Friday, June 22, 2012

Alexza (Nasdaq: ALXA) resubmits drug application, shares soar

Alexza (Nasdaq: ALXA) resubmits drug application, shares soarAtlanta, GA 6/22/12 (StreetBeat) -- Alexza Pharmaceuticals Inc (Nasdaq: ALXA) said it resubmitted the approval application for its drug to calm patients with schizophrenia or bipolar disorder, sending its shares up as much as 47 percent.

The company said it was awaiting the U.S. health regulators' decision on a potential review date for Adasuve.

Typically, the U.S. Food and Drug Administration classifies a resubmission as a class 1 or class 2 response, signifying a review time of 2 months and 6 months, respectively.

Early last month, the FDA declined approval to Adasuve, for the second time, saying it found certain deficiencies at the company's Mountain View, California manufacturing facility during an inspection.

The company's shares were at $4.10 in morning trade on the Nasdaq.

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