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Alexza to Webcast Investor and Analyst Day Presentations

Wednesday, April 23, 2008 General News J E 4
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MOUNTAIN VIEW, Calif., April 22 AlexzaPharmaceuticals, Inc. (Nasdaq: ALXA) announced today that it will host a liveaudio webcast of presentations given at the Company's Investor and Analyst Dayon Tuesday, April 29th, 2008. Leading medical experts will discuss the Phase1 and Phase 2 results of the Company's clinical trials, provide an overview ofthe Phase 3 trial design for AZ-004 (Staccato(R) loxapine), and discuss therole that AZ-004 may play in treating acute agitation in schizophrenic orbipolar disorder patients. Alexza senior management will also provide anoverview of Alexza's other clinical stage product candidates.

If you are unable to participate during the live webcast, the call will bearchived on Alexza's website at http://www.alexza.com.

About Alexza Pharmaceuticals

Alexza Pharmaceuticals is an emerging specialty pharmaceutical companyfocused on the development and commercialization of novel, proprietaryproducts for the treatment of acute and intermittent conditions. TheCompany's technology, the Staccato system, vaporizes unformulated drug to forma condensation aerosol that allows rapid systemic drug delivery through deeplung inhalation. The drug is quickly absorbed through the lungs into thebloodstream, providing speed of therapeutic onset that is comparable tointravenous administration, but with greater ease, patient comfort andconvenience.

Alexza has six product candidates in clinical development. Alexza's leadprogram, AZ-004 (Staccato loxapine) for the treatment of acute agitation inschizophrenic or bipolar disorder patients, is in Phase 3 testing. AZ-001(Staccato prochlorperazine) for the acute treatment of migraine headaches hascompleted Phase 2 testing. AZ-104 (Staccato loxapine) for the acute treatmentof migraine headaches and AZ-002 (Staccato alprazolam) for the acute treatmentof panic attacks associated with panic disorder are in Phase 2 testing.Product candidates in Phase 1 testing include AZ-003 (Staccato fentanyl) forthe treatment of breakthrough pain, which is partnered with EndoPharmaceuticals in North America, and AZ-007 (Staccato zaleplon) for thetreatment of insomnia. More information, including this and past pressreleases from Alexza is available online at http://www.alexza.com.

Safe Harbor Statement

The anticipated webcast and presentations will contain forward-lookingstatements that involve significant risks and uncertainties. Any statementdescribing the Company's expectations or beliefs is a forward-lookingstatement, as defined in the Private Securities Litigation Reform Act of 1995,and should be considered an at-risk statement. Such statements are subject tocertain risks and uncertainties, particularly those inherent in the process ofdeveloping and commercializing drugs. The Company's forward-lookingstatements also involve assumptions that, if they prove incorrect, would causeits results to differ materially from those expressed or implied by suchforward-looking statements. These and other risks concerning Alexza'sbusiness are described in additional detail in the Company's Annual Report onForm 10-K for the year ended December 31, 2007, and the Company's otherPeriodic and Current Reports filed with the Securities and ExchangeCommission, including the risks under the headings. Forward-lookingstatements contained in the webcast and presentations are made as of theirdate of presentation, and the Company undertakes no obligation to publiclyupdate any forward-looking statement, whether as a result of new information,future events or otherwise.What: Presentations (Audio & Slides) Who: Dr. Michael Allen - University of Colorado Health Sciences Center Associate Professor of Psychiatry Director, Emergency and Consultation Psychiatry Co-Director, Mood Disorders Program
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