Alexza Pharmaceuticals greenshoe exercised in full, upping IPO to $50.6 million

By Jennifer Chiou

New York, March 27 - Alexza Pharmaceuticals, Inc. said underwriters of its initial public offering fully exercised their over-allotment option for 825,000 shares, augmenting the IPO to $50.6 million.

With the greenshoe, the Palo Alto, Calif., company sold 6,325,000 shares and said it expects net proceeds of $47 million.

Alexza priced the $44 million offering of 5.5 million shares at $8.00 each on March 8.

Piper Jaffray & Co. and Pacific Growth Equities, LLC were joint bookrunning managers, and RBC Capital Markets Corp. and JMP Securities LLC were co-managers.

The pharmaceutical company has one product candidate that has completed a phase 2a clinical trial, AZ-001 (Staccato prochlorperazine) to treat migraine headaches and other candidates in earlier trials.

Proceeds will go towards clinical trials for several products.

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