MOUNTAIN VIEW, Calif.,
Aug. 1, 2012 /PRNewswire/
-- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today
announced the pricing of an underwritten public offering of
3,880,598 shares of its common stock at a price of $13.40 per share to the public. All of the shares
are being sold by MAP Pharmaceuticals. The gross proceeds to MAP
Pharmaceuticals from this offering are expected to be approximately
$52 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by MAP Pharmaceuticals. The offering is expected
to close on or about August 6, 2012,
subject to the satisfaction of customary closing conditions.
MAP Pharmaceuticals has also granted the underwriters a 30-day
option to purchase an additional 582,088 shares of common
stock. MAP Pharmaceuticals intends to use the proceeds from
the offering for general corporate purposes and commercialization
activities for LEVADEX®, an orally inhaled investigational drug for
the acute treatment of migraine.
BofA Merrill Lynch is acting as the sole book-running manager
for the 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. The offering is being made by means of a prospectus
and related prospectus supplement. Copies of the prospectus
supplement may be obtained, when available, 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 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 the satisfaction of customary closing
conditions related to the public offering and the impact of general
economic, industry or political conditions in the United States or internationally. 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 public 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
prospectus supplement related to the offering to be filed with the
SEC. 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.
SOURCE MAP Pharmaceuticals, Inc.