Alexza (ALXA) Selling 8.1M Shares At $2.4325 A Share

September 30, 2009 10:04 AM EDT

Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that it has entered into a definitive agreement with various institutional investors to raise $19.7 million in a private placement of its common stock.

Under the terms of the financing, Alexza is expected to sell approximately 8.1 million shares of common stock and warrants to purchase approximately 7.3 million shares of common stock at a total purchase price of $2.4325 per unit.

On September 29, 2009, the closing price for the Company's common stock was $2.32 per share. The investors in this private placement will receive 7-year warrants, exercisable immediately, to purchase 0.9 shares of Alexza Common Stock for each share of common stock purchased. The warrant exercise price is $2.77 per share. Alexza expects to net approximately $19.1 million in the transaction, after deducting offering expenses. RBC Capital Markets acted as the sole placement agent for this offering.

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