MOUNTAIN VIEW, Calif.,
July 31, 2012 /PRNewswire/
-- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) announced
today that it intends to offer and sell shares of its common stock
in an underwritten public offering. MAP Pharmaceuticals
expects to grant the underwriters a 30-day option to purchase an
additional 15% of the shares of common stock to be sold in the
proposed offering. All of the shares to be sold in the
proposed offering will be sold by MAP Pharmaceuticals. MAP
Pharmaceuticals intends to use the proceeds from the proposed
offering for general corporate purposes and commercialization
activities for LEVADEX®, an orally inhaled investigational drug for
the acute treatment of migraine. The proposed offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the proposed offering may be
completed, or as to the actual size or terms of the proposed
offering.
BofA Merrill Lynch is acting as the sole book-running manager
for the proposed offering.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission (the "SEC") and
is effective. A preliminary prospectus supplement relating to
the offering has been filed with the SEC. Copies of the preliminary
prospectus supplement and accompanying prospectus may be obtained
from the offices of BofA Merrill Lynch, 222 Broadway,
7th Floor, New York, NY
10038, Attn: Prospectus Department, or email
dg.prospectus_requests@baml.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About MAP Pharmaceuticals
MAP Pharmaceuticals is a biopharmaceutical company focused on
developing and commercializing new therapies to address patient
needs in neurology. The Company is developing LEVADEX®, an orally
inhaled investigational drug for the acute treatment of
migraine.
Forward-Looking Statements
Certain of the statements made in this press release are
forward looking, such as those, among others, relating to our
expectations regarding the completion of the proposed public
offering. Actual results or developments may differ materially from
those projected or implied in these forward-looking statements.
Factors that may cause such a difference include, without
limitation, risks and uncertainties related to whether or not we
will be able to raise capital through the sale of shares of common
stock, the final terms of the proposed offering, market and other
conditions, the satisfaction of customary closing conditions
related to the proposed public offering and the impact of general
economic, industry or political conditions in the United States or internationally. There
can be no assurance that we will be able to complete the proposed
public offering on the anticipated terms, or at all. You should not
place undue reliance on these forward-looking statements, which
apply only as of the date of this press release. Additional risks
and uncertainties relating to the proposed offering, MAP
Pharmaceuticals and our business can be found under the heading
"Risk Factors" in our most recent Form 10-Q filed with the SEC, in
other filings that we periodically make with the SEC, and in the
preliminary prospectus supplement related to the proposed offering
to be filed with the SEC on the date hereof. In addition, the
forward-looking statements included in this press release represent
our views as of the date of this press release. We anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date of this press release.
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.
Copyright (C) 2012 PR Newswire. All rights reserved
SOURCE MAP Pharmaceuticals, Inc.