(Reuters) - Alexza Pharmaceuticals Inc said it will explore options including sale of assets, strategic business combination, or partnerships.

The joint concern has also given a 60-sunlight notice of layoffs to all its employees to protect cash to support operations.

Alexza expects to significantly abridge its work force as it continues to conduct FDA approval of ADASUVE - its empirical anti-agitation therapeutic delivered via the body's Staccato inhaler to treat schizophrenia - and strive for its marketing authorization application work by the European Medicines Agency.

Recently, every advisory panel narrowly recommended U.S. approval of ADASUVE and called during the term of restrictions on how the drug is used.

Three injectable drugs, Bristol-Myers Squibb's Abilify, Eli Lilly's Zyprexa and Pfizer's Geodon, are before that time approved to calm patients with ideal illnesses, but Alexza's drug would be the first that is inhaled.

In October, the Alexza entered into a marketing co~ with privately held Barcelona, Spain-based Grupo Ferrer International notwithstanding the drug.

Alexza said it has retained Lazard to support in exploring strategic options.

Shares of the Mountain View, California-based companionship closed down nearly 3 percent at 66 cents on Friday on Nasdaq. The stock has dissolute more than three-quarters of its appraise since last October.

(Reporting by Soham Chatterjee in Bangalore; editing ~ the agency of Carol Bishopric)

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