Seeking Alpha

Alexza raises $45M

  • Alexza Pharmaceuticals (ALXA) closes $45M non-recourse notes in a private placement. Interest rate is 12.25%/year beginning June 15.
  • Debt secured by royalties and potential milestones from U.S. sales of ADASUVE by partner Teva Pharmaceuticals.
  • Royalty payments are tiered based on net commercial sales. Milestone payments are based on the successful completion of ADASUVE post-approval studies and the achievement of net sales targets.
  • Consensus Alexza revenue estimates for 2014 and 2015 are $11.7M and $34.9M, respectively.
  • 27 mutual funds have positions, up from 22 a year earlier.
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