MOUNTAIN VIEW, Calif.,
Aug. 3 /PRNewswire-FirstCall/ -- MAP
Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial
results for the second quarter ended June
30, 2010.
The net loss for the quarter ended June
30, 2010 was $12.5 million,
compared to $5.0 million during the
same period in 2009. The net loss for the first six months of 2010
was $26.5 million, compared to
$14.9 million for the first six
months of 2009. As of June 30, 2010,
MAP Pharmaceuticals had cash and cash equivalents of $55.3 million.
"We had an active second quarter, meeting with the FDA to gain
clarity around our upcoming New Drug Application submission for
LEVADEX. In addition, at medical conferences, we presented
additional LEVADEX data that continues to make the case for its
potential use in a broad spectrum of acute migraine," said
Timothy S. Nelson, president and
chief executive officer of MAP Pharmaceuticals. "We also are making
progress on the remaining trials required to support our NDA, which
we plan to submit in the first half of 2011. We recently reported
results for our pharmacokinetics trial of LEVADEX, completed
patient enrollment in our pharmacodynamics trial and are on track
to complete patient treatment in 2010 for our ongoing safety
extension of the Phase 3 FREEDOM-301 trial and a QT trial."
2010 Year-to-Date Accomplishments:
- Received notification from the Food and Drug Administration
(FDA) that a second pivotal efficacy study is not required for the
LEVADEX New Drug Application (NDA) submission.
- Conducted clinical and CMC discussions with the FDA which
provided input on the content to be included in our NDA, which we
plan to submit in the first half of 2011.
- Completed the pharmacokinetics trial of LEVADEX in smokers and
non-smokers and reported data showing that the systemic absorption
of LEVADEX was not higher and systemic exposure to intravenous
dihydroergotamine mesylate (DHE) was not greater in smokers than in
non-smokers.
- Completed enrollment in the pharmacodynamics trial of LEVADEX,
a randomized, double blind, placebo controlled, three way,
crossover trial in approximately 24 healthy adults designed to
compare the acute effects of LEVADEX, IV DHE and placebo on
pulmonary artery pressure by taking regular echocardiogram
measurements over a two hour period.
- Presented additional analyses of FREEDOM-301 data at the Annual
Meeting of the American Academy of Neurology (AAN) showing that
LEVADEX was effective in two difficult-to-treat patient
subpopulations, menstrual migraine and migraine with
allodynia.
- Presented additional analyses of FREEDOM-301 data at the 52nd
Annual Scientific Meeting of the American Headache Society (AHS)
showing that LEVADEX was effective irrespective of when it was
administered during a migraine cycle. Data also were presented
showing LEVADEX was both effective and well tolerated in migraine
patients with asthma.
Second Quarter and Six Month Financial Results
Revenues for the quarter and six months ended June 30, 2010 were $0, compared to $8.6 million and $16.1
million, respectively, for the same periods in 2009. The
revenues for the quarter and six months ended June 30, 2009 were due to amortization of an
upfront payment and reimbursements for development expenses related
to Unit Dose Budesonide (UDB), pursuant to MAP Pharmaceuticals'
previous license agreement with AstraZeneca.
Research and development (R&D) expenses for the quarter and
six months ended June 30, 2010 were
$8.2 million and $18.0 million, respectively, compared to
$9.6 million and $23.7 million, respectively, for the same periods
in 2009. For both the three and six months ended June 30, 2010 compared to the same periods in
2009, the decreases were driven primarily by decreases in clinical
and other project expenses to support the LEVADEX Phase 3 clinical
program and decreases in clinical and other project expenses to
support the UDB Phase 3 clinical program as a result of suspending
the development of our UDB product candidate in the third quarter
of 2009.
Sales, general and administrative (SG&A) expenses for the
quarter and six months ended June 30,
2010 were $3.9 million and
$7.8 million, respectively, compared
to $3.4 million and $6.2 million, respectively, for the same periods
in 2009. For both the three and six months ended June 30, 2010 compared to the same periods in
2009, the increases in SG&A expenses were driven primarily by
increases in professional services and LEVADEX related marketing
activities, and increases in personnel related expenses, including
stock-based compensation.
MAP Pharmaceuticals had cash and cash equivalents as of
June 30, 2010 of $55.3 million, compared to $65.8 million as of December 31, 2009.
For the quarter and six months ended June
30, 2010, non-cash stock-based compensation and depreciation
were approximately $1.9 million and
$3.7 million, respectively.
About MAP Pharmaceuticals
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 its 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.
Additional information about MAP Pharmaceuticals can be found at
http://www.mappharma.com.
Forward-Looking Statements
In addition to statements of historical facts or statements of
current conditions, this press release contains forward-looking
statements, including with respect to MAP Pharmaceuticals' LEVADEX
product candidate. Actual results may differ materially from
current expectations based on risks and uncertainties affecting the
company's business, including, without limitation, risks and
uncertainties relating to the enrollment, conduct and completion of
clinical trials, failure to achieve favorable clinical outcomes and
to have the company's LEVADEX product candidate approved for
commercial use. The reader is cautioned not to unduly rely on the
forward-looking statements contained in this press release. MAP
Pharmaceuticals expressly disclaims any intent or obligation to
update these forward-looking statements, except as required by law.
Additional information on potential factors that could affect MAP
Pharmaceuticals' results and other risks and uncertainties are
detailed in its Annual Report on Form 10-K for the year ended
December 31, 2009, and its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2010, available at
http://edgar.sec.gov.
CONTACT: Christopher Y. Chai,
Chief Financial Officer of MAP Pharmaceuticals, Inc., (650)
386-3107; or media, Nicole Foderaro
of WCG, (415) 946-1058, nfoderaro@wcgworld.com.
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MAP PHARMACEUTICALS,
INC.
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(a development stage
enterprise)
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CONDENSED CONSOLIDATED BALANCE
SHEETS
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(In thousands)
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(Unaudited)
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June 30,
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December 31,
|
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|
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2010
|
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2009
|
|
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ASSETS
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Current assets:
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|
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|
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Cash and cash
equivalents
|
|
$
|
55,330
|
|
|
$
|
65,776
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|
|
Other current assets
|
|
|
455
|
|
|
|
620
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|
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|
|
|
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|
Total current assets
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|
55,785
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|
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66,396
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Property and equipment,
net
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4,536
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|
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4,164
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Other assets
|
|
|
41
|
|
|
|
126
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|
|
Restricted investment
|
|
|
310
|
|
|
|
310
|
|
|
|
|
|
|
|
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|
|
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|
Total assets
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|
$
|
60,672
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|
|
$
|
70,996
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|
|
|
|
|
|
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|
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LIABILITIES AND STOCKHOLDERS'
EQUITY
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Current liabilities:
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Accounts payable and accrued
liabilities
|
|
$
|
9,839
|
|
|
$
|
14,484
|
|
|
Current portion of long-term
debt
|
|
|
7,653
|
|
|
|
7,283
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
17,492
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|
|
|
21,767
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|
|
Long-term debt, net of
current
|
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|
3,558
|
|
|
|
7,337
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|
|
Other liabilities
|
|
|
129
|
|
|
|
90
|
|
|
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|
|
|
|
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Total liabilities
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|
21,179
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|
|
|
29,194
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Total stockholders'
equity
|
|
|
39,493
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|
|
|
41,802
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|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
60,672
|
|
|
$
|
70,996
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MAP PHARMACEUTICALS,
INC.
|
|
(a development stage
enterprise)
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
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|
(In thousands, except share and
per share amounts)
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|
(Unaudited)
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Three Months Ended June
30,
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Six Months Ended June
30,
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|
|
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2010
|
|
2009
|
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|
2010
|
|
2009
|
|
|
|
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|
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Collaboration revenue
|
$
|
-
|
|
$
|
8,645
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|
$
|
-
|
|
$
|
16,129
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating expenses:
|
|
|
|
|
|
|
|
|
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Research and
development
|
|
8,242
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|
|
9,628
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|
|
18,028
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|
|
23,703
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Sales, general and
administrative
|
|
3,910
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|
|
3,437
|
|
|
7,791
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|
|
6,245
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|
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|
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|
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|
|
|
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Total operating
expenses
|
|
12,152
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|
|
13,065
|
|
|
25,819
|
|
|
29,948
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|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Loss from
operations
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|
(12,152)
|
|
|
(4,420)
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|
(25,819)
|
|
|
(13,819)
|
|
|
|
|
|
|
|
|
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|
|
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Other expense,
net
|
|
(337)
|
|
|
(549)
|
|
|
(728)
|
|
|
(1,070)
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|
|
|
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|
|
|
|
|
|
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|
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Net loss
|
|
|
(12,489)
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|
|
(4,969)
|
|
|
(26,547)
|
|
|
(14,889)
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|
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|
|
|
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|
|
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|
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|
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|
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|
|
|
|
|
|
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Net loss per share attributable
to common
stockholders, basic and
diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.47)
|
|
$
|
(0.24)
|
|
$
|
(1.01)
|
|
$
|
(0.72)
|
|
|
|
|
|
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Weighted-average common shares
used in
computing net loss per
share attributable to
common stockholders, basic
and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,480,166
|
|
|
20,699,343
|
|
|
26,167,861
|
|
|
20,641,878
|
|
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SOURCE MAP Pharmaceuticals, Inc.
Copyright g. 3 PR Newswire