MAP Pharma closes $50M financing

MAP Pharmaceuticals, a privately-held US biopharmaceutical firm focused on developing novel treatments for respiratory and central nervous system diseases, has closed its series D equity financing in the amount of $50.0 million. The company recently completed Phase II clinical trials for its two lead programs for pediatric asthma and migraine and MAP says it now expects to advance both into Phase III.

"We raised this round shortly after receiving positive Phase II clinical trial results for both of our lead programs," said Timothy Nelson, MAP's chief executive, adding: "we expect to use the proceeds from this financing to advance our two lead programs into Phase III clinical trials and to continue to develop further pipeline candidates."

MAP's two lead product candidates are: unit dose budesonide, a novel submicron formulation of the compound which is being developed for the potential treatment of children with asthma. Budesonide is the active ingredient in an existing branded nebulized steroid for pediatric asthma patients selling more than $750.0 million per year; and Tempo Migraine, an inhaled formulation of dihydroergotamine in the company's proprietary Tempo Inhaler platform, which is being developed for the potential treatment of migraine, a market currently generating sales of over $4.0 billion a year. DHE has been used for 60 years as an injectable or more recently in an intranasal formulation. Although DHE is effective, both of these formulations have drawbacks for patient self-administration, says MAP.