SAN FRANCISCO (Thomson Financial) - Alexza Pharmaceuticals Inc. said Thursday it has initiated its second Phase III clinical trial with AZ-004, an inhalation product candidate being developed to treat acute agitation in patients with schizophrenia or bipolar disorder.

The Mountain View, Calif.-based company said it hopes to release the initial results from its first Phase III study before the end of September.

The second Phase III trial is designed to enroll around 300 patients diagnosed with bipolar I disorder and acute agitation. It is the first AZ-004 study enrolling bipolar patients.

Alexza expects the second Phase III study will take around 12 months to complete patient enrollment.

Shares of Alexa rose 9% to $5.93. Gabriel Madway gm

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