Alexza Seeks $19.7 Million in Private Placement

Mountain View, California — Alexza Pharmaceuticals, Inc. announced that it has entered into a definitive agreement with various institutional investors to raise $19.7 million in a private placement of its common stock. Under the terms of the financing, Alexza is expected to sell approximately 8.1 million shares of common stock and warrants to purchase approximately 7.3 million shares of common stock at a total purchase price of $2.4325 per unit.

The investors in this private placement will receive 7-year warrants, exercisable immediately, to purchase 0.9 shares of Alexza Common Stock for each share of common stock purchased. The warrant exercise price is $2.77 per share. Alexza expects to net approximately $19.1 million in the transaction, after deducting offering expenses. RBC Capital Markets acted as the sole placement agent for this offering.

The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Alexza has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of Alexza Common Stock issued in this private placement and the shares of Alexza Common Stock issuable upon exercise of the warrants issued in this private placement.

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.

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