Drugmaker Alexza Pharmaceuticals, Inc. said Friday that it has hired advisory group Lazard Ltd. to assist in exploring strategic options, including a possible sale of assets, to enhance stockholder value.

The company said other options include disposition of one or more corporate assets, a strategic business combination, partnership or other transactions.

Alexza also said that in order to conserve cash to support operations it has provided all employees a 60-day notice of layoffs under the California WARN Act, as it expects to reduce its workforce while pursuing FDA approval of the anti-agitation product Adasuve.

An FDA panel voted on December 12 to recommend that Adasuve be approved for use in conjunction with a drug safety program for the treatment of agitation in patients with schizophrenia or bipolar mania, said the authors.

The drug is also being reviewed by the European Medicines Agency.

Published by Medicaldaily.com