Tuesday, May 3, 2011

Map Pharmaceuticals swings to $17.6M profit in Q1

Map Pharmaceuticals Inc. on Tuesday reported first quarter net income of $17.6 million, compared to a loss in the same quarter last year of $14.1 million.
Mountain View-based Map (NASDAQ:MAPP) said the income primarily was because of $34.2 million in collaboration revenue recognized from a $60 million upfront payment received in February. The payment was part of a collaboration agreement with Allergan Inc.

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