Sec Form 4 Filing - Occitan Capital Management Inc. @ Alexza Pharmaceuticals Inc. - 2011-12-23

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Occitan Capital Management Inc. 2. Issuer Name and Ticker or Trading Symbol Alexza Pharmaceuticals Inc. [ ALXA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) See remarks (Last) (First) (Middle) WALKER HOUSE, 87 MARY STREET 3. Date of Earliest Transaction (MM/DD/YY) 12/23/2011 (Street) GEORGE TOWN, GRAND CAYMAN, E9KY1-9005 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.0001 12/23/2011 P 4,392 A $ 0.83 3,552,600 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/23/2011 P 1,900 A $ 0.83 3,554,500 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/23/2011 P 500 A $ 0.8199 3,555,000 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/23/2011 P 900 A $ 0.818 3,555,900 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/23/2011 P 4,100 A $ 0.818 3,560,000 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/28/2011 P 2,923 A $ 0.7885 3,562,923 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/28/2011 P 12,077 A $ 0.788 3,575,000 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/28/2011 P 10,000 A $ 0.7995 3,585,000 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/28/2011 P 500 A $ 0.8089 3,585,500 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/29/2011 P 500 A $ 0.7899 3,586,000 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/29/2011 P 10,000 A $ 0.8137 3,596,000 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/30/2011 S 3,600 D $ 0.855 3,592,400 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/30/2011 S 5,000 D $ 0.848 3,587,400 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/30/2011 S 10,000 D $ 0.845 3,577,400 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 12/30/2011 P 21,070 A $ 0.7949 3,598,470 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/06/2012 P 10,000 A $ 0.9399 3,608,470 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/06/2012 P 5,000 A $ 0.941 3,613,470 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/06/2012 P 5,000 A $ 0.9407 3,618,470 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 800 A $ 0.9283 3,619,270 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 2,775 A $ 0.925 3,622,045 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 175 A $ 0.93 3,622,220 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 2,500 A $ 0.93 3,624,720 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 100 A $ 0.93 3,624,820 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 100 A $ 0.93 3,624,920 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 1,700 A $ 0.9279 3,626,620 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 100 A $ 0.928 3,626,720 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 100 A $ 0.928 3,626,820 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 7,225 A $ 0.92 3,634,045 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 10,000 A $ 0.9199 3,644,045 I See notes ( 1 ) ( 2 ) Common Stock, par value $0.0001 01/10/2012 P 100 A $ 0.9183 3,644,145 I See notes ( 1 ) ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Call Option (right to buy) $ 1 12/27/2011 P 200 12/27/2011 03/15/2012 Common Stock 20,000 $ 0.3185 46,820 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/27/2011 P 3,000 12/27/2011 06/15/2012 Common Stock 300,000 $ 0.4429 49,820 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/28/2011 P 2,000 12/28/2011 03/15/2012 Common Stock 2,000,000 $ 0.3185 51,820 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/28/2011 P 293 12/28/2011 06/15/2012 Common Stock 29,300 $ 0.4185 52,113 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/29/2011 P 6,000 12/29/2011 06/15/2012 Common Stock 600,000 $ 0.4477 58,113 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 2 12/29/2011 P 200 12/29/2011 06/15/2012 Common Stock 20,000 $ 0.2685 58,313 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/30/2011 P 1,000 12/30/2011 03/15/2012 Common Stock 100,000 $ 0.3185 59,313 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/30/2011 P 3,295 12/30/2011 03/15/2012 Common Stock 329,500 $ 0.367 62,608 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/30/2011 P 1,700 12/30/2011 06/15/2012 Common Stock 170,000 $ 0.4406 64,308 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 12/30/2011 P 2,000 12/30/2011 06/15/2012 Common Stock 200,000 $ 0.4685 66,308 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 01/03/2012 P 32 01/03/2012 03/15/2012 Common Stock 3,200 $ 0.3685 66,340 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 01/03/2012 P 10,000 01/03/2012 06/15/2012 Common Stock 1,000,000 $ 0.5215 76,340 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 01/12/2012 P 3,500 01/12/2012 06/15/2012 Common Stock 350,000 $ 0.4685 79,840 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 1 01/13/2012 P 172 01/13/2012 06/15/2012 Common Stock 17,200 $ 0.3685 80,012 I See notes ( 1 ) ( 2 ) Call Option (right to buy) $ 6 01/18/2012 S 47,000 01/18/2012 06/15/2012 Common Stock 4,700,000 $ 0.001 33,012 I See notes ( 1 ) ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Occitan Capital Management Inc. WALKER HOUSE, 87 MARY STREET GEORGE TOWN, GRAND CAYMAN, E9KY1-9005 X See remarks OCCITAN MASTER FUND L.P. WALKER HOUSE, 87 MARY STREET GEORGE TOWN, GRAND CAYMAN, E9KY1-9005 X See remarks Signatures Occitan Master Fund L.P. By: Occitan Capital Management Inc., /s/ Pearse Griffith, Director 01/20/2012 Signature of Reporting Person Date Occitan Capital Management Inc., /s/ Pearse Griffith, Director 01/20/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The securities reported herein are directly beneficially owned by Occitan Master Fund L.P. and may be deemed to be indirectly beneficially owned by Occitan Capital Management Inc. as General Partner of Occitan Master Fund L.P. ( 2 )Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Remarks: The reporting persons herein may be deemed to be members of a "group" for purposes of the Securities Exchange Act of 1934, as amended. Each reporting person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by such reporting person. This report shall not be deemed an admission that such reporting person is a member of a group or the beneficial owner of any securities not directly owned by such reporting person.Name: Occitan Master Fund L.P.Address: Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands, KY1-9005Designated Filer: Occitan Capital Management Inc.Issuer & Ticker: Alexza Pharmaceuticals Inc. [ALXA]Date of Event Requiring Statement: 12/23/2011Name: Occitan Capital Management Inc.Address: Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands, KY1-9005Designated Filer: Occitan Capital Management Inc.Issuer & Ticker: Alexza Pharmaceuticals Inc. [ALXA]Date of Event Requiring Statement: 12/23/2011

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