MAP Pharmaceuticals Inc.MAPP

Morningstar Rating

Stock Research and Analysis

by Bill Buhr

MAP Pharmaceuticals followed a recent setback in its drug portfolio with a huge success. After leading candidate Unit Dose Budesonide (UDB) for pediatric asthma was unsuccessful in its Phase III trial, Levadex for migraine met all key endpoints during Read more

Bulls Say

MAP's leading product candidate will target large patient populations and could have huge sales potential, as the migraine market has estimated worldwide sales of $3.5 billion annually.

Levadex for migraine demonstrated pain relief in patients in as little as 10 minutes during its recent Phase II trial, and it was able to sustain relief for 24 hours with no significant side effects.

Levadex met all four primary endpoints in its Phase III clinical trial, which could allow MAP to bring a product to market and vastly improve its revenue and profitability prospects. Read more

Bears Say

The recent failure of UDB in Phase III clinical trials puts the onus on the company to bring a product to market or face severe operational and financial head winds.

While MAP recently completed its equity offering, it will remain dependent on the public markets until it successfully commercializes one of its drugs in development. There is no guaranty that future capital raises will have the same level of success.

MAP has no experience marketing drugs and has not yet developed a salesforce, which could negatively affect the company's ability to successfully commercialize its products. Read more

Strategy

MAP will attempt to gain approval for and commercialize Levadex using an internally developed salesforce in the United States to target pediatricians and neurologists. Internationally, MAP will likely Read more

Management

Timothy Nelson has served as president and CEO of MAP since April 2005 and has an extensive background with both pharmaceutical and medical device companies prior to becoming CEO. Nelson earned total compensation around $1.6 million in 2008, a 60% increase Read more

Profile

MAP Pharmaceuticals reformulates existing drugs in an attempt to offer safer, more efficacious inhalable therapeutics. The company's lead drug candidate--Levadex for migraine Read more

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