MOUNTAIN VIEW, Calif., Nov. 5 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. today announced financial results for the third quarter ended September 30, 2009.
“In the third quarter, we added more than $30 million to our balance sheet through a public offering and continued to move our LEVADEX(TM) product candidate toward an NDA submission. We also presented new analysis of data from our Phase 3 LEVADEX clinical trial at the late-breaking session of the 14th Congress of the International Headache Society showing the potential of LEVADEX to treat a broad spectrum of migraine subpopulations that are often difficult to treat with current therapies, including triptans. For example, in this trial, patients with allodynia, menstrual migraine, migraine with nausea and vomiting, severe migraine and those treating late in their migraine cycle responded well to our therapy,” said Timothy S. Nelson, President and Chief Executive Officer of MAP Pharmaceuticals. “We believe that LEVADEX has the potential to provide rapid and sustained relief of migraine symptoms to many of the approximately 30 million migraine sufferers in the U.S., including many who are not helped by currently available migraine therapies. We look forward to initiating our confirmatory Phase 3 trial with LEVADEX in the first quarter of next year.”
Revenues for the quarter and nine months ended September 30, 2009 were $35.3 million and $51.4 million, respectively, compared to $0 for the same periods in 2008. Revenue to date in 2009 was due to a $40.0 million upfront payment received in February 2009 and reimbursements of development expenses for Unit Dose Budesonide (UDB), the company’s nebulized pediatric asthma product candidate, pursuant to MAP Pharmaceuticals’ license agreement with AstraZeneca. On July 8, 2009, the company received notice from AstraZeneca of the termination of the license agreement. As a result, the remaining unamortized deferred revenue of $33.1 million was recognized as collaboration revenue in the third quarter of fiscal 2009.
Sales, general and administrative expenses for the quarter and nine months ended September 30, 2009 were $3.6 million and $9.8 million, respectively, compared to $3.4 million and $9.7 million, respectively, for the same periods in 2008. Sales, general and administrative expenses remained relatively unchanged for the three and nine months ended September 30, 2009 compared to the same periods in 2008.
For the quarter and nine months ended September 30, 2009, non-cash share-based compensation and depreciation were approximately $1.6 million and $4.9 million, respectively.
MAP Pharmaceuticals currently anticipates having comparable operating expenses, excluding costs related to the suspended development of the company’s UDB product candidate, in the second half of 2009 compared to the first half of 2009.
Although the company had net income for the three and nine months ended September 30, 2009, the company expects to have a net loss for the year ending December 31, 2009.
MAP Pharmaceuticals is dedicated to developing and commercializing new therapies for patients suffering from conditions that are not adequately treated by currently available medicines. The company is developing LEVADEX inhaled therapy for the potential treatment of migraine and has reported positive results from the efficacy portion of the first Phase 3 trial of LEVADEX. In addition, MAP Pharmaceuticals generates new pipeline opportunities by applying its proprietary drug particle and inhalation technologies to enhance the therapeutic benefits of proven drugs, while minimizing risk by capitalizing on their known safety, efficacy and commercialization history.
Forward-Looking Statements
CONTACT: Christopher Y. Chai, Chief Financial Officer of MAP Pharmaceuticals, Inc., (650) 386-3107; or media, Nicole Foderaro of Invigorate Communications, (415) 946-1058, nfoderaro@invigoratepr.com.
CONTACT: Christopher Y. Chai, Chief Financial Officer of MAP
Pharmaceuticals, Inc., +1-650-386-3107; or media, Nicole Foderaro of
Invigorate Communications, +1-415-946-1058, nfoderaro@invigoratepr.com
Web site: http://www.mappharma.com/
