MOUNTAIN VIEW, Calif.,
Aug. 29, 2012 /PRNewswire/
-- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today
announced that the underwriter of its recent public offering of
common stock fully exercised its option to purchase an additional
582,088 shares of common stock. The issuance of the additional
shares has closed, and all of the shares were sold by MAP
Pharmaceuticals. The total gross proceeds of the offering
(including the proceeds from the offering and the exercise of the
option) were approximately $59.8
million, and the total net proceeds were approximately
$56.2 million, after deducting
underwriting discounts and commissions. 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 acted as the sole book-running manager for
the offering.
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 how MAP Pharmaceuticals
intends to use the net proceeds from the 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 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 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 filed with the SEC on August 1,
2012. 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.