Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) today announced that it has entered into definitive agreements with a select group of institutional investors to raise approximately $18.0 million in gross proceeds in a registered direct offering through the sale of common stock and warrants. The Company agreed to sell a total of 6,685,183 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.5 of a share of common stock, at a purchase price of $2.70 per unit. The warrants will be exercisable six months after issuance at $3.30 per share and will expire five years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately.
Alexza estimates that net proceeds from the offering will be approximately $16.4 million, after deducting placement agents' commissions and estimated offering expenses. The Company intends to use the net proceeds from the sale of the securities primarily for general corporate purposes, including clinical trial, research and development, general and administrative and manufacturing expenses.
RBC Capital Markets Corporation is acting as the sole lead placement agent and JMP Securities LLC is acting as co-agent in this offering.
The securities described above are being offered pursuant to a registration statement on Form S3 previously declared effective by the Securities and Exchange Commission on May 20, 2010. The transaction is expected to close on or about August 10, 2010, subject to customary closing conditions.
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