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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