MAP shares tumble after Phase III asthma failure

MAP Pharma's shares tanked on the news that its late-stage asthma therapy for children flunked a Phase III trial. Its stock swiftly plunged 40 percent in overnight trading as investors digested the bitter news that the study, which enrolled 360 children, failed to demonstrate a significant difference in response between unit dose budesonide and a dummy drug. The experimental therapy failed to reduce symptoms of asthma during the daytime or nighttime.

"We and our partner, AstraZeneca, are conducting further analyses of these data to determine appropriate next steps going forward for the program," MAP Pharmaceuticals said in a statement.

The drug is a mist version of the steroid budesonide. AstraZeneca forked over a $40 million upfront payment when it partnered on the drug in December. It pledged $35 million more for an approval and outlined up to $825 million more that MAP could gain if the drug proved to be a significant commercial success.

- here's MAP's release
- read the AP report
- check out the story from Crain's Manchester Business