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news.Alexza Pharmaceuticals, a specialty pharmaceutical company, has announced a workforce reduction of 52 employees, representing approximately 33% of the company's total workforce, as part of its restructuring plans.
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In addition, Alexza and Endo Pharmaceuticals have agreed to mutually terminate their development agreement for AZ-003 (Staccato fentanyl), a product development candidate that has completed Phase I clinical testing. Alexza does not intend to commit additional resources to AZ-003 during 2009.
Alexza expects to reduce its expenses by approximately $21.5 million, net of severance costs, for fiscal year 2009, compared to fiscal year 2008, and approximately $11.1 million for fiscal year 2010, compared to fiscal year 2009.
AZ-004 is Alexza’s lead product candidate, which is in late-stage clinical development for the acute treatment of agitation in patients with schizophrenia or bipolar disorder.
The company has previously announced positive results in both of its two Phase III trials of AZ-004, and expects to submit a new drug application for AZ-004 in early 2010. AZ-004 is being developed through Symphony Allegro, a product development partnership formed between Alexza and Symphony Capital.
Alexza Pharmaceuticals is a pharmaceutical company focused on the development and commercialization of novel products for the treatment of acute and intermittent conditions.