MAP Pharmaceuticals Gets $60M Financing Facility
Thu, 11/12/2009 - 3:28am
MOUNTAIN VIEW, Calif. (AP) — MAP Pharmaceuticals Inc. said Thursday it secured a committed equity financing facility under which it can sell up to $60 million in stock to Azimuth Opportunity Ltd. MAP does not have to use any of the facility, which has a 2-year term. CEO Timothy S. Nelson said the company has $79 million in cash and accounts receivable as of the end of the third quarter. "Putting this long-term equity line of credit in place now provides us with the option and flexibility to draw down additional capital when and if we deem it prudent," he said in a statement.