IPO Filing: MAP Pharmaceuticals, the New Inhaler

A new inhaled-molecule company named MAP Pharmaceuticals, Inc. has filed for an IPO.  Underwriters are listed as Merrill lynch, Morgan Stanley, and Deutsche Bank.  It has a proposed stock ticker of "MAPP" on NASDAQ.

Here is the self-description of the company: We use our proprietary inhalation technologies to enhance the therapeutic benefits and commercial attractiveness of proven drugs while minimizing risk by capitalizing on their known safety, efficacy and commercialization history. We have several proprietary product candidates in clinical development which address large market opportunities, including our two most advanced product candidates, Unit Dose Budesonide, or UDB, for pediatric asthma and MAP0004 for migraine. We have announced positive results from Phase 2 clinical studies of UDB and MAP0004, and anticipate initiating Phase 3 clinical programs for both product candidates in early 2008. We hold worldwide commercialization rights for each of our product candidates, and intend to market UDB and MAP0004 in the United States through our own focused sales force targeting pediatricians and neurologists.

The company also has MAP0001 as a proprietary formulation of insulin for the treatment of Type 1 and Type 2 diabetes via pulmonary delivery using our Tempo inhaler, whichh was active in Phase Ia clinical studies.  The company is in development stages, so has no real revenues to speak of.  When you look through the 5% stockholder list you’ll see some familiar names: Perseus-Soros; Pequot; Brookside.  If the company’s inhaled smaller molecules are as promising as they sound, this will be a company to watch.

Jon C. Ogg
June 18, 2007