Alexza Pharmaceuticals Inc. (NASDAQ:ALXA) late Monday said it has obtained a flexible committed equity financing facility that allows it to sell up to $50 million in stock to Azimuth Opportunity Ltd. over a 24-month period.
The Mountain View, Calif.-based pharmaceutical company said it alone will determine the timing, dollar amount and floor price per share of each draw under the facility. Under the agreement, Alexza will issue shares to Azimuth at a small discount to the volume weighted average price of Alexza’s common stock over a preceding period of trading days.
Alexza shares closed the regular session up 22 cents, or 3.3%, at $6.88