This is the second update to the Alexza Pharmaceuticals summary
threads. Included in this update is (1) a new section detailing
Alexza's other product candidates, (2) breaking one section into a
'Quick Stats' section, (3) posting some additional information about
the NDA filing and (4) including some general additions to all of the
other sections.

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And with all of that said, lets get to the actual summary below:

(PART ONE - ALXA QUICK STATS)

Alexza Pharmaceuticals is traded on the Nasdaq Global Market under the
stock ticker symbol ALXA. As of May 21, 2010, Alexza has 52,882,000
shares outstanding. Alexza has a drug, AZ-004 (Staccato Loxapine), up
for FDA approval. The Prescription Drug User Fee Act (PDUFA) date for
this New Drug Application (NDA) is set by the FDA for October 11,
2010.

(PART TWO - SUMMARY OF AZ-004: ITS NDA FILING)

The AZ-004 NDA is a combination drug-device NDA (meaning that both
drug and device will be up for approval-consideration together using
the same New Drug Application). AZ-004 is the combination of the
Staccato System (the device) and Loxapine (the drug). Since 2005 when
AZ-004's Investigational New Drug (IND) application was filed, AZ-004
has a 1,600 patient NDA database from 13 clinical trials. And since
Alexza's first IND filing in 2004, the Staccato System device has
about 3,000 administrations during all of its clinical trials.

AZ-004's NDA is a 505(b)(2) application. A 505(b)(2) is a type of
application that allows the drug sponsor (Alexza) to rely on the FDA's
findings of safety and/or effectiveness for a previously approved
drug. Loxapine, the drug in AZ-004 (Staccato Loxapine), is already
approved by the FDA. Loxapine, as an FDA approved drug, has already
been found to be safe and effective. Because of this, a 505(b)(2)
application is generally as easier pathway toward FDA approval.

AZ-004 showed very strong and positive Phase 3 data from two pivotal
studies for schizophrenia and bipolar disorder; 658 patients enrolled
in two Phase 3 trials. Both Phase 3 trials met their primary and
secondary endpoints. Rapid onset was established in both Phase 3 trial
patient populations. Both Phase three trials showed a very strong
safety profile in which the drug was well tolerated in patients.

(PART THREE - SUMMARY OF AZ-004: ITS PURPOSE)

AZ-004 targets the 22 billion dollar worldwide antipsychotic market
(15 billion dollars in the United States alone). AZ-004 is indicated
for the rapid treatment of agitation associated with schizophrenia or
bipolar disorder. There are 2.4 million schizophrenia patients and 5.7
million bipolar disorder patients in the United States; agitation is a
common and severe symptom of both diseases. AZ-004 has a possible $300
to 500 million dollar market for the bipolar and schizophrenia
population in just the United States.

Acute agitation, characterized by unpleasant arousal, tension,
irritability, hostility, aggression and violence is one of the most
common and severe symptoms of many major psychiatric disorders,
including schizophrenia and bipolar disorder. AZ-004 meets and
fulfills an unmet medical need. Generally disease treatment is for the
disease directly, not the agitation symptoms. Agitation is the
continuation and escalation of a disease that has not been focused on
until now with AZ-004.

According to the National Institute of Mental Health (NIMH), bipolar
disorder affects about 5.7 million American adults while schizophrenia
afflicts about 2.4 million people in the United States. Market
research among physicians and health-care providers indicates that
over 90% of these patients will experience agitation during their
lifetime and that about 70% of those who experience agitation will
have one to six episodes per year. Research studies with schizophrenia
patient caregivers and bipolar patients indicate these patients
currently experience an average of 11 to 12 episodes of acute
agitation each year. Of which, research indicates that approximately
50% of treated acute agitation episodes are treated in emergency
settings, another approximately 35% of the treated agitation episodes
suffered by schizophrenic and bipolar patients are treated in an
inpatient setting (hospital and long-term residential settings), and
approximately 15% are treated in a physician's office.

Agitation episodes are currently treated about 55% of the time with
oral antipsychotics and about 45% of the time with intra-muscular, or
IM, injections. Oral medications work relatively slowly but are easy
to administer, painless and are less threatening to patients. IM
injections have a faster onset of action and a higher predictability
of drug effect, but because they are invasive, IM injections are
usually the treatment option of last-resort. Currently, no non-
invasive therapies are available that work faster than 30 minutes to
help agitated patients in need of treatment. This is where AZ-004
comes into play. AZ-004 is an easy to administer and painless way to
administer relief using an incredibly fast method.

(PART FOUR - SUMMARY OF THE STACCATO SYSTEM: ITS ADVANTAGES AND HOW IT
WORKS)

Alexza has developed AZ-004 to offer an acute agitation treatment
option that provides a fast onset of effect, that is noninvasive and
safer to administer than injections, and that allows patients to be
active participants in choosing acceptable treatment options. They
achieve this through the Staccato System.

AZ-004 is a combination drug and device. It used Alexza's proprietary
technology, the Staccato System. The Staccato System device 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.

The Staccato System is used to deliver the drug Loxapine into the
patient's lungs. This process works due to the heating element
contained within the Staccato System inhalers. The heating element is
coated with a thin layer of Loxapine. Before use, the patient triggers
the heating element, which vaporizes the Loxapine, allowing the
patient to inhale it. The Loxapine is then rapidly absorbed through
the lungs at a rate typically faster than oral and intravenous
mediations. Exactly the same dose with each use of the Staccato System
device; not seen with other inhalation technology. There are no
additives when it comes to the Staccato device. Everything that goes
into the lungs is the pure drug and nothing else (good from a safety
perspective).

The device has the potential to change the treatment practices for
acute agitation. AZ-004 meets the American Association for Emergency
Psychiatry (AAEP) Treatment Guidelines for speed, predictability of
onset and patient friendly ease of administration. AZ-004 advantages
allows doctors, nurses and caregivers to being able to quickly,
comfortably, easily and reliably calm down agitated patients.

Clinical trial data indicate that Alexza’s unique Staccato technology
generates consistent distribution of aerosolized drug particles of 1
to 5 microns (the ideal size for absorption in deep lung tissue),
providing peak plasma concentrations as quickly as an intravenous
injection and rapid onset of therapeutic relief.

In addition to Loxapine, the Staccato System device has been tested
with over 200 FDA-approved that have the ability to be used in such a
manner with the Staccato System. Currently ALXA is engaging in
clinical trials with 5 additional drugs; two of which have completed
Phase 2 trials, one currently in Phase 2 trial right now and two more
which have finished Phase 1 trials. These 5 additional drugs include
treatment for migraine headaches, breakthrough pain, acute pain
attacks, and insomnia. Since the filing of its first IND in 2004,
Alexza has dosed more than 2,600 patient subjects have been
administered about 3,000 times and with the Staccato device in 22
different clinical trials under six different INDs for Staccato-based
product candidates.

(PART FIVE - PHASE 3 STUDY FOR SCHIZOPHRENIA AND PHASE 3 STUDY FOR
BIPOLAR DISORDER)

Alexza Pharmaceuticals successfully completed two separate Phase 3
trials for AZ-004: a 344-patient trial for schizophrenia and a 314-
patient trial for bipolar disorder. In total, the AZ-004 NDA contains
efficacy and safety data from more than 1,600 patients and subjects
who have been studied in 13 different clinical trials. Both trials met
primary and key secondary endpoints. The company submitted an NDA on
December 11, 2009 and was accepted by the FDA on February 11, 2010.
The FDA has set the Prescription Drug User Fee Act (PDUFA) goal date
for October 11, 2010.

In September of 2008, ALXA announced positive results from the first
Phase 3 clinical trial of AZ-004 in schizophrenic patients with acute
agitation. This Phase 3 clinical trial was an in-clinic, multi-center,
randomized, double-blind, placebo-controlled study and tested AZ-004
at two dose levels, 5 mg and 10 mg. It enrolled 344 schizophrenic
patients with acute agitation at 24 U.S. clinical centers.

In December of 2008, ALXA announced positive results from the second
Phase 3 clinical trial of AZ-004 in bipolar disorder patients with
acute agitation. As with the previous clinical trial for schizophrenic
patients, this Phase 3 clinical trial for bipolar disorder patients
was also an in-clinic, multi-center, randomized, double-blind, placebo-
controlled study and tested AZ-004 at two dose levels, 5 mg and 10 mg.
It enrolled 314 acutely-agitated patients with bipolar disorder at 17
U.S. clinical centers.

The results of both clinical trials for schizophrenia and bipolar
disorder showed very positive results. Both doses of AZ-004 (5 and 10
mg) met the primary and key secondary endpoints of the studies, with
highly statistically significant reductions in agitation, as compared
to placebo. The primary endpoint was reduction in agitation as
measured by the PEC at 2 hours. The key secondary endpoint was
reduction in agitation as measured by the CGI-I at 2 hours.
Additionally, the 10 mg dose of AZ-004 exhibited a rapid onset of
effect, with statistically significant reductions in agitation at 10
minutes post-dose, the first time point measured. The reduction of
agitation was sustained through the 24-hour study period. The 10 mg
dose sustained this statistically significant improvement at all
measurement time points throughout the 24-hour study period, compared
to placebo. In both studies, the administration of AZ-004 was
generally safe and well tolerated. In 2009, Alexza initiated and
completed five non-pivotal safety and NDA-supporting studies for
AZ-004. Alexza believes these data, along with data from the other
efficacy and safety trials conducted with AZ-004, adequately
demonstrate the efficacy and safety of AZ-004 for the proposed
indication.

(PART SIX - THE COMPANY FINANCES)

During Alexza's most recent earnings release and conference call on
May 11, 2010, Alexza announced that they currently have enough money
to fund their planned operations through the second quarter of 2011.
If milestones are met under the Biovail Corporation deal, they will
have enough money to fund their operations into 2012. As of March 31,
2010, ALXA has 40 million dollars in consolidated cash, cash
equivalents and marketable securities. On May 5, 2010, ALXA executed a
15 million dollar loan with Hercules Technology Growth Capital. ALXA
is also eligible for up to 90 million dollars in milestones payments
from Biovail Laboratories, explained below.

Alexza Pharmaceuticals partnered with Biovail Corporation, Canada's
single largest pharmaceutical company, operating internationally in
all aspects of pharmaceutical products. In February 2010, Alexza
established a collaboration with Biovail Laboratories International
SRL, a subsidiary of Biovail Corporation, to develop and commercialize
AZ-004 in the U.S. and Canada. Under the terms of the collaboration,
Alexza is entitled to receive an upfront cash payment of $40 million,
up to $90 million in potential milestone payments contingent on the
successful approval of the AZ-004 NDA and other milestones.

(PART SEVEN - COMPANY EXECUTIVES)

Alexza Pharmaceuticals President and CEO, Thomas B. King, has over 16-
years of experience working in the pharmaceutical industry. He has
been President and CEO of Alexza Pharmaceuticals since 2003 (being
with the company ever since its IND filing in 2004). Before he joined
Alexza Pharmaceuticals, Mr. King served as President, Chief Executive
Officer and a member of the board of directors of Cognetix, Inc., a
biopharmaceutical development company. In addition, from January 1994
to February 2001, Mr. King held various senior executive positions at
Anesta Corporation, a publicly-traded pharmaceutical company,
including President and Chief Executive Officer from January 1997 to
October 2000, and was a member of the board of directors until it was
acquired by Cephalon, Inc., a publicly-traded biopharmaceutical
company. Mr. King is a member of the board of directors of Achaogen,
Inc., a privately-held biotechnology company.

Alexza Pharmaceuticals CFO August J. Moretti has served as ALXA's
Senior Vice President and Chief Financial Officer since February 2005
and as their Secretary since December 2005. From August 2004 to
February 2005, Mr. Moretti was their part time Chief Financial
Officer. From January 2001 to January 2005, Mr. Moretti served as
Chief Financial Officer and General Counsel at Alavita, Inc. (formerly
known as SurroMed, Inc.), a biotechnology company. From January 1982
to December 2000, Mr. Moretti was a member of Heller Ehrman White &
McAuliffe LLP, an international law firm.

(PART EIGHT - OTHER COMPANY BUSINESS)

Alexza is able to manufacture 7 million units of AZ-004 a year at
their facility in Mountain View, California. ALXA is expected to begin
purchasing manufacturing components and raw materials for AZ-004 in a
few months (using their recent load with Hercules for this).

Alexza seeking to maximize the value of AZ-004 by looking to license
AZ-004 outside or North America. The company is currently engages in
ongoing discussion with multiple parties in order to sell AZ-004 in
Europe. They are planning to file AZ-004 for approval in Europe and
hope to do by in early 2011 and have a meeting already scheduled with
the European authorities during early 2011. Alexza has previously had
several meetings with the European authorities about both the Staccato
System device and AZ-004 specifically.

In additional to Alexza's current 6 product candidates currently with
INDs and clinical trials, there are 5 other compounds that haven't
been publicly announced that are viable for use of the Staccato
System, which Alexza is currently eventuating (along with other
compounds).

ALXA is looking to put other product candidates of theirs back into
development. They plan to advance at least one product candidate this
year.

(PART NINE - ALEXZA'S OTHER PRODUCT CANDIDATES)

Alexza has 5 other product candidates that have completed some level
of clinical trials. These product candidates are AZ-001 (Staccato
Prochlorperazine), AZ-104 (Staccato Loxapine; used for migraine
headaches), AZ-002 (Staccato Alprazolam), AZ-003 (Staccato Fentanyl)
and AZ-007 (Staccato Zaleplon). Alexza has completed an end-of-Phase 2
meeting with the FDA for AZ-001 (Staccato Prochlorperazine) and has
completed two Phase 2 studies with AZ-104 (Staccato Loxapine, low-
dose). Both product candidates are being developed for the acute
treatment of migraine headache. AZ-002 (Staccato Alprazolam) has
completed Phase 1 testing and one Phase 2a proof-of-concept clinical
trial.  Product candidates that have completed Phase 1 testing are
AZ-003 (Staccato Fentanyl) for the treatment of breakthrough pain, and
AZ-007 (Staccato Zaleplon) for the treatment of insomnia.

Out of five other product candidate, in my opinion it seems AZ-001
(Staccato Prochlorperazine) is a likely choice to be advanced next
back into development. As of now, AZ-001 is currently not in engaged
in any clinical trials or development. Presently, Alexza is
concentrating all of its efforts on obtaining AZ-004 approved. During
their Q1 2010 conference call however, Alexza said they expect to
begin advancing development of at least one (possibly more) of their
other product candidate within the second half of this year. In my
opinion, AZ-001 seems a likely choice to be the next product candidate
they resume working on.

AZ-001 is intended indication is for migraine headaches. According to
the National Headache Foundation, migraines affect 29.5 million
Americans. Acute migraine headaches occur often, with more than 50% of
migraine sufferers having one to four migraines a month. Alexza
believes that, based on market research conducted with migraine
sufferers, many migraine patients desire to find faster-acting and
more predictable therapies for the treatment of their migraine
headaches.

On March 28th, 2007 Alexza Pharmaceuticals announced positive results
from its 400-patient Phase II clinical trial of AZ-004. The AZ-001
Phase IIb clinical trial was an outpatient, multi-center, randomized,
double blind, placebo-controlled study. The study was designed to
evaluate the treatment of a single migraine attack in each of 400
migraine patients, with and without aura. All three does of AZ-001 met
the primary endpoint of 2-hour pain-relief. AZ-001 also met other
efficacy endpoints exhibiting rapid onset of pain relief and achieving
the ability of remaining pain-free for up to 24-hours. With the
highest doses showing a significant pain-relief response within 15-
minutes and all three doses showing a significant pain-relief response
within 30-minutes.

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