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Alexza Reports 2011 First Quarter Financial Results and Provides Business Update
Date:5/9/2011

MOUNTAIN VIEW, Calif., May 9, 2011 /PRNewswire/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) today reported financial results for the fiscal quarter ended March 31, 2011, and provided a business update.  The net loss for the quarters ended March 31, 2011 and 2010, as reported in accordance with accounting principles generally accepted in the United States, was $8.4 million and $13.4 million, respectively.  At March 31, 2011, Alexza had consolidated cash, cash equivalents and marketable securities of $31.8 million.  Subsequent to the end of the first quarter, the Company completed a Type-C meeting with the FDA regarding a draft Risk Evaluation and Mitigation Strategy (REMS) program for AZ-004 and completed a registered direct offering with net proceeds of approximately $15.8 million.

"The start of 2011 has been highly productive for Alexza.  The primary emphasis has been our continued work in preparing the AZ-004 NDA for re-submission to the FDA and the AZ-004 MAA for submission to the EMA," said Thomas B. King, President and CEO of Alexza.  "As outlined previously and based on additional guidance received from the FDA, we believe the issues raised in the AZ-004 Complete Response Letter are resolvable and we remain on track to re-file the AZ-004 NDA in late July this year."  

King continued, "In early March, we were approached by investors with the strategic view of strengthening our balance sheet and extending our operating runway.  Our recent capital raise provides Alexza with the operational flexibility to continue our AZ-004 partnering discussions and operate the Company beyond what we believe will be the timing of our new AZ-004 PDUFA date early next year."

Alexza Business Update

The following key events, listed in chronological order, occurred since the beginning of the first quarter of 2011:



  • SOURCE Alexza Pharmaceuticals, Inc.
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