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

schizophrenia or bipolar disorder patients.
  • Alexza reacquired the U.S. and Canadian rights for AZ-004 from Biovail Laboratories International SRL (BLS), a wholly-owned subsidiary of Valeant Pharmaceuticals International, Inc.  All AZ-004 rights will revert to Alexza, effective January 16, 2011.

  • "Our top priority is planning for our meeting with the FDA to discuss the CRL, with the goal of establishing a path to obtaining approval for AZ-004.  We expect to meet with the FDA before the end of this year," said Thomas B. King, President and CEO of Alexza.  "Based on the results of the comprehensive clinical development program to date, we continue to believe in the potential for AZ-004 to provide a safe, rapid, and effective treatment option for the approximately 8.1 million patients with schizophrenia or bipolar disorder.  We believe there is a significant market opportunity for this novel therapeutic, and are seeking to partner AZ-004 on a worldwide basis."

    Alexza Financial Results - Periods Ended September 30, 2010 and 2009

    Alexza recorded $744,000 of revenues in the three and nine months ended September 30, 2010, and $9.5 million in the nine months ended September 30, 2009.  The Company recorded no revenues during the three months ended September 30, 2009.  In September 2010, the Company began to recognize revenues related to payments received from Cypress as part of the license agreement signed in August 2010.  In January 2009, Alexza and Endo Pharmaceuticals mutually agreed to terminate their development agreement related to AZ-003 (Staccato fentanyl), at which time Alexza had fulfilled its obligations under the development agreement and recognized the remaining $9.5 million of deferred revenues into revenues.  The Company expects to recognize $40 million of revenues in the fourth quarter of 2010 as a result of the termination of the license and supply agreements between BLS and Alexz
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    SOURCE Alexza Pharmaceuticals, Inc.
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