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Alexza Pharmaceuticals Reports 2010 Third Quarter Financial Results and Provides Business Update
Date:11/9/2010

MOUNTAIN VIEW, Calif., Nov. 9, 2010 /PRNewswire-FirstCall/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) today reported financial results for the quarter ended September 30, 2010 and provided a business update.  The net loss for the three and nine months ended September 30, 2010, as reported in accordance with accounting principles generally accepted in the United States (GAAP), was $0.6 million and $26.9 million, respectively, compared to a net loss of $12.4 million and $36.3 million in the comparable periods in 2009.  At September 30, 2010, Alexza had consolidated cash, cash equivalents and marketable securities of $52.7 million.

Alexza Business Updates

The following key events, listed in chronological order, occurred since the beginning of the third quarter of 2010:

  • Joseph L. Turner joined the Alexza Board of Directors and was elected to serve as Chair of the Board's Audit and Ethics Committee.
  • Alexza raised approximately $16.4 million in net proceeds in a registered direct offering through the sale of common stock and warrants, with the transaction closing in early August.
  • Darl Moreland joined Alexza as its Vice President, Quality.
  • Alexza licensed its Staccato® nicotine technology to Cypress Bioscience, Inc. (Cypress).  The Staccato nicotine technology is a novel electronic multi-dose delivery system designed to help people stop smoking, and is in pre-clinical development.
  • The U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) regarding the Company's New Drug Application (NDA) for AZ-004 (Staccato loxapine).  A CRL is issued by FDA's Center for Drug Evaluation and Research indicating that the NDA review cycle is complete and the application is not ready for approval in its present form.  AZ-004 is being developed for the rapid treatment of agitation in
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  • SOURCE Alexza Pharmaceuticals, Inc.
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