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Alexza Reports 2008 Year-End Financial Results and Updates Clinical Pipeline Status
Date:3/10/2009

Conference Call Scheduled for Today - Tuesday, March 10, 2009 at 4:30 p.m. Eastern Time

MOUNTAIN VIEW, Calif., March 10 /PRNewswire-FirstCall/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) reported today financial results for the fourth quarter and year ended December 31, 2008, and provided an update on its product development candidates. The net loss for the quarter and year ended December 31, 2008, as reported in accordance with accounting principles generally accepted in the United States (GAAP), was $15.0 million and $58.5 million, respectively, compared to a net loss of $13.2 million and $45.1 million in the comparable periods in 2007. Alexza had consolidated cash, cash equivalents and marketable securities (including investments held by Symphony Allegro) at December 31, 2008 of $58.9 million.

"In 2008, we made outstanding progress with AZ-004 (Staccato(R) loxapine), our lead program," said Thomas B. King, President and CEO of Alexza. "During the year, we initiated, fully enrolled and announced positive results in two Phase 3 clinical trials. This rapid progress has allowed us to be in the position to target an NDA filing for AZ-004 in early 2010. A majority of our focus and effort in 2009 will be on completing the balance of our NDA clinical program and finalizing the commercial manufacturing processes for AZ-004."

Financial Results - Periods Ended December 31, 2008 and 2007

GAAP operating expenses were $18.4 million and $79.2 million in the quarter and year ended December 31, 2008, compared to $17.4 million and $60.5 million for the comparable periods in 2007. The increases resulted primarily 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 continu
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