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Alexza's Corporate Presentation to be Webcast at the Seventh Annual JMP Securities Research Conference and the 2008 Citi Investment Research Global Healthcare Conference

Thursday, May 15, 2008 General News J E 4
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MOUNTAIN VIEW, Calif., May 15 AlexzaPharmaceuticals, Inc. (Nasdaq: ALXA) announced today that its corporatepresentation will be webcast live during the Seventh Annual JMP SecuritiesResearch Conference on Monday, May 19, 2008 at 11:30 a.m. Eastern Time and atthe Citi Investment Research Global Healthcare Conference on Wednesday, May21, 2008 at 2:00 p.m. Eastern Time.

The JMP presentation will be webcast from The Ritz-Carlton Hotel in SanFrancisco. To access the live presentation via the Web, please go to theInvestor Relations tab at www.alexza.com or athttp://www.wsw.com/webcast/jmp6/alxa/.

The Citi Investment will be webcast from the Hilton New York Hotel in SanNew York. To access the live presentation via the Web, please go to theInvestor Relations tab at http://www.alexza.com or athttp://www.veracast.com/webcasts/citigroup/healthcare08/31112361.cfm.

A replay of each webcast will be made available approximately 24 hoursafter the live presentation and the replay will be archived for 14 days.

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(R) system, vaporizes unformulated drug toform a condensation aerosol that allows rapid systemic drug delivery throughdeep lung 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 presentation will contain forward-looking statements thatinvolve significant risks and uncertainties. Any statement describing theCompany's expectations or beliefs is a forward-looking statement, as definedin the Private Securities Litigation Reform Act of 1995, and should beconsidered an at-risk statement. Such statements are subject to certain risksand uncertainties, particularly those inherent in the process of developingand commercializing drugs. The Company's forward-looking statements alsoinvolve assumptions that, if they prove incorrect, would cause its results todiffer materially from those expressed or implied by such forward-lookingstatements. These and other risks concerning Alexza's business are describedin additional detail in the Company's Annual Report on Form 10-K for the yearended December 31, 2007, and the Company's other Periodic and Current Reportsfiled with the Securities and Exchange Commission. Forward-looking statementscontained in this announcement are made as of this date, and the Companyundertakes no obligation to publicly update any forward-looking statement,whether as a result of new information, future events or otherwise.

SOURCE Alexza Pharmaceuticals, Inc.
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