Xanax and Ativan are both benzodiazepine medicines or drugs mainly used to treat anxiety & panic attacks. Benzodiazepines are a class of psychoactive drugs known for their depressant effect on the Central Nervous System (CNS). Xanax and Ativan are both generic medicines. The generic name of Xanax is alprazolam, which was developed in the 1960s by J.B. Hester of the Upjohn Company. The generic name of Ativan is Lorazepam, which was developed in the 1977s by D.J. Richards at Wyeth Pharmaceuticals.