Alexza Completes $10 Million Equity Financing with Bio*One Capital to Initiate Commercial Manufacturing in... (ast-track the company's commercializatio...)

Alexza Completes $10 Million Equity Financing with Bio*One Capital to Initiate Commercial Manufacturing in Singapore

Date:3/26/2008

ast-track the company's commercialization strategy," said Ms. Swee-Yeok Chu, CEO of Bio*One Capital. "Bio*One is excited about Alexza's commitment to undertake precision manufacturing and procurement activities in Singapore. We are pleased to help facilitate Alexza's expansion into Asia Pacific, through our financial support and extensive networks within Singapore and Asia."

About Alexza Singapore Pte. Ltd.

Alexza has formed Alexza Singapore Pte. Ltd. (ASPL) as a wholly owned subsidiary of Alexza. ASPL will initially oversee the establishment of a manufacturing company in Singapore to provide Lower Housing Assemblies (LHAs) for Alexza's commercial Staccato drug delivery device. The manufacture of LHAs consists of three key processes: plastic injection molding of the upper and lower housing, printed circuit board assembly fabrication and assembly of the LHAs. Over time, ASPL may evaluate possible broader manufacturing strategies, which could include additional Alexza technologies and products, as well as expanded GMP manufacturing.

About the Bio*One Capital $10 Million Equity Investment

Bio*One Capital has committed to purchase 1,250,000 shares of Alexza common stock at a price of $8.00 per share. Subject to certain conditions, Bio*One may receive 135,041 additional shares, which would adjust the effective purchase price to $7.22 per share. In addition, Alexza has committed to initiate and maintain manufacturing operations in Singapore and will issue a warrant to Bio*One to purchase up to $3 million of additional shares of Alexza common stock at a purchase price per share of $8.00, subject to the same price adjustment as the common stock sale. The warrant will become exercisable if and only if Alexza terminates operations in Singapore or does not achieve certain performance milestones.

Conference Call Information

The Company will host an investor conference call to discuss today's announcement on Thursday, March 2
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Alexza Completes $10 Million Equity Financing with Bio*One Capital to Initiate Commercial Manufacturing in...(ast-track the company's commercializatio...)