MOUNTAIN VIEW, CA (Sept. 7, 2004) – MAP Pharmaceuticals, Inc., a developer of inhaled drug products, has announced the closing of a $30 million Series B preferred stock financing with several biotechnology investors.
MAP said proceeds from the financing would be used mostly to advance the clinical development of the company’s inhaled drug products for the treatment of asthma and migraine, as well as the Tempo Inhaler platform.
The financing was co-led by three investment firms: Pequot Ventures, the private equity arm of Pequot Capital Management, Inc., Bay City Capital and Skyline Ventures. The Perseus-Soros Biopharmaceutical Fund, the founding investor in MAP, also was a significant investor in this round, MAP said.
With the closing of the financing, Patrick Enright of Pequot Capital Ventures, Carl Goldfischer of Bay City Capital and John Freund of Skyline Ventures will join MAP’s board. Steve Elms and Anthony Sun of Perseus-Soros Biopharmaceutical Fund, Gerri Henwood, chief executive officer of Auxilium Pharmaceuticals, Michael McCord of McCord Investments and Thomas Armer, president of MAP, remain on the board.
MAPs’ lead product candidate, which is scheduled to enter Phase II clinical trials this fall, is a nebulized form of budesonide, a steroid currently used to treat pediatric asthma. MAP also is developing the Tempo Inhaler, a pressurized metered dose inhaler.
