5 million during the same period in 2010.  Net income for the first six months of 2011 was impacted positively by $37.7 million in collaboration revenue recognized from a $60.0 million upfront payment received in February 2011 pursuant to a collaboration agreement with Allergan, Inc., compared to no collaboration revenue for the first six months of 2010.  

MAP Pharmaceuticals had $103.5 million in cash and cash equivalents as of June 30, 2011, compared to $76.0 million as of December 31, 2010.

"We completed a very productive second quarter of 2011 including the submission of our New Drug Application for LEVADEX to the U.S. Food and Drug Administration, which we recently announced was accepted for filing," said Timothy S. Nelson, president and chief executive officer of MAP Pharmaceuticals. "This accomplishment brings us closer to our goal of providing millions of patients in an underserved migraine patient population with a potential new treatment option. We are now focusing our efforts on building infrastructure and preparing for the launch and commercialization of LEVADEX, if approved."

2011 Year-to-Date Accomplishments:

  • Announced a strategic collaboration with Allergan to co-promote LEVADEX® orally inhaled migraine drug, upon potential approval, to neurologists and pain specialists in the United States for the acute treatment of migraine in adults.  Allergan will leverage its existing U.S. sales force dedicated to headache special
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  • SOURCE MAP Pharmaceuticals, Inc.
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