Ohhhhhh the pain!!! This is a company we were bullish about, and even profiled over a year ago (*), but yesterday the boulder was placed on the cliff’s edge. MAP Pharmaceuticals announced last night that their budesonide program for pediatric asthma FAILED a Phase 3 study.

This is how it always goes – the beginning of the end. Investors are ruthless and they don’t give a crap. They gotta dump it!! Could this be the end???!!! Oh no!!

We cry.

Neither of the study’s primary endpoints, asthma control as assessed by changes from baseline in nighttime and daytime composite symptom scores, were met using either of the doses.

The program is partnered worldwide with AstraZeneca. Astra has yet to release a statement.

Here’s what MAP CEO Timothy Nelson said:

“Based on our initial review of these data, both the placebo and study groups experienced improvements in asthma symptoms, but the differences were not statistically significant. We observed a higher than expected response in the placebo group, starting as early as one week after randomization and continuing throughout the 12 week treatment period. We and our partner, AstraZeneca, are conducting further analyses of these data to determine appropriate next steps going forward for the program. The Company remains dedicated to developing therapies for children suffering from asthma.”

Whatever, we all know how the story goes

The stock has been all over the place over the last year – from as low as $1.75 to almost $15. The stock was down from $11.03 to $6.95 in after hours trading yesterday. I’m sure today will be a bloodbath.

Stay tuned…

* This profile will be re-posted on our new website which will be officially launching in March 2009.

Image from cast.org

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