Published on November 12, 2009 at 7:43 AM
MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced that it has secured a committed equity financing facility under which it may sell up to $60 million of its registered common stock to Azimuth Opportunity Ltd. MAP Pharmaceuticals is not obligated to utilize any of the $60 million facility, which has a term of 24 months.
During the term of the purchase agreement, at its sole discretion and subject to certain conditions, MAP Pharmaceuticals may present Azimuth with draw down notices requiring Azimuth to purchase a specified dollar amount of shares of its common stock at pre-defined terms. Any shares sold under this facility will be registered on MAP Pharmaceuticals' effective shelf registration statement on Form S-3 (File No. 333-157339) filed with the Securities and Exchange Commission.
"MAP has been able to maintain a strong financial position despite the current market environment, with $79 million in cash and accounts receivables as of the end of the third quarter of 2009. 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 as we continue moving our migraine product candidate LEVADEX toward an NDA submission and potential commercial launch," stated Timothy S. Nelson, President and CEO of MAP Pharmaceuticals. "LEVADEX met all four primary endpoints in a previous Phase 3 trial. We look forward to initiating our confirmatory Phase 3 trial for LEVADEX in the first quarter of 2010 with the goal of submitting an NDA soon after the completion of that trial. With recently announced Phase 3 data showing efficacy in a number of patient subgroups not typically responsive to current migraine therapies, and a six month interim review of safety data in over 400 patients and over 7,800 headaches treated, we have further confidence that LEVADEX has the potential to help many of the approximately 30 million migraine sufferers in the United States, including many who do not realize full benefit from the limited migraine therapies that are available to them today."
SOURCE MAP Pharmaceuticals, Inc.