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Alexza Secures a $20 Million Committed Equity Financing Facility with Azimuth Opportunity, L.P.
Date:7/23/2012

MOUNTAIN VIEW, Calif., July 23, 2012 /PRNewswire/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that it has obtained a committed equity financing facility under which it may sell up to $20 million of its registered common stock to Azimuth Opportunity, L.P., over an approximately 24-month period.  Alexza is not obligated to utilize any of the $20 million facility and remains free to enter into and consummate other equity and debt financing transactions, subject to certain restrictions.  This facility replaces a similar facility that was established in May 2010 and expired after its 24-month term.  No shares were issued under the previous facility.  

"This flexible financing facility is an important component of our portfolio of financing options, giving us the potential ability to raise capital efficiently by potentially issuing shares in multiple tranches at times of our choosing over the next 24 months," said Thomas B. King, President and CEO of Alexza.  "We believe this facility benefits Alexza and our stockholders, as we continue to plan our transition from a development stage company into the commercialization of Adasuve™ (Staccato® loxapine)."

Alexza will determine, at its sole 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 discount to the volume weighted average price of Alexza's common stock over a preceding period of trading days.  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 Securiti
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SOURCE Alexza Pharmaceuticals, Inc.
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