Alexza gets $50M investment for R&D

US drugmaker Alexza Pharmaceuticals says it has entered into an agreement with New York-based private equity firm Symphony Capital Partners and a select group of co-investors, under which the latter group will provide $50.0 million to fund ongoing R&D of Alexza's two lead product candidates.

The Palo Alto-headquartered firm explained that the investment will be used to finance the development of AZ-002 (Staccato alprazolam), intended as a treatment for the panic attacks associated with panic disorder, and AZ-004 (Staccato loxapine), which is being assessed as a therapy for acute agitation in schizophrenic patients.

Under the terms of the agreement, Alexza and Symphony have established Symphony Allegro, which will provide funding to accelerate clinical development of the products, which are currently in Phase IIa assessment. In return, Symphony Allegro gains rights to both drugs.