Funds Support Clinical Development of Inhalation Drug Products for Asthma and Migraine
MOUNTAIN VIEW, Calif., -- MAP Pharmaceuticals, Inc., a leading developer of novel inhaled drug therapies, today announced the closing of a $25.25 million Series C preferred stock financing with several top-tier biotechnology investors. Proceeds from this financing will be used primarily to advance the Phase II clinical development of the company's two lead drug candidates for the treatment of asthma and migraine.
The financing was led by Brookside Capital, an affiliate of Bain Capital. All of MAP Pharmaceuticals previous investors including the Perseus-Soros Biopharmaceutical Fund (PSBF); Pequot Ventures, the private equity arm of Pequot Capital Management, Inc.; Bay City Capital and Skyline Ventures were significant investors in the round. Alexandria Real Estate Equities also participated. With the closing of this financing, Matt McPherron of Brookside Capital will join MAP's Board of Directors.
"We are pleased to complete this financing, which will enable us to advance the clinical development of MAP's two lead drug products for pediatric asthma and migraine into Phase II clinical trials," said Timothy Nelson, CEO of MAP Pharmaceuticals. "We are also pleased to add Brookside Capital to the group of investors committed to supporting our efforts to significantly improve the treatment of pediatric asthma and offer new alternatives for migraine sufferers."
MAP Pharmaceuticals is presently advancing a wholly-owned product portfolio of late-stage clinical compounds which includes:
-- Unit dose budesonide (UDB): a novel nanocrystalline form of budesonide
which has demonstrated the potential to offer pediatric and adult
asthma patients shorter nebulization sessions, reduced steroid dosing
and more rapid and effective administration, as compared to current
nebulized therapeutics.
-- Tempo(TM) DHE: an inhaled migraine product which utilizes the company's
proprietary Tempo(TM) Inhaler platform to provide rapid onset of
therapy that meets the treatment needs of underserved migraine
sufferers.
-- Additional Tempo-based products for delivery of insulin, as well as
combination steroid/beta-agonist therapies for asthma and COPD.
In addition to these ongoing development programs, the company actively seeks appropriate opportunities to leverage its Tempo platform through partnerships and the in-licensing of novel compounds.
About Tempo(TM)
MAP's Tempo(TM) Inhaler is a proprietary, breath synchronized plume controlled inhaler. Tempo automatically adjusts to each patient's unique inspiration pattern, without electronics, and is exceptionally easy to use, enhancing compliance. Tempo also features a novel aerosol flow controller that ensures efficient and consistent delivery to the lungs, reducing dose to dose variation while minimizing oral deposition of the delivered drug.
About MAP Pharmaceuticals, Inc.
Located in Mountain View, California, MAP Pharmaceuticals is a specialty pharmaceutical company focused on the development of innovative therapies and inhalation delivery systems to treat a broad range of respiratory and systemic diseases. MAP's lead product candidate is a proprietary formulation of budesonide for the treatment of asthma in both pediatric and adult populations. The Company is also developing a series of products based on its Tempo Inhaler platform, including a rapid-onset non-triptan treatment for migraine, inhaled insulin for diabetes and combination steroid/beta-agonists for asthma and COPD. Additional information about MAP Pharmaceuticals can be found on our website at http://www.mappharma.com .
For more information, please e-mail: Tim Brons at tbrons@vidacommunication.com
MAP cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by MAP that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in MAP's business due to a number of factors, including: (i) we and our products face significant competition; (ii) if we do not successfully manage any growth we experience, we may experience increased expenses without corresponding revenue increases; (iii) we are dependent on third parties for supply of the products we offer; (iv) unexpected adverse side effects or inadequate therapeutic efficacy of our products could delay or prevent product development or commercialization, or could result in recalls or product liability claims; and (v) we may not be able to identify appropriate acquisition, licensing, or co-promotion candidates in the future or to take advantage of the opportunities we identify. All forward-looking statements are qualified in their entirety by this cautionary statement and MAP undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
