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

>CONTACT: Christopher Y. Chai, Sr. Vice President and Chief Financial Officer of MAP Pharmaceuticals, Inc., (650) 386-3107; or media, Lisa Borland, (650) 386-3122, lborland@mappharma.com. MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)June 30,December 31,20112010ASSETSCash and cash equivalents$

103,461$

76,007Accounts receivable384-Other current assets516644Total current assets104,36176,651Property and equipment, net5,7825,803Other assets2730Restricted investment310310Total assets$

110,480$

82,794LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued liabilities$

7,169$

12,440Debt3,7157,581Current portion of deferred revenue14,400-Total current liabilities25,28420,021Deferred revenue, less current portion7,925-Other liabilities105117Total liabilities33,31420,138Total stockholders’ equity 77,16662,656Total liabilities and stockholders’ equity $

110,480$

82,794MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,2011201020112010Collaboration revenue

$

3,513$

-$

37,675$

-Operating expenses:Research and development 7,2598,24218,82718,028Sales, general and administrative4,7963,9109,6397,791Total operating expenses12,05512,15228,46625,819Income (loss) from operations (8,542)(12,152)9,209(25,819)Other expense, net (84)(337)(231)(728)Net income (loss)

$

(8,626)$

(12,489)$

8,978$

(26,547)Net income (loss) per share Basic

$

(0.28)$

(0.47)$

0.30$

(1.01)Diluted

$

(0.28)$

(0.47)$

0.28$

(1.01)Weighted average common shares used in computing net income (loss
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SOURCE MAP Pharmaceuticals, Inc.
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