Alexza Reports 2008 First Quarter Financial Results and Updates Development of Product ...( MOUNTAIN VIEW Calif. May 12 /- Al...)

MOUNTAIN VIEW, Calif., May 12 /PRNewswire-FirstCall/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) reported today financial results for its fiscal quarter ended March 31, 2008 and provided an update on the Company's progress with its product candidates. The net loss for the 2008 first fiscal quarter, as reported in accordance with accounting principles generally accepted in the United States (GAAP), was $14.6 million, compared to a net loss of $10.9 million in the comparable period in 2007. Alexza had consolidated cash, cash equivalents and marketable securities (including investments held by Symphony Allegro) at March 31, 2008 of $111.7 million.

"The first four months of 2008 have been very productive for Alexza, as we have continued to make progress on all of our product candidates. Importantly, we initiated our first pivotal Phase 3 trial with AZ-004 (Staccato(R) loxapine)," said Thomas B King, President and CEO of Alexza. "We have a comprehensive plan in place to collect the data and other supporting information we will need to submit an NDA for AZ-004. We plan to initiate our second AZ-004 Phase 3 clinical trial in the third quarter of 2008."

Financial Results -- Three Months Ended March 31, 2008 and 2007

GAAP operating expenses were $19.2 million in the first quarter of 2008, compared to $13.8 million for the comparable period in 2007. The first quarter increase resulted from increased spending on AZ-004 and AZ-104 as the Company continued development of these product candidates under the Symphony Allegro agreement, increased spending on AZ-003 with continued development of this product candidate under the development agreement with Endo Pharmaceuticals, increased spending for device development and manufacturi
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