MAP Pharmaceuticals Reports 2011 Fourth Quarter and Year End Financial Results

MAP Pharmaceuticals, Inc. MAPP today announced financial results for the fourth quarter and year ended December 31, 2011. The net loss for the fourth quarter ended December 31, 2011 was $13.8 million, compared to a net loss of $13.9 million during the same period in 2010. The net loss for the year ended December 31, 2011 was $32.9 million, compared to a net loss of $54.7 million for the year ended December 31, 2010. The decrease in net loss for the year ended December 31, 2011 was primarily due to recognition of a $20.0 million milestone payment received in August 2011 and amortization of a $60.0 million non-refundable upfront cash payment received in February 2011, both pursuant to a collaboration agreement with Allergan, Inc. entered into in February 2011, compared to no collaboration revenue for the year ended December 31, 2010. The Company had $98.8 million in cash and cash equivalents as of December 31, 2011, compared to $76.0 million as of December 31, 2010.