PALO ALTO, Calif., Jan. 6 /PRNewswire/ -- Alexza Molecular Delivery Corporation today announced the completion of a $52 million private equity financing through the issuance of Series D Preferred Shares. Alloy Ventures and Delphi Ventures co-led the financing.
New investors in the round included Abingworth Bioventures, MDS Capital, Pacific Rim Ventures, T. Rowe Price and WestRiver Capital. The Company's previous investors participating in this financing included Dr. Alejandro Zaffaroni, Frazier Healthcare, Versant Ventures, 5AM Ventures, Burrill & Co., CMEA Ventures, New Enterprise Associates and clients of the Zesiger Capital Group. In conjunction with this financing, Deepa Pakianathan, PhD (Delphi Ventures) and Leighton Read, MD (Alloy Ventures) will be joining the Alexza Board of Directors. Montgomery & Co., LLC served as the exclusive placement agent for the Company.
"This round of financing allows us to aggressively accelerate the development of our product candidate portfolio and further expand our technology base," said Thomas B. King, President and CEO. "Our goal is to have four product candidates in the clinic by the end of 2005. The strong support of our new and existing investors is a credit to what we have accomplished and where we are headed."
Alexza was co-founded by biotechnology and drug delivery pioneer, Dr. Alejandro Zaffaroni. Alexza is a development-stage company that is internally developing its own products using the Company's core delivery platform, the Staccato(TM) technology. This Staccato technology enables the rapid onset of therapeutic effect of many small molecule drugs as well as patient self-titration to the lowest effective dose to better treat acute and intermittent conditions. The Company recently completed its first Phase I clinical study with AZ-001, its lead product candidate. The Company has three additional product candidates in development, targeting initial clinical studies for each during 2005.
Alexza Molecular Delivery Corporation
CONTACT: Thomas B. King, President & CEO of Alexza Molecular DeliveryCorporation, +1-650-687-3900, or email@example.com