MOUNTAIN VIEW, Calif.,
Oct. 4 /PRNewswire-FirstCall/ -- MAP
Pharmaceuticals, Inc. (Nasdaq: MAPP) announced today the completion
of its previously announced underwritten offering of 3,000,000
shares of its common stock, as well as 450,000 additional shares of
its common stock pursuant to the full exercise of the
over-allotment option granted to the underwriters, at an offering
price of $14.50 per share. The
total gross proceeds of the offering were approximately
$50.0 million. After
underwriting discounts and commissions and estimated offering
expenses payable by MAP Pharmaceuticals, net proceeds were
approximately $47.1 million. Lazard
Capital Markets LLC acted as the sole book-running manager and
Wedbush PacGrow Life Sciences as the co-manager for the
offering.
The securities described above were offered by MAP
Pharmaceuticals pursuant to a registration statement previously
filed and declared effective by the Securities and Exchange
Commission ("SEC"). The securities were offered by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. 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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SOURCE MAP Pharmaceuticals, Inc.
Copyright t. 4 PR Newswire