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

ists using BOTOX® for the preventative treatment of headaches in patients with Chronic Migraine, which will be complemented by a 50 person MAP Pharmaceuticals field sales force targeting neurologists and pain specialists.  Allergan recently executed an option to expand the collaboration to include Canada for neurologists and pain specialists. MAP Pharmaceuticals retains all rights to commercialize LEVADEX to primary care physicians within the United States and Canada, as well as all rights to LEVADEX outside the United States and Canada.  
  • Announced that the New Drug Application (NDA) for LEVADEX for the potential acute treatment of migraine in adults was submitted to and accepted for filing by the U.S. Food and Drug Administration (FDA), with a goal date of March 26, 2012 under the Prescription Drug User Fee Act (PDUFA).
  • Received an upfront payment of $60.0 million pursuant to the collaboration agreement with Allergan, and may receive up to $97.0 million in additional payments upon meeting certain regulatory milestones associated with the initial indication.  The recent acceptance for filing of the NDA by the FDA triggers a first milestone payment of $20.0 million from Allergan.
  • Published results from the Phase 3 FREEDOM-301 study of LEVADEX orally inhaled migraine drug in the peer-reviewed journal 'Headache.'
  • Presented additional data on LEVADEX at various medical meetings including the 63rd Annual Meeting of the American Academy of Neurology, the 53rd Annual Scientific Meeting of the American Headache Society and the 15th Congress of the International Headache Society.

  • Second Quarter and Six Month Financial ResultsRevenues for the three and six months ended June 30, 2011 were $3.5 million and $37.7 million, respectively, compared to $0.0 for the same periods in 2010. In February 2011, pursuant to the Allergan collaboration agreement, Allergan paid the Company an upfront payment of $60.0 million,
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    SOURCE MAP Pharmaceuticals, Inc.
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