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Edison expands North American healthcare sector coverage with initiation of coverage on Alexza Pharmaceuticals
Date:8/28/2013

LONDON, Aug. 28, 2013 /PRNewswire/ -- Edison has recently published a comprehensive report examining the investment merits of Alexza Pharmaceuticals, which are largely based on the company's lead asset, Adasuve (Staccato loxapine), approved in the US and the EU for the acute treatment of agitation in adults with bipolar disorder or schizophrenia. In the report, All eyes on Adasuve, Edison healthcare analyst, Pooya Hemami, argues that Alexza's investment case is underpinned by Adasuve's ability to provide a rapid therapeutic response in a non-invasive formulation, offering a unique treatment option that does not require physicians to trade off either speed of effect or non-coercive dosing. Given the risk of physical injury or property damage with agitated patients in whom agitation is escalating, and that competing treatment options are either slow to act or invasive, Edison believes the advantages of quick effect and ease of administration will position Adasuve as a key agent for the initial treatment of acute agitation in medical emergency settings. Based on a risk-adjusted NPV analysis, Edison values Alexza at $85m, or $6.77 per share (fully diluted) inclusive of $32m in cash (30 June 2013).

For the full report see: http://www.edisoninvestmentresearch.com/research/company/alexza-pharmaceuticals

The launch of coverage on Alexza Pharmaceuticals is part of a programme of research initiations on healthcare companies worldwide. Edison provides research coverage on more than 130 healthcare companies in Europe, North America and Australia. Edison has pioneered a scientific, detail-oriented approach to analysing companies in the healthcare sector that is delivered in a concise and non-promotional manner. It aims to inform investors, while providing a realistic assessment of the competitive strengths and threats to key drug development programmes. All facts are carefully sourced and the analysis is underpinned by comprehensive and rigorous financial models. Edison's reports provide an overall company valuation without any specific stock recommendation.

All reports published by Edison are available to download free of charge from its website www.edisongroup.com.

About Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support its capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Berlin, Sydney and Wellington. Edison is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:

Pooya Hemami  Edison Investment Research +1 514 475 2384

healthcare@edisongroup.com

About Alexza Pharmaceuticals

Alexza Pharmaceuticals is a US-based company developing products for acute central nervous system disorders using its proprietary Staccato aerosol rapid drug delivery system. Lead product, Adasuve, is approved in the US and EU for acute treatment of agitation in patients with schizophrenia or bipolar disorder. Teva Pharmaceuticals is Alexza's commercial partner for Adasuve in the US, and Grupo Ferrer Internacional, SA is Alexza's commercial partner for the product in Europe, Latin America, Russia and the Commonwealth of Independent States countries.


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