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| 8-K - MAP Pharmaceuticals, Inc. | v211916_8-k.htm |
MAP
PHARMACEUTICALS APPOINTS SCOTT R. WARD
AS
CHAIRMAN OF THE BOARD OF DIRECTORS
--Steven
Elms to Step Down After Over Six Years of Service--
MOUNTAIN VIEW, Calif., Feb. 18, 2011
/PRNewswire/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today
announced the appointment of Scott R. Ward as Chairman of its Board of
Directors. Steven A. Elms, the incumbent Chairman and an original venture
capital investor in the Company, will step down from the Board of Directors
after over six years of service.
“I want
to thank Steve for all his contributions to the Company and the Board as we have
grown from an early concept to a late-stage development
organization. I look forward to working with Scott as we prepare for
our first NDA submission and potential product launch,” said Timothy S.
Nelson, MAP
Pharmaceuticals' President and Chief Executive Officer. “Scott brings
30 years of industry and commercial experience and his leadership will be
greatly valued as the Company continues to grow.”
“I am
pleased to take on the role of Chairman of the MAP Pharmaceuticals Board at this
time, as the Company is transitioning into a commercial organization,” said
Scott R. Ward. “With the recently announced Allergan collaboration, the Company
has established a strategic pathway for the potential commercialization of
LEVADEX for the acute treatment of migraine.”
Mr. Ward
has extensive experience in the healthcare industry including 15 years as an
operating business leader, and various roles in regulatory affairs, clinical
research and business development since he joined Medtronic, Inc. in 1981. Mr.
Ward has led the development and commercial launch of 20 significant new
products and therapies in the cardiovascular and neurological
markets.
Most
recently, Mr. Ward was Senior Vice President and President of the CardioVascular
business of Medtronic which generated approximately $3 billion in annual
sales. He was responsible for all worldwide operations of the
CardioVascular sector including the Coronary, Peripheral, Endovascular and
Structural Heart Disease businesses. Previously, Mr. Ward served as
Senior Vice President and President of Medtronic Neurological and Diabetes, and
Vice President and General Manager of the Medtronic Drug Delivery
Business. Mr. Ward has served as a Director of MAP Pharmaceuticals
since 2008.
About
MAP Pharmaceuticals
MAP
Pharmaceuticals is an emerging biopharmaceutical Company focused on developing
and commercializing new therapies to address undermet patient needs in
neurology. The Company is developing LEVADEX™ orally inhaled therapy for the
potential treatment of migraine and has reported positive results from the
efficacy portion of its Phase 3 trial of LEVADEX. In addition, MAP
Pharmaceuticals generates new pipeline opportunities by applying its proprietary
drug particle and inhalation technologies to enhance the therapeutic benefits of
proven drugs, while minimizing risk by capitalizing on their known safety,
efficacy and commercialization history.
Forward-Looking
Statements
In
addition to statements of historical facts or statements of current conditions,
this press release contains forward-looking statements, including with respect
to MAP Pharmaceuticals' LEVADEX product candidate. Actual results may differ
materially from current expectations based on risks and uncertainties affecting
the Company's business, including, without limitation, risks and uncertainties
relating to the preparation and filing of a New Drug Application, the regulatory
process to have the Company's LEVADEX product candidate approved for commercial
use and the potential benefits from the collaboration between MAP
Pharmaceuticals and Allergan. The reader is cautioned not to unduly rely on the
forward-looking statements contained in this press release. MAP Pharmaceuticals
expressly disclaims any intent or obligation to update these forward-looking
statements, except as required by law. Additional information on potential
factors that could affect MAP Pharmaceuticals' results and other risks and
uncertainties are detailed in its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2010, available at http://edgar.sec.gov.