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MAP Pharma posts smaller 4Q loss as costs decrease

Tue, 03/02/2010 - 3:17am
The Associated Press

MOUNTAIN VIEW, Calif. (AP) — MAP Pharmaceuticals Inc. on Tuesday reported a narrower fourth-quarter loss Tuesday as it spent less money on the development of its inhaled migraine drug candidate Levadex.

MAP recorded a loss of $13.4 million, or 54 cents per share, in the three months ended Dec. 31. In the same period a year earlier it lost $21.8 million, or $1.07 per share. Revenue in the latest period was $2.8 million. It reported no revenue in the 2008 quarter.

According to a Thomson Reuters survey, analysts expected a loss of 41 cents per share and revenue of $2.2 million.

The company said its fourth-quarter research and development spending fell to $12.4 million from $17.7 million.

MAP is still running studies of Levadex, but regulators are not requiring the company to conduct a second late stage clinical trial. Treatment in the current studies is expected to be complete later this year.

The company reported a loss of $9 million, or 41 cents per share, in 2009. That was down from $72.9 million, or $3.58 per share, in 2008. The company reported $51.2 million in collaborative revenue for the year after having none in 2008.

For 2010, MAP projects operating expenses of $42 million to $46 million, excluding stock-based compensation and depreciation costs.

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