Canaccord Maintains Buy on MAP Pharmaceuticals' Cash Balance

Canaccord Genuity has published a research report on MAP Pharmaceuticals MAPP commenting on the copmany's current cash balance. In the report, Canaccord writes, "The issues relating to CMC will likely be the primary focus, with the complete review of the inhaler usability information that was requested late to continue. Management will likely have a better understanding post meeting with FDA. Cash balance is large and should be enough to carry through approval – per the Q3 filing (10-K not yet filed), MAPP had $112 million in cash ($3.50 per share) with another $75 million in potential milestones from Allergan linked to launch and labelling." Canaccord maintains its Buy rating and $24 price target on MAP Pharmaceuticals, which closed yesterday at $17.14.