MOUNTAIN VIEW, Calif.,
Nov. 1, 2012 /PRNewswire/ -- MAP
Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced financial
results for the third quarter ended September 30, 2012.
The net loss for the three months ended September 30, 2012 was $12.6 million, compared to net income of
$8.2 million during the same period
in 2011. The net loss for the nine months ended September 30, 2012 was $43.8 million, compared to a net loss of
$19.1 million during the same period
in 2011. The financial results in 2011 were impacted positively by
the recognition of a $20.0 million
milestone payment received in August
2011 pursuant to a collaboration agreement with Allergan,
Inc.
MAP Pharmaceuticals had cash and cash equivalents of
$114.2 million as of September 30, 2012, compared to $98.8 million as of December 31, 2011. The September 30, 2012 cash balance reflects the net
proceeds of approximately $56 million
from an equity offering completed in August
2012.
"It has been a productive time for the company as we recently
resubmitted our LEVADEX NDA to the FDA," said Timothy S. Nelson, president and chief executive
officer of MAP Pharmaceuticals. "We continue to dedicate ourselves
to making this potential new treatment for migraine sufferers
available to many of the millions of patients whose migraines are
not well treated with the options available today."
Three and Nine Month Financial Results
Revenues for the three and nine months ended September 30, 2012 were $0.9 million and $2.8
million, respectively, compared to $20.8 million and $22.2
million for the same periods in 2011. The revenues for both
years were due to amortization of a $60.0
million nonrefundable upfront cash payment received in
February 2011, pursuant to a
collaboration agreement with Allergan entered into in January
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, 2012
were $7.9 million and $26.6 million, respectively, compared to
$6.7 million and $25.6 million for the same periods in 2011. For
the three months ended September 30,
2012 compared to the same period in 2011, the increase in
R&D expenses was due primarily to an increase in expenses
related to early stage research projects. For the nine months ended
September 30, 2012 compared to the
same period in 2011, the increase in R&D expenses was due
primarily to an increase in expenses related to early stage
research projects and an increase in personnel related expenses,
including stock-based compensation, partially offset by decreases
in expenses related to the LEVADEX program and other administrative
expenses.
Sales, general and administrative (SG&A) expenses for the
three and nine months ended September 30,
2012 were $5.6 million and
$20.0 million, respectively, compared
to $5.9 million and $15.5 million for the same periods in 2011. For
the three months ended September 30,
2012 compared to the same period in 2011, the decrease in
SG&A expenses was due primarily to a decrease in professional
services, partially offset by an increase in personnel related
expenses, including stock-based compensation, and an increase in
other administrative expenses. For the nine months ended
September 30, 2012 compared to the
same period in 2011, the increase in SG&A expenses was due
primarily to an increase in personnel related expenses, including
stock-based compensation, and an increase in other administrative
expenses, partially offset by a decrease in professional
services.
For the three and nine months ended September 30, 2012, non-cash stock-based
compensation and depreciation were approximately $2.4 million and $7.7
million, respectively.
About MAP Pharmaceuticals
MAP Pharmaceuticals is a 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 (FDA) reviewed the
New Drug Application (NDA) for LEVADEX and on March 26, 2012, the Company received a Complete
Response letter with respect to this NDA. The Company recently
announced that it has resubmitted its LEVADEX NDA to the FDA. 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, without limitation, statements regarding the
Company's 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. 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 most recent Quarterly Report on Form 10-Q,
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,
|
|
2012
|
|
2011
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
114,218
|
|
$
|
98,816
|
Accounts
receivable
|
|
448
|
|
|
636
|
Other
current assets
|
|
579
|
|
|
763
|
|
|
|
|
|
|
Total
current assets
|
|
115,245
|
|
|
100,215
|
Property
and equipment, net
|
|
6,488
|
|
|
6,786
|
Other
assets
|
|
27
|
|
|
27
|
Restricted
investment
|
|
310
|
|
|
310
|
|
|
|
|
|
|
Total
assets
|
$
|
122,070
|
|
$
|
107,338
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
$
|
8,908
|
|
$
|
10,793
|
Current
portion of deferred revenue
|
|
3,512
|
|
|
3,349
|
|
|
|
|
Total
current liabilities
|
|
12,420
|
|
|
14,142
|
Deferred
revenue, less current portion
|
|
50,634
|
|
|
53,581
|
Other
liabilities
|
|
-
|
|
|
63
|
|
|
|
|
|
|
Total
liabilities
|
|
63,054
|
|
|
67,786
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
59,016
|
|
|
39,552
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
|
122,070
|
|
$
|
107,338
|
|
|
|
MAP
PHARMACEUTICALS, INC.
|
(a
development stage enterprise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS)
|
(In
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30,
|
|
|
Nine
Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue
|
$
|
878
|
|
$
|
20,837
|
|
$
|
2,784
|
|
$
|
22,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
7,855
|
|
|
6,725
|
|
|
26,590
|
|
|
25,552
|
Sales, general and
administrative
|
|
5,642
|
|
|
5,890
|
|
|
19,950
|
|
|
15,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
13,497
|
|
|
12,615
|
|
|
46,540
|
|
|
41,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
(12,619)
|
|
|
8,222
|
|
|
(43,756)
|
|
|
(18,849)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense, net
|
|
(3)
|
|
|
(39)
|
|
|
(1)
|
|
|
(270)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(12,622)
|
|
$
|
8,183
|
|
$
|
(43,757)
|
|
$
|
(19,119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.38)
|
|
$
|
0.27
|
|
$
|
(1.39)
|
|
$
|
(0.63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
(0.38)
|
|
$
|
0.26
|
|
$
|
(1.39)
|
|
$
|
(0.63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in calculating net income (loss)
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
33,369
|
|
|
30,440
|
|
|
31,569
|
|
|
30,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
33,369
|
|
|
31,611
|
|
|
31,569
|
|
|
30,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE MAP Pharmaceuticals, Inc.