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

discretion, the timing, the dollar amount and the floor price per share of each draw under this facility, subject to certain conditions.  When and if Alexza elects to use the facility, Alexza will issue shares to Azimuth at a small discount to the volume weighted average price of Alexza's common stock over a preceding period of trading days.  Reedland Capital Partners, an Institutional Division of Financial West Group, Member FINRA/SIPC, will act as placement agent and receive a fee for its services at the time of any draw under the facility.  Any shares sold under this facility will be sold pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on May 20, 2010.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

About Alexza Pharmaceuticals, Inc.

Alexza Pharmaceuticals is a pharmaceutical company focused on the research, development and commercialization of novel, proprietary products for the acute treatment of central nervous system conditions.  Alexza's technology, the Staccato system, vaporizes unformulated drug to form a condensation aerosol that, when inhaled, allows for rapid systemic drug delivery through deep lung inhalation.  The drug is quickly absorbed through the lungs into the bloodstream, providing speed of therapeutic onset that is comparable to intravenous administration, but with greater ease, patient comfort and convenience.  

AZ-004 (Staccato loxapine) is Alexza's lead program and is being developed for the rapid treatment of agitation i
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SOURCE Alexza Pharmaceuticals, Inc.
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3. Alexza Pharmaceuticals Files Shelf Registration Statement
4. Alexza to Announce 2010 First Quarter Financial Results on Monday, May 10, 2010
5. Alexza Reports 2009 Fourth Quarter and Full Year Financial Results and Provides General Corporate Update
6. Alexza Pharmaceuticals Promotes Mark K. Oki to Vice President, Finance and Controller
7. Alexza Pharmaceuticals to Host 2010 Investor/Analyst Day on Thursday, February 18, 2010
8. Alexza Announces AZ-004 (Staccato(R) Loxapine) PDUFA Goal Date of October 11, 2010
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10. Alexza Pharmaceuticals to Present at the 21st Annual Piper Jaffray Health Care Conference
11. Alexza to Announce 2009 Third Quarter Financial Results and Update Its AZ-004 NDA Status on Monday, November 9, 2009
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