Alexza prices underwritten public offering of 44,000,000 shares of common stock and warrants

Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA), or the Company, today announced that it has priced its previously announced underwritten public offering of 44,000,000 shares of common stock and warrants to purchase 44,000,000 shares of common stock.  The common stock and warrants will be issued separately, but will be sold in combination in the offering, with a warrant to purchase one share of common stock for each share of common stock sold.  The price to the public for each share and related warrant is $0.50, for an aggregate offering amount of approximately $22 million.  The net proceeds to Alexza, after underwriting discounts and commissions and other offering expenses, and assuming the warrants are not exercised, are expected to be approximately $20.4 million.  Alexza plans to use the net proceeds from the sale of securities primarily for general corporate purposes, including regulatory, clinical trial, research and development, general and administrative and manufacturing expenses.

The warrants are exercisable at an exercise price of $0.50 per share beginning one year and one day from the date of issuance and will expire on the fifth anniversary of the date of issuance.  The offering is expected to close on or about February 23, 2012, subject to customary closing conditions.

JMP Securities LLC is acting as the sole book-running manager in the offering.

The common stock and warrants described above are being offered pursuant to a shelf registration statement on Form S-3 previously declared effective by the Securities and Exchange Commission, or the SEC, on May 20, 2010.