MOUNTAIN VIEW, Calif.,
Sept. 29 /PRNewswire-FirstCall/ --
MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced the
pricing of its underwritten registered offering of 3,000,000 shares
of its common stock at an offering price of $14.50 per share. Net offering proceeds,
after estimated underwriting discounts and commissions and other
estimated offering expenses, will be approximately $40.9 million, assuming no exercise by the
underwriters of their over-allotment option. MAP
Pharmaceuticals has granted the underwriters of the offering a
thirty (30) day option to purchase up to 450,000 additional shares
to cover over-allotments, if any. MAP Pharmaceuticals intends
to use the proceeds from this offering for the development of
LEVADEX and for general corporate purposes. MAP
Pharmaceuticals expects the offering to close on or about
October 4, 2010, subject to customary
closing conditions. Lazard Capital Markets LLC is acting as
the sole book-running manager and Wedbush PacGrow Life Sciences as
the co-manager for the offering.
MAP Pharmaceuticals has filed a shelf registration statement on
Form S-3 and an accompanying prospectus with the Securities and
Exchange Commission ("SEC"), which was declared effective by the
SEC. A prospectus supplement describing the terms of the
offering will be filed with the SEC and will form a part of the
effective registration statement. When available, copies of
the preliminary prospectus supplement, the final prospectus
supplement and accompanying base prospectus related to this
offering may be obtained from the SEC's website at
http://www.sec.gov or Lazard Capital Markets LLC, 30 Rockefeller
Plaza, 60th Floor, New York, NY
10020 or via telephone at (800) 542-0970.
This press release shall not constitute an offer to sell or the
solicitation of offers to buy any securities of MAP Pharmaceuticals
and shall not constitute an offer, solicitation or sale of any
security in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 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.
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 conduct and completion of clinical
trials, and relating to the preparation and filing of a New Drug
Application and the regulatory process 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 Quarterly
Report on Form 10-Q for the quarter ended June 30, 2010, available at
http://edgar.sec.gov.
CONTACTS:
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Nicole Foderaro
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WCG
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(415)
946-1058
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nfoderaro@wcgworld.com
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Copyright (C) 2010 PR Newswire. All rights reserved
SOURCE MAP Pharmaceuticals, Inc.
Copyright . 29 PR Newswire