Days after an FDA committee recommended approval of its lead product, Adasuve inhaled loxapine for the treatment of agitation in schizophrenia or bipolar disorder, Alexza Pharmaceuticals has announced that it is “exploring strategic options to enhance stockholder value” and has issued 60-day layoff notices to all of its employees in accordance with California law.
In addition to the layoffs, Alexza says that it is considering selling corporate assets or entering into “a strategic business combination, partnership or other transactions.” The company has hired Lazard to assist with a review of the options as it focuses its efforts on approval of Adasuve.
Alexza has four other inhaled drugs in its pipeline: fentanyl, alprazolam, zaleplon, and nicotine. The company’s Staccato inhaler, which is being developed in both single- and multi-dose versions, creates an aerosol by using heat to vaporize the drug.
Read the Alexza press release.
