MOUNTAIN VIEW, Calif.,
Nov. 5, 2010 /PRNewswire-FirstCall/
-- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced
financial results for the third quarter ended September 30, 2010.
Net loss for the quarter ended September
30, 2010 was $14.2 million,
compared to net income of $19.3
million during the same period in 2009. Net loss for the
first nine months of 2010 was $40.7
million, compared to net income of $4.4 million for the first nine months of 2009.
Net income for the quarter and nine months ended September 30, 2009 was the result of the
acceleration of remaining unamortized deferred revenue in the third
quarter of 2009.
MAP Pharmaceuticals had cash and cash equivalents of
$41.8 million as of September 30, 2010, compared to $65.8 million as of December 31, 2009. The
September 30, 2010 cash balance does
not reflect net proceeds of approximately $47.1 million resulting from an equity offering
completed in October 2010.
"Over the past several months we have completed enrollment in
all remaining trials required to support our anticipated first half
of 2011 NDA submission for LEVADEX™, reported pharmacokinetic data
in smokers, additional data from our open-label Phase 3
FREEDOM-301 safety extension trial and data from our
pharmacodynamics trial which showed that administering LEVADEX
through the lung has no effect on pulmonary artery pressure
compared to placebo," said Timothy S.
Nelson, president and chief executive officer of MAP
Pharmaceuticals. "We also strengthened our balance sheet by
bringing in gross proceeds of approximately $50 million with a successful equity
financing."
Third Quarter and Nine Month Financial Results
Revenues for the quarter and nine months ended September 30, 2010 were $0.0, compared to $35.3
million and $51.4 million,
respectively, for the same periods in 2009. Revenues for the
quarter and nine months ended September 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
nine months ended September 30, 2010
were $10.0 million and $28.0 million, respectively, compared to
$11.9 million and $35.6 million, respectively, for the same periods
in 2009. For the three months ended September 30, 2010 compared to the same period in
2009, the decrease in R&D expenses was due primarily to a
decrease in clinical and other project expenses to support the UDB
Phase 3 clinical program, suspended in 2009, partially offset by an
increase in clinical and other project expenses to support the
LEVADEX Phase 3 clinical program. For the nine months ended
September 30, 2010 compared to the
same period in 2009, the decrease in R&D expenses was due
primarily to a decrease in clinical and other project expenses to
support the UDB Phase 3 clinical program and a decrease in clinical
and other project expenses to support the LEVADEX Phase 3 clinical
program, partially offset by an increase in personnel related
expenses, including stock-based compensation.
Sales, general and administrative (SG&A) expenses for the
quarter and nine months ended September 30,
2010 were $3.9 million and
$11.7 million, respectively, compared
to $3.6 million and $9.8 million, respectively, for the same periods
in 2009. For the three months ended September 30, 2010 compared to the same period in
2009, the increase in SG&A expenses was due primarily to an
increase in personnel related expenses, including stock-based
compensation, partially offset by a decrease in professional
services. For the nine months ended September 30, 2010 compared to the same period in
2009, the increase in SG&A expenses was due primarily to an
increase in personnel related expenses, including stock-based
compensation, an increase in other expenses and an increase in
professional services and LEVADEX related marketing activities.
For the quarter and nine months ended September 30, 2010, non-cash stock-based
compensation and depreciation were approximately $2.0 million and $5.7
million, respectively.
About MAP Pharmaceuticals
MAP Pharmaceuticals is an emerging biopharmaceutical company
focused on developing and commercializing new therapies to address
undermet patient needs in neurology. The Company is developing
LEVADEX orally 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 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.
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.
MAP
PHARMACEUTICALS, INC.
|
|
(a
development stage enterprise)
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
41,816
|
|
|
$
|
65,776
|
|
Other current assets
|
|
|
464
|
|
|
|
620
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
42,280
|
|
|
|
66,396
|
|
Property and equipment,
net
|
|
|
4,903
|
|
|
|
4,164
|
|
Other assets
|
|
|
455
|
|
|
|
126
|
|
Restricted cash
|
|
|
310
|
|
|
|
310
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
47,948
|
|
|
$
|
70,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
|
$
|
11,184
|
|
|
$
|
14,484
|
|
Current portion of
debt
|
|
|
7,845
|
|
|
|
7,283
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
19,029
|
|
|
|
21,767
|
|
Debt, less current
portion
|
|
|
1,580
|
|
|
|
7,337
|
|
Other liabilities
|
|
|
123
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
20,732
|
|
|
|
29,194
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’
equity
|
|
|
27,216
|
|
|
|
41,802
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity
|
|
$
|
47,948
|
|
|
$
|
70,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAP
PHARMACEUTICALS, INC.
|
|
(a
development stage enterprise)
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In
thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue
|
$
|
-
|
|
$
|
35,273
|
|
$
|
-
|
|
$
|
51,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
10,009
|
|
|
11,912
|
|
|
28,037
|
|
|
35,615
|
|
Sales, general and
administrative
|
|
3,921
|
|
|
3,597
|
|
|
11,712
|
|
|
9,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
13,930
|
|
|
15,509
|
|
|
39,749
|
|
|
45,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
(13,930)
|
|
|
19,764
|
|
|
(39,749)
|
|
|
5,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
(248)
|
|
|
(505)
|
|
|
(976)
|
|
|
(1,575)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
(14,178)
|
|
$
|
19,259
|
|
$
|
(40,725)
|
|
$
|
4,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.53)
|
|
$
|
0.84
|
|
$
|
(1.55)
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
(0.53)
|
|
$
|
0.80
|
|
$
|
(1.55)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
used in computing net income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
26,629,481
|
|
|
22,860,897
|
|
|
26,323,425
|
|
|
21,389,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
26,629,481
|
|
|
24,054,236
|
|
|
26,323,425
|
|
|
22,505,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE MAP Pharmaceuticals, Inc.