Alexza, Ferrer sales and marketing update

Alexza said partner Grupo Ferrer launched Adasuve Staccato loxapine in Germany for the rapid control of mild to moderate agitation in adults with schizophrenia or bipolar disorder. The launch, which is the first in Europe, triggered a $1.3 million milestone payment to Alexza under an amended October 2011 deal that granted Grupo Ferrer exclusive rights to commercialize Adasuve in Europe, Latin America and the Commonwealth of Independent States (CIS). The milestone is the first under the amended deal. Under the original deal, Alexza was eligible for up to $51 million in milestones; however, a milestone payment related to an MAA submission was eliminated in exchange for Grupo Ferrer purchasing about $3 million worth of Alexza shares. Grupo Ferrer plans to launch the product - loxapine delivered by the Staccato system inhaler - in additional EU countries by year end (see BioCentury, Oct. 10, 2011 & March 12, 2012). ...