MAP Pharmaceuticals reported a $60 million committed equity financing facility. Over the two-year term, MAP will be able to present Azimuth with draw-down notices for the latter to purchase specified dollar amounts of MAP common stock shares, up to a total of $60 million, at predefined terms. MAP has no obligations to utilize any of the facility if not required.
MAP’s lead candidate is the inhaled migraine therapy candidate, Levadex. In May MAP reported positive results from the first Phase III trial, which met all four of its primary endpoint. A confirmatory Phase III study is due to start in the first quarter of 2010.
Also in May MAP announced a public offering of 3,500,000 shares of its common stock at $9.70 per share. Net proceeds, after estimated underwriting discounts and commissions and estimated expenses, were expected to be in the region of $31.4 million.
Just weeks later in July, the company confirmed that partner, AstraZeneca, terminated its agreement with MAP for development of the unit dose budesonide (UDB) candidate as a treatment of pediatric asthma. The drug failed to meet its primary endpoint in a Phase III trial, and MAP Pharmaceuticals confirmed its decision to suspend further development of the product.