MAP Pharmaceuticals Inc. (NASDAQ:MAPP), whose migraine drug candidate failed to get regulatory approval, reported a narrower loss for the fourth quarter.
Net loss was $13.8 million or $0.45 per share for the fourth quarter, compared with a loss of $13.9 million or $0.46 per share in the year-ago quarter.
MAPP attributed the narrower loss to recognition of a $20.0 million milestone payment received in August 2011 and amortization of a $60.0 million non-refundable upfront cash payment received in February 2011.
Earlier this week, the U.S. Food and Drug Administration (FDA) rejected the company's potential migraine treatment Levadex. The U.S. health regulators has asked MAP to address issues related to chemistry, manufacturing and controls before it can take a decision on approving Levadex.
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Quarterly revenue was $0.8 million, versus nil revenue in the same period of last year.
Total operating expenses increased 6.6 percent to $14.6 million. R&D expenses declined 17 percent due mainly to a decrease in expenses related to the Levadex program.
As of December 31, 2011, MAPP had cash and cash equivalents of $98.8 million, compared with $76.0 million as of December 31, 2010.
The stock, which has been trading in the 52-week range between $10.54 and $17.92, ended Wednesday's regular trading session at $16.19.