Alexza receives notification letter regarding noncompliance with NASDAQ listing rule

Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that on December 17, 2015, the Company received a letter from the Nasdaq Staff indicating that the Company had not regained compliance with the $35 million market capitalization requirement for continued listing on The Nasdaq Capital Market by the end of the previously granted compliance period, which expired on December 16, 2015.

As a result, the Company would be subject to delisting unless it timely requests a hearing before a Nasdaq Listing Qualifications Panel (the "Panel"). Based on the foregoing, the Company intends to timely request a hearing before the Panel at which it will present its plan of compliance and request a further extension of time. The Panel has the discretion to grant the Company up to an additional 180 calendar days from December 17, 2015 to regain compliance. This request will automatically stay any delisting or suspension action pending the issuance of a final decision by the Panel and the expiration of any further extension granted by the Panel. There can be no assurance that the Panel will ultimately grant an extension of the compliance period.