MOUNTAIN VIEW, Calif.,
Feb. 18, 2011 /PRNewswire/ -- MAP
Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced the
appointment of Scott R. Ward as
Chairman of its Board of Directors. Steven
A. Elms, the incumbent Chairman and an original venture
capital investor in the Company, will step down from the Board of
Directors after over six years of service.
"I want to thank Steve for all his contributions to the Company
and the Board as we have grown from an early concept to a
late-stage development organization. I look forward to
working with Scott as we prepare for our first NDA submission and
potential product launch," said Timothy S.
Nelson, MAP Pharmaceuticals' President and Chief Executive
Officer. "Scott brings 30 years of industry and commercial
experience and his leadership will be greatly valued as the Company
continues to grow."
"I am pleased to take on the role of Chairman of the MAP
Pharmaceuticals Board at this time, as the Company is transitioning
into a commercial organization," said Scott
R. Ward. "With the recently announced Allergan
collaboration, the Company has established a strategic pathway for
the potential commercialization of LEVADEX for the acute treatment
of migraine."
Mr. Ward has extensive experience in the healthcare industry
including 15 years as an operating business leader, and various
roles in regulatory affairs, clinical research and business
development since he joined Medtronic, Inc. in 1981. Mr. Ward has
led the development and commercial launch of 20 significant new
products and therapies in the cardiovascular and neurological
markets.
Most recently, Mr. Ward was Senior Vice President and President
of the CardioVascular business of Medtronic which generated
approximately $3 billion in annual
sales. He was responsible for all worldwide operations of the
CardioVascular sector including the Coronary, Peripheral,
Endovascular and Structural Heart Disease businesses.
Previously, Mr. Ward served as Senior Vice President and
President of Medtronic Neurological and Diabetes, and Vice
President and General Manager of the Medtronic Drug Delivery
Business. Mr. Ward has served as a Director of MAP
Pharmaceuticals since 2008.
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.
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 preparation and filing of a New Drug
Application, the regulatory process to have the Company's LEVADEX
product candidate approved for commercial use and the potential
benefits from the collaboration between MAP Pharmaceuticals and
Allergan. 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
September 30, 2010, available at
http://edgar.sec.gov.
Contact:
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Lisa Borland
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650-386-3122
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lborland@mappharma.com
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SOURCE MAP Pharmaceuticals, Inc.