MAP Pharmaceuticals has reported net loss for the quarter ended June 30, 2009 of $5 million, as compared to $16.5 million during the same period in 2008. The net loss for the first six months of 2009 was $14.9 million, compared to $30.8 million for the first six months of 2008. The company recorded EPS of $0.24 for Q2, 2009, compared to $0.81 for previous year.
Revenues for the quarter and six months ended June 30, 2009 were $8.6 million and $16.1 million, respectively.
Timothy Nelson, president and CEO of MAP Pharmaceuticals, said: We are very pleased that in the first Phase 3 trial for our LEVADEX(TM) migraine therapy, all four primary endpoints were met with statistical significance. With these positive results in hand and our recent decision to suspend development of Unit Dose Budesonide (UDB), we are now focusing our efforts on the development of LEVADEX.
We believe that LEVADEX has a differentiated profile, with the potential to provide rapid and sustained relief of migraine symptoms, and could offer benefit to many of the approximately 30 million migraine sufferers in the U.S., including many who are not helped by currently available migraine therapies. We look forward to presenting the data from our successful Phase 3 trial of LEVADEX at the 14th Congress of the International Headache Society in September, he added.