Elan Corporation

MAP Pharmaceuticals Announce Expanded Development Agreement With Elan Drug Technologies.

Proprietary Elan NanoCrystal® Technology to be Applied to MAP’s Novel Asthma Therapeutics

Mountain View, CA, July 27, 2005 – MAP Pharmaceuticals, Inc. announced today that MAP and Elan Corporation, plc (NYSE:ELN) have agreed to amend their previous agreement, signed in 2004, to seek to apply Elan’s proprietary NanoCrystal® technology to defined inhalation therapies.  MAP has been collaborating with Elan to develop a nebulized form of budesonide for the treatment of asthma. The agreement provides additional rights to MAP for the use of NanoCrystal technology for the treatment of multiple respiratory diseases, including asthma.

This agreement covers nebulized delivery of budesonide and combinations of budesonide with beta agonists. Budesonide is an anti-inflammatory corticosteroid indicated for the maintenance treatment of asthma as well as prophylactic therapy for this condition. In all delivery forms, including nebulized delivery, budesonide sales exceeded US$1bn worldwide in 2004. Asthma affects approximately 17 million Americans, 5 million of whom are children. The nebulized portion of the asthma market is the fastest growing segment, largely due to the increasingly high diagnosis rates for asthma in the pediatric population. 

Timothy Nelson, CEO of MAP Pharmaceuticals said, "We are pleased to expand our collaboration with Elan Drug Technologies. As an emerging specialty pharmaceutical company focused on becoming a leader in the inhaled drug delivery and respiratory disease sector, these expanded rights allow us to more fully serve our physician and patient customers in the treatment of asthma and other respiratory diseases. The growth of nebulized steroids over the past few years has demonstrated a need among physicians and patients for this type of therapy for the treatment of asthma. We believe the potential to deliver nebulized budesonide to the patient faster and more efficiently will serve MAP and our customers well in the years to come." 

The NanoCrystal technology to be used in the development of the new formulation of budesonide is a proprietary Elan innovation for poorly water soluble compounds. NanoCrystal technology is designed to enhance the clinical performance of poorly water-soluble drugs by transforming them into nanometer- sized particles. It is anticipated that the budesonide formulation utilizing this technology may result in a product that will have a superior pharmaceutical delivery and clinical profile when administered via nebulizer. 

Paul Breen, Executive Vice President, Elan Drug Technologies said, "We are very pleased to expand this development program with MAP Pharmaceuticals. This program, which will involve the application of the technology into a nebulized form, highlights the flexibility of the technology. We look forward to working closely with MAP in applying our technology to new dosage forms in the inhalation area." 

About MAP Pharmaceuticals 

MAP Pharmaceuticals, Inc., located in Mountain View, California is a specialty pharmaceutical company focused on the development of innovative therapies and inhalation delivery systems to treat a broad spectrum of respiratory and systemic diseases. MAP's lead product candidate is a proprietary formulation of budesonide for the treatment of asthma in both pediatric and adult populations. The Company is also developing a series of products based on its Tempo(TM) Inhaler platform, including a rapid-relief treatment for migraine. Tempo is a next generation breath-actuated metered dose inhaler (pMDI) that automatically adjusts to each patient's unique inspiration pattern, without electronics, and is exceptionally easy to use, enhancing compliance. Tempo also features a novel aerosol flow controller that ensures efficient and consistent delivery to the lungs, reducing dose to dose variation while minimizing oral deposition of the delivered drug. Additional information about MAP Pharmaceuticals can be found on our website at www.mappharma.com. 

About Elan's NanoCrystal Technology 

Elan's NanoCrystal Technology is a novel drug delivery technology that offers superior results when coupled with poorly water-soluble compounds. An increasing number of the drug candidates synthesized each year by pharmaceutical companies are poorly water-soluble. Many of these potentially innovative drug candidates are often abandoned because of poor pharmacokinetic properties including absorption, distribution, metabolism, and excretion. NanoCrystal technology has the potential to rescue a significant percentage of these chemical compounds. The drug in nano-form can be incorporated into common dosage forms, including tablets, capsules, inhalation devices, sterile forms for injection, with the potential for substantial improvements to clinical performance. The NanoCrystal technology is protected by extensive patents and patent applications. Four pharmaceutical products have been commercialized incorporating NanoCrystal technology, with several additional product launches anticipated over the next two years. The NanoCrystal technology is part of a suite of technologies which Elan's Drug Technologies business offers to third party clients. More information about Elan Drug Technologies' broad range of technologies, extensive patent estate and range of services is available at www.elan.com/EDT 

MAP cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by MAP that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in MAP's business due to a number of factors, including: (i) we and our products face significant competition; (ii) if we do not successfully manage any growth we experience, we may experience increased expenses without corresponding revenue increases; (iii) we are dependent on third parties for supply of all the products we offer; (iv) unexpected adverse side effects or inadequate therapeutic efficacy of our products could delay or prevent product development or commercialization, or could result in recalls or product liability claims; and (v) we may not be able to identify appropriate acquisition, licensing, or co-promotion candidates in the future or to take advantage of the opportunities we identify. All forward-looking statements are qualified in their entirety by this cautionary statement and MAP undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. 

Source: MAP Pharmaceuticals, Inc