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

$3.5 million and $37.7 million of which was recognized, respectively, as collaboration revenue for the three and six months ended June 30, 2011. The remaining $22.3 million is deferred revenue and will be amortized as collaboration revenue over the estimated obligation periods.

Research and development (R&D) expenses for the three and six months ended June 30, 2011 were $7.3 million and $18.8 million, respectively, compared to $8.2 million and $18.0 million, respectively, for the same periods in 2010. For the three months ended June 30, 2011 compared to the same period in 2010, the decrease in R&D expenses was due primarily to a decrease in clinical and other project expenses to support the LEVADEX Phase 3 clinical program, partially offset by an increase in personnel related expenses including stock-based compensation. For the six months ended June 30, 2011 compared to the same period in 2010, the increase in R&D expenses was due primarily to an increase in personnel related expenses including stock-based compensation, partially offset by a decrease in other expenses.  

Sales, general and administrative (SG&A) expenses for the three and six months ended June 30, 2011 were $4.8 million and $9.6 million, respectively, compared to $3.9 million and $7.8 million, respectively, for the same periods in 2010. For the three and six months ended June 30, 2011 compared to the same periods in 2010, the increase in SG&A expenses was due primarily to an increase in personnel related expenses including stock-based compensation, and an increase in professional services expenses.

For the three and six months ended June 30, 2011, non-cash stock-based compensation and depreciation expense were approximately $2.0 million and $4.4 million, respectively.

About MAP PharmaceuticalsMAP Pharmaceuticals is an emerging biopharmaceutical company focused on developing and commercializing new therapies to address undermet patient needs
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SOURCE MAP Pharmaceuticals, Inc.
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