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The net loss for the second quarter ended June 30, 2008 was $16.5 millioncompared with $8.7 million during the same period in 2007. The net loss forthe first six months of 2008 was $30.8 million compared to $15.3 million forthe first six months of 2007. As of June 30, 2008, MAP Pharmaceuticals hadcash, cash equivalents and short-term investments of $76.2 million.
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"We continue to make progress toward our goal of providing bettermedicines to patients, with clearly differentiated product benefits forundermet medical needs," said Timothy S. Nelson, President and Chief ExecutiveOfficer of MAP Pharmaceuticals. "With two product candidates now in Phase 3studies, we remain focused on building the team, infrastructure and resourceswe need to advance MAP Pharmaceuticals through Phase 3 trials, towardcommercializing products that address major market opportunities."
Second Quarter and Six Month Financial Results
Research and development expenses for the second quarter and six monthsended June 30, 2008 were $13.0 million and $24.8 million, respectively,compared to $6.3 million and $10.8 million, respectively, for the same periodsin 2007. The increase in research and development expenses for the three andsix months ended June 30, 2008 as compared to the same periods in 2007 wasprimarily driven by an increase in clinical program expenses to support Phase3 clinical programs initiated in 2008 for our two lead programs UDB andMAP0004, and an increase in personnel related expenses also related to thesupport of these clinical programs.
Sales, general and administrative expenses for the second quarter and sixmonths ended June 30, 2008 were $3.2 million and $6.3 million, respectively,compared to $2.7 million and $4.5 million, respectively, for the same periodsin 2007. The increase in sales, general and administrative expenses for thethree months ended June 30, 2008 as compared to the same period in 2007 wasprimarily related to increases in personnel related expenses and stock-basedcompensation, partially offset by a decrease in non-recurring IPO expensesincurred in the prior year. The increase in sales, general and administrativeexpenses for the six months ended June 30, 2008 as compared to the same periodin 2007 was primarily related to increases in personnel related expenses andstock-based compensation, and increased costs as a result of being a publiccompany, partially offset by a decrease in non-recurring IPO expenses incurredin the prior year.
MAP Pharmaceuticals had cash, cash equivalents and short-term investmentsas of June 30, 2008 of $76.2 million, compared to $95.0 million as of December31, 2007. In addition, for the second quarter ended June 30, 2008, non-cashshare-based compensation and depreciation was approximately $1.5 million.
About MAP Pharmaceuticals, Inc.
MAP Pharmaceuticals develops and plans to commercialize new therapies forchildren and adults who suffer from chronic conditions that it believes arenot adequately treated by currently available medicines. The company appliesits proprietary inhalation technologies to enhance the therapeutic benefitsand commercial attractiveness of proven drugs while minimizing risk bycapitalizing on their known safety, efficacy and commercialization history.MAP Pharmaceuticals has two drug candidates in Phase 3 clinical trials. UnitDose Budesonide is being developed for the potential treatment of pediatricasthma, and MAP0004 is being developed for the potential treatment ofmigraine. MAP Pharmaceuticals' pipeline also includes a drug candidate inearly clinical development for the treatment of asthma and chronic obstructivepulmonary disease.
Additional information about MAP Pharmaceuticals can be found athttp://ww
