Alexza rockets 30% on FDA update
6/22/12 11:00 AM ET (MarketWatch)
BOSTON (MarketWatch) -- Shares of Alexza Pharmaceuticals rocketed 30% to $3.57 on Friday on news that it has resubmitted its U.S. market application for its psychiatric medication Adasuve. The company is seeking to have the product, which is an inhaled formulation of the drug loxapine, approved to treat agitation associated with schizophrenia or bipolar disorder. In May, the U.S. Food and Drug Administration declined to approved Adasuve, citing issues related to the company's manufacturing facility for the product.