MAP Pharmaceuticals: Public Offering Follows Disappointing Half-Year

An announcement this morning from MAP Pharmaceuticals (NASDAQ:MAPP) said that the company will be offering nearly 4 million shares of the company’s common stock at $13.40 each, to raise just over $52 million for the company’s ongoing development expenses. The news comes on the heels of a rough quarter for MAPP, which saw an increased net loss from last year’s Q2, and declining cash reserves. The public offering should come as no surprise to investors as the company’s development expenses will quickly burn through the $68 million on hand and share prices are around the halfway point in MAPP’s 52-week range. (more…)