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ALXA > SEC Filings for ALXA > Form 8-K on 12-Dec-2013All Recent SEC Filings

Show all filings for ALEXZA PHARMACEUTICALS INC. | Request a Trial to NEW EDGAR Online Pro



Creation of a Direct Financial Obligation or an Obligation under an O

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

(a) On December 11, 2013, Alexza Pharmaceuticals, Inc. (the "Company") became obligated on a direct financial obligation as a result of the Company's receipt of $5 million from Teva Pharmaceuticals USA, Inc. ("Teva") under a Convertible Promissory Note and Agreement to Lend (the "Note"), previously disclosed in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission ("SEC") on May 8, 2013 (the "May 8th Current Report"), and attached as Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q, filed with the SEC on August 14, 2013 (the "Second Quarter Quarterly Report"). The Company previously received $10 million from Teva under the Note, as previously disclosed in the Company's Current Report on Form 8-K, filed with the SEC on September 30, 2013. The Company entered into the Note in connection with a License and Supply Agreement, previously disclosed in the May 8th Current Report and attached as Exhibit 10.4 to the Second Quarter Quarterly Report.

Under the terms of the Note, the Company may, upon written notice to Teva, receive advances to fund an agreed operating budget related to ADASUVEŽ (StaccatoŽ loxapine). The aggregate advances may total up to $25 million and will be due and payable on the fifth anniversary of the Note. The Company may prepay from time to time up to one-half of total amounts advanced and interest outstanding at any time prior to the maturity date. Teva has the right to convert any outstanding principal and unpaid accrued interest into shares of the Company's common stock at a conversion price equal to $4.4833 per share. The Note bears simple interest of 4% per year.

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