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Alexza Secures $25 Million Committed Equity Financing Facility With Azimuth Opportunity, Ltd.
Date:5/26/2010

MOUNTAIN VIEW, Calif., May 26 /PRNewswire-FirstCall/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that it has obtained a committed equity financing facility under which it may sell up to $25 million of its registered common stock to Azimuth Opportunity, Ltd. over a 24-month period.  Alexza is not obligated to utilize any of the $25 million facility and remains free to enter into and consummate other equity and debt financing transactions.  This facility replaces a similar facility that was established in March 2008 and expired after its 24-month term.  

"This flexible financing facility is an important component of our portfolio of financing options, giving us the potential ability to raise capital quickly, at a competitive cost, and it may allow us to manage dilution more effectively by issuing shares in multiple tranches at times of our choosing over the next 24 months," said August J. Moretti, Senior Vice President and Chief Financial Officer of Alexza.  "We believe these advantages could benefit Alexza and our stockholders as we continue to transition from the development stage to commercialization."

"This is an exciting time for Alexza.  As our October 11, 2010 PDUFA goal date approaches, we continue to scale-up our commercial manufacturing, and we are working with Biovail for the expected launch of our lead program AZ-004 (Staccato® loxapine) in Q1 2011," said Thomas B. King, President and CEO of Alexza.    

Alexza will determine, at its sole
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SOURCE Alexza Pharmaceuticals, Inc.
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