Alexza Pharmaceuticals, whose lead product, Adasuve Staccato loxapine is under review by the FDA and the EMA, has reported a net loss of $40.5 million for the year ended December 31, 2011. The company also announced that Grupo Ferrer, its partner on Adasuve in Europe and Latin America, has purchased stock in Alexza in lieu of a potential future milestone payment. Grupo Ferrer will get about 2.4 million shares of Alexza common stock for $1.24 per share and may purchase up to an additional $8 million worth of Alexza stock if requested in exchange for additional milestones.
Alexza President and CEO Thomas B. King commented, “We continue to make solid progress on our global commercial strategy for Adasuve. In the past five months, we have established a key commercial partnership with Grupo Ferrer, filed our MAA in Europe and have continued to push the Adasuve NDA through its FDA review.”
The company expressed confidence in its ability to continue at least through the end of the year: “Alexza believes that based on its cash, cash equivalents and marketable securities balance at December 31, 2011, the upfront payment for the Grupo Ferrer agreement received in January 2012, net proceeds of approximately $20.4 million from the recently completed underwritten public offering, the March 2012 amendment of the Ferrer Agreement, and the Company’s current expected cash usage, the Company has sufficient capital resources to meet its anticipated cash needs, at its current cost levels, into the fourth quarter of 2012.”
Read the Alexza press release.
