MOUNTAIN VIEW, Calif.,
March 9, 2016 /PRNewswire/ -- Alexza
Pharmaceuticals, Inc. (Nasdaq: ALXA, "Alexza, or the "Company')
announced today that on March 7, 2016
the Nasdaq Listing Qualifications Panel (the "Panel") issued a
determination granting the Company's request for the continued
listing of its common stock on The Nasdaq Capital Market
("Nasdaq"). The Company's continued listing on Nasdaq is
subject to, among other things, the Company evidencing compliance
with the minimum $35 million market
value of listed securities requirement by June 14, 2016. In order to satisfy the
market value of listed securities requirement, the Company must
evidence a market capitalization of at least $35 million for a minimum of 10 consecutive
business days on or before June 14,
2016. Alexza also remains subject to the 180-day
period within which to evidence compliance with the minimum
$1.00 bid price requirement, which
does not expire until July 18, 2016.
The Company is taking definitive steps to timely evidence
compliance with the terms of the Panel's decision; however, there
can be no assurance that it will be able to do so.
About Alexza Pharmaceuticals, Inc.
Alexza Pharmaceuticals is focused on the research, development, and
commercialization of novel, proprietary products for the acute
treatment of central nervous system conditions. Alexza's
products and development pipeline are based on the
Staccato® system, a hand-held inhaler designed to
deliver a pure drug aerosol to the deep lung, providing rapid
systemic delivery and therapeutic onset, in a simple, non-invasive
manner. Active pipeline product candidates include AZ-002
(Staccato alprazolam) for the management of epilepsy in
patients with acute repetitive seizures and AZ-007 (Staccato
zaleplon) for the treatment of patients with middle of the night
insomnia.
ADASUVE® is Alexza's first commercial product and is
currently available in 20 countries. The product is approved
for sale by the U.S. Food and Drug Administration, the European
Commission and in several Latin American countries. Grupo
Ferrer Internacional SA is Alexza's commercial partner for ADASUVE
in Europe, Latin America, the Commonwealth of Independent
States countries, the Middle East
and North Africa countries, Korea,
Philippines and Thailand.
ADASUVE® and Staccato® are registered
trademarks of Alexza Pharmaceuticals, Inc. For more
information about Alexza, the Staccato system technology or
the Company's development programs, please visit
www.alexza.com.
Safe Harbor Statement
This news release contains
forward-looking statements that involve significant risks and
uncertainties. Any statement describing the Company's expectations
or beliefs is a forward-looking statement, as defined in the
Private Securities Litigation Reform Act of 1995, and should be
considered an at-risk statement. Such statements are subject to
certain risks and uncertainties, particularly those inherent in the
process of developing and commercializing drugs, including the
adequacy of the Company's capital to support the Company's
operations, the ability of Alexza and Ferrer to effectively and
profitably commercialize ADASUVE, Alexza's ability to secure a new
U.S. commercial partner for ADASUVE and the terms of any such
partnership, estimated product revenues and royalties associated
with the sale of ADASUVE, and the Company's ability to raise
additional funds and the potential terms of such potential
financings. The Company's forward-looking statements also
involve assumptions that, if they prove incorrect, would cause its
results to differ materially from those expressed or implied by
such forward-looking statements. These and other risks concerning
Alexza's business are described in additional detail in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2014 and the Company's
other Periodic and Current Reports filed with the Securities and
Exchange Commission. Forward-looking statements contained in this
announcement are made as of this date, and the Company undertakes
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE Alexza Pharmaceuticals, Inc.