Alexza shares sink after drug flunks IIb

Shares of Alexza Pharmaceuticals (ALXA) sank after the developer announced that its migraine therapy failed a Phase IIb trial. "The failure to reach statistical significance on the primary endpoint is disappointing, as we were not able to reproduce the positive clinical findings from our AZ-104 Phase 2a proof-of-concept clinical trial," said James V. Cassella, PhD, senior vice president, R&D. Release l Report