Exhibit 99.1

 

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NEWS RELEASE - for immediate release

Alexza Reports 2016 First Quarter Financial Results

Mountain View, California, May 11, 2016

/ PRNewswire / — Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA, “Alexza”, or the “Company”) today reported financial results for the quarter ended March 31, 2016. The net loss for the first quarter was $3.4 million compared to $0.4 million during the same quarter in 2015. At March 31, 2016, Alexza had consolidated cash and cash equivalents of $4.5 million.

Alexza believes that, based on its cash and cash equivalent balances at March 31, 2016, the additional $2.3 million drawn in April and May 2016 under the amended and restated note issued May 9, 2016, and the Company’s expected cash usage, it has sufficient capital resources to meet its anticipated cash needs to the end of June 2016. Changing circumstances may cause the Company to consume capital significantly faster or slower than currently anticipated, or to alter the Company’s operations.

Alexza and Grupo Ferrer Internacional, S.A. (“Ferrer”) previously announced that they have entered into a definitive agreement under which Ferrer Pharma Inc., a wholly-owned subsidiary of Ferrer, will acquire Alexza for $0.90 per share in cash. In addition to the upfront cash payment, Alexza stockholders will receive a contingent value rights to receive cash payments in four payment categories if specified milestones are achieved following the closing. The transaction is expected to close in the second quarter of 2016 and is subject to customary closing conditions.

Financial Results - Periods Ended March 31, 2016 and 2015

Alexza recorded revenues of $0.7 million in each of the quarters ended March 31, 2016 and 2015. Revenues consist of product sale from units of ADASUVE sold to Teva Pharmaceuticals USA, Inc. (“Teva”) and Ferrer, the amortization of the upfront payments received from Ferrer and royalty revenues from Teva for U.S. sales. Revenues for the quarter ended March 31, 2016 and 2015 were as follows (in thousands):

 

     Three Months Ended  
     March 31,  
     2016      2015  

Product revenue

   $  —         $ 87   

Amortization of upfront payments

     712         613   

Royalty Revenue

     8         5   
  

 

 

    

 

 

 

Total revenue

   $  720       $ 705   
  

 

 

    

 

 

 

GAAP operating expenses were $5.8 million in the quarter ended March 31, 2016 and $13.7 million in the same period in 2015.

 

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The following information was filed by Alexza Pharmaceuticals Inc. (ALXA) on Wednesday, May 11, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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