MOUNTAIN VIEW, Calif.,
Nov. 8, 2011 /PRNewswire/ -- MAP
Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial
results for the third quarter ended September 30, 2011.
Net income for the three months ended September 30, 2011 was $11.2 million, compared to a net loss of
$14.2 million during the same period
in 2010. Net income for the first nine months of 2011 was
$20.2 million, compared to a net loss
of $40.7 million for the first nine
months of 2010. Net income for the three and nine months of 2011
was impacted positively by amortization of a $60.0 million upfront payment received in
February 2011 and recognition of a
$20.0 million milestone payment
received in August 2011 pursuant to a
collaboration agreement with Allergan, Inc., compared to no
collaboration revenue for the first nine months of 2010.
MAP Pharmaceuticals had $111.8
million in cash and cash equivalents as of September 30, 2011, compared to $76.0 million as of December 31, 2010.
"In the third quarter, our LEVADEX NDA submission was accepted
for filing by the FDA with a PDUFA goal date of March 26, 2012. This is a significant regulatory
milestone for the Company, bringing us a step closer to our goal of
providing the underserved migraine patient population with a new
treatment option," said Timothy S.
Nelson, president and chief executive officer of MAP
Pharmaceuticals. "As we move closer to a potential commercial
launch of LEVADEX, we have enhanced our management team with the
addition of Fred Graff as vice
president of commercial operations, our LEVADEX patent position was
strengthened with the issuance of a patent relating to the
pharmacokinetic profile of LEVADEX which expires in 2028 and we
continue to work closely with our collaboration partner,
Allergan."
Third Quarter and Nine Month Financial Results
Revenues for the three and nine months ended September 30, 2011 were $23.9 million and $61.5
million, respectively, compared to $0.0 for the same periods in 2010. In
February 2011, pursuant to the
Allergan collaboration agreement, Allergan paid the Company an
upfront payment of $60.0 million,
$3.9 million and $41.5 million of which was recognized,
respectively, as collaboration revenue for the three and nine
months ended September 30, 2011. In
addition, in August 2011 Allergan
paid the Company a milestone payment of $20.0 million, which was recognized as
collaboration revenue during the three months ended September 30, 2011.
Research and development (R&D) expenses for the three and
nine months ended September 30, 2011
were $6.7 million and $25.6 million, respectively, compared to
$10.0 million and $28.0 million, respectively, for the same periods
in 2010. For the three and nine months ended September 30, 2011 compared to the same periods
in 2010, the decrease in R&D expenses was due primarily to a
decrease in expenses related to the LEVADEX program, partially
offset by an increase in personnel-related expenses, including
stock-based compensation, primarily due to manufacturing-related
headcount in support of commercial readiness activities.
Sales, general and administrative (SG&A) expenses for the
three and nine months ended September 30,
2011 were $5.9 million and
$15.5 million, respectively, compared
to $3.9 million and $11.7 million, respectively, for the same periods
in 2010. For the three and nine months ended September 30, 2011 compared to the same periods
in 2010, the increase in SG&A expenses was due primarily to an
increase in personnel-related expenses including stock-based
compensation, and an increase in professional services, including
LEVADEX-related market research activities.
For the quarter and nine months ended September 30, 2011, non-cash stock-based
compensation and depreciation were approximately $2.1 million and $6.5
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, an orally inhaled investigational drug for the acute
treatment of migraine. The U.S. Food and Drug Administration
currently is reviewing the New Drug Application for LEVADEX for the
potential acute treatment of migraine in adults. MAP
Pharmaceuticals has entered into a collaboration agreement with
Allergan, Inc. to co-promote LEVADEX to neurologists and pain
specialists in the U.S. and Canada. The Company also applies its
proprietary drug particle and inhalation technologies to generate
new pipeline opportunities by enhancing 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 regulatory process to have the
Company's LEVADEX product candidate approved for commercial use and
the commercialization of LEVADEX, if approved, and relating to the
Company's patent rights. 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, 2011, available at
http://edgar.sec.gov.
CONTACT: Christopher Y. Chai, Sr.
Vice President and Chief Financial Officer of MAP Pharmaceuticals,
Inc., (650) 386-3107; or media, Lisa
Borland, (650) 386-3122, lborland@mappharma.com.
MAP
PHARMACEUTICALS, INC.
|
|
|
(a
development stage enterprise)
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
111,844
|
|
|
$
|
76,007
|
|
|
Accounts
receivable
|
|
|
240
|
|
|
|
-
|
|
|
Other current
assets
|
|
|
675
|
|
|
|
644
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
112,759
|
|
|
|
76,651
|
|
|
Property and equipment,
net
|
|
|
5,785
|
|
|
|
5,803
|
|
|
Other assets
|
|
|
27
|
|
|
|
30
|
|
|
Restricted
investment
|
|
|
310
|
|
|
|
310
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
118,881
|
|
|
$
|
82,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
8,615
|
|
|
$
|
12,440
|
|
|
Debt
|
|
|
1,690
|
|
|
|
7,581
|
|
|
Current portion of
deferred revenue
|
|
|
11,748
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
22,053
|
|
|
|
20,021
|
|
|
Deferred revenue, less
current portion
|
|
|
6,715
|
|
|
|
-
|
|
|
Other
liabilities
|
|
|
-
|
|
|
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
28,768
|
|
|
|
20,138
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’
equity
|
|
|
90,113
|
|
|
|
62,656
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity
|
|
$
|
118,881
|
|
|
$
|
82,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAP
PHARMACEUTICALS, INC.
|
|
(a
development stage enterprise)
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In
thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
|
Nine Months
Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue
|
$
|
23,861
|
|
$
|
-
|
|
$
|
61,536
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
6,725
|
|
|
10,009
|
|
|
25,552
|
|
|
28,037
|
|
|
Sales, general and
administrative
|
|
5,890
|
|
|
3,921
|
|
|
15,529
|
|
|
11,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
12,615
|
|
|
13,930
|
|
|
41,081
|
|
|
39,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
11,246
|
|
|
(13,930)
|
|
|
20,455
|
|
|
(39,749)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
(39)
|
|
|
(248)
|
|
|
(270)
|
|
|
(976)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
11,207
|
|
$
|
(14,178)
|
|
$
|
20,185
|
|
$
|
(40,725)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.37
|
|
$
|
(0.53)
|
|
$
|
0.67
|
|
$
|
(1.55)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
0.35
|
|
$
|
(0.53)
|
|
$
|
0.64
|
|
$
|
(1.55)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in computing net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
30,440
|
|
|
26,629
|
|
|
30,329
|
|
|
26,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
31,611
|
|
|
26,629
|
|
|
31,605
|
|
|
26,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE MAP Pharmaceuticals, Inc.