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

ed development of this product candidate under the now terminated development agreement with Endo Pharmaceuticals, and increased share-based compensation costs. These increases were partially offset by the Company's reduced spending on its AZ-001, AZ-002 and AZ-007 product candidates as the Company focused its efforts on its other product candidates.

In January 2009, the Company announced that it had consolidated its operations, with a primary focus on the continued development of AZ-004 (Staccato loxapine). The restructuring included a workforce reduction of 52 employees, representing approximately 33% of the Company's total workforce. With the reduction in headcount and focus on the development of AZ-004, the Company expects to reduce its expenses by approximately $21.5 million, net of severance costs, for fiscal year 2009, compared to fiscal year 2008, and another reduction of approximately $11.1 million for fiscal year 2010, compared to fiscal year 2009. The Company anticipates that with current cash, cash equivalents and marketable securities along with interest earned thereon, expected payments from Symphony Allegro, the proceeds from option exercises, and purchases of common stock pursuant to its Employee Stock Purchase Plan, the Company will be able to maintain its currently planned operations into the second quarter of 2010. Changing circumstances may cause the Company to consume capital significantly faster or slower than currently anticipated.

On January 1, 2006, Alexza adopted FAS 123R and reports employee share-based compensation expense based on the grant date fair value of the award. Share-based compensation was $1.6 million and $5.4 million in the quarter and year ended December 31, 2008 compared to $1.4 million and $3.4 million in the comparable periods in 2007. Alexza's Consolidated Statements of Operations include the operations of Symphony Allegro, Inc., its variable interest entity. As the Compan
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SOURCE Alexza Pharmaceuticals, Inc.
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Related medicine news :

1. Alexzas Corporate Presentation to be Webcast at the Cowen & Company 29th Annual Health Care Conference
2. Alexza to Announce 2008 Financial Results and Update Its Clinical Pipeline on Tuesday, March 10, 2009
3. Alexza Pharmaceuticals Promotes Peter D. Noymer, PhD to Vice President, Product R&D
4. Alexza Pharmaceuticals Announces Upcoming Conference Participation and Webcasts
5. Alexza Reports 2008 Third Quarter Financial Results and Updates Development of Product Candidates
6. Alexza to Announce 2008 Third Quarter Financial Results and Update Its Clinical Pipeline on Thursday, November 6, 2008
7. Anthony Clarke, PhD Joins Alexza Pharmaceuticals as Vice President, International Development Operations
8. Jeffrey S. Williams Rejoins Alexza Pharmaceuticals as President, Alexza Singapore Pte. Ltd.
9. Carlos A. Parra Joins Alexza Pharmaceuticals as Vice President, Quality
10. Alexzas Corporate Presentation to be Webcast at the Seventh Annual JMP Securities Research Conference and the 2008 Citi Investment Research Global Healthcare Conference
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