MOUNTAIN VIEW, Calif., March 31 /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 $50
million of its registered common stock to Azimuth Opportunity, Ltd. over a
24-month period. Alexza is not obligated to utilize any of the $50 million
facility and remains free to enter into and consummate other equity and
debt financing transactions.
"This flexible financing facility is an important addition to our
portfolio of financing options, giving us the ability to raise capital
quickly and at a competitive cost, and potentially 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 execute our business
plan. This equity line of credit, in addition to our existing capital
resources, now gives us the ability to support operations through the end
of the first quarter of 2010."
"In addition to starting our first Phase 3 study with AZ-004
(Staccato(R) loxapine), this transitional year in our history includes
moving into the early commercial planning for the manufacturing, regulatory
submissions, and potential sales and marketing of AZ-004," said Thomas B.
King, President and CEO of Alexza. "We expect our first AZ-004 Phase 3
clinical trial to take approximately 12 months to enroll, so we anticipate
the top line data from this study could be available in Q2 2009"
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 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 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
April 16, 2007.
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
Alexza Pharmaceuticals is an emerging specialty pharmaceutical company
focused on the development and commercialization of novel, proprietary
products for the treatment of acute and intermittent conditions. The
Company's technology, the Staccato system, vaporizes unformulated drug to
form a condensation aerosol that allows 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.
Alexza has six product candidates in clinical development. Alexza's
lead program, AZ-004 (Staccato loxapine) for the treatment of acute
agitation in schizophrenic or bipolar disorder patients, is in Phase 3
testing. AZ-001 (Staccato prochlorperazine) for the acute treatment of
migraine headaches has completed Phase 2 testing. AZ-104 (Staccato
loxapine) for the acute treatment of migraine headaches and AZ-002
(Staccato alprazolam) for the acute treatment of panic attacks associated
with panic disorder are in Phase 2 testing. Product candidates in Phase 1
testing include AZ-003 (Staccato fentanyl) for the treatment of
breakthrough pain, which is partnered with Endo Pharmaceuticals in North
America, and AZ-007 (Staccato zaleplon) for the treatment of insomnia. More
information, including this and past press releases from Alexza is
available online at http://www.alexza.com.
Safe Harbor Statement
The anticipated conference call will contain forward-looking statements
that involve significant risks and uncertainties. Any statement describing
the Company's expectations or beliefs is a forward-looking statement, as
defined in the Private Securities Litigation Reform Act of 1995, and should
be considered an at-risk statement. Such statements are subject to certain
risks and uncertainties, particularly those inherent in the process of
developing and commercializing drugs. The Company's forward-looking
statements also involve assumptions that, if they prove incorrect, would
cause its results to differ materially from those expressed or implied by
such forward-looking statements. These and other risks concerning Alexza's
business are described in additional detail in the Company's Annual Report
on Form 10-K for the year ended December 31, 2007, and the Company's other
Periodic and Current Reports filed with the Securities and Exchange
Commission, including the risks under the headings: "We expect to continue
to incur substantial and increasing net losses for the foreseeable future,
and we may never achieve or maintain profitability." and "We will need
substantial additional capital in the future. If additional capital is not
available, we will have to delay, reduce or cease operations."
Forward-looking statements contained in this announcement are made as of
this date, and we undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
See Also
- Benda Pharmaceutical Reports Fourth Quarter and Full Year 2007 Financial Results
- MINRAD International, Inc. Announces 2007 Financial Results
- PPD Names Mike Wilkinson Executive Vice President of Global Clinical Development
- Liberty Screening Services Hires Top Executive to Meet Explosive Demand for its Background-Screening Services
Via: Healthcare
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