Update: Extending pipeline with AZ-007
While primarily derived from Adasuve’s prospects in acute markets, Alexza’s investment case is evolving to also include the potential for other Staccato-based products in additional indications. The firm is now advancing AZ-007 (Staccato-delivered zaleplon) for middle-of-the-night (MOTN) awakening, and expects to begin a Phase II study in 2015. The inclusion of AZ-007’s prospects increases our rNPV valuation to $115.5m, up from $95.0m previously. We expect that Alexza will need to raise $20m in capital in H215 to fund operations, although our equity valuation of $4.52/share does not reflect this funding gap or requirement.
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