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.