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Alexza Reports 2009 First Quarter Financial Results and Updates Clinical Pipeline Status
Date:5/7/2009

Conference Call Scheduled for Today - Thursday, May 7, 2009 at 5:30 p.m. Eastern Time

MOUNTAIN VIEW, Calif., May 7 /PRNewswire-FirstCall/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) reported today financial results for the quarter ended March 31, 2009, and provided an update on its product candidates. The net loss for the quarter, as reported in accordance with accounting principles generally accepted in the United States (GAAP), was $6.9 million compared to a net loss of $18.4 million in the comparable period in 2008. Alexza had consolidated cash, cash equivalents and marketable securities (including investments held by Symphony Allegro) at March 31, 2009 of $40.7 million.

"During the first four months of 2009, we have continued to keep pace with our AZ-004 (Staccato(R) loxapine) NDA timeline," said Thomas B. King, President and CEO of Alexza. "Our clinical and regulatory plan is on track, as is the continued scale-up of our commercial manufacturing and quality systems processes. We continue to target our AZ-004 NDA submission for the first quarter of 2010."

Financial Results - Periods Ended March 31, 2009 and 2008

GAAP operating expenses were $16.4 million and $19.2 million in the quarters ended March 31, 2009 and 2008, respectively. 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 50 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 appr
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SOURCE Alexza Pharmaceuticals, Inc.
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