Akela Pharma Provides Corporate Update
www.akelapharma.com Toronto Stock Exchange Symbol: AKL
MONTREAL, Dec. 20 /PRNewswire-FirstCall/ -- Akela Pharma Inc.
(TSX: "AKL"), a drug development company focused on developing
therapies for the inhalation and pain markets, today announced that
due to unfavorable market conditions, particularly in the small and
micro-cap sector, it has decided to abandon its US public offering
initiative. The Company is currently contemplating other financing
options. It is still the Company's intention to list its shares on
a US exchange.
Akela also announces it has already started to implement
significant cost reduction measures to bring its cash burn rate in
line with its current and expected financial resources. The Company
will primarily focus its R&D activities on its core programs.
PharmaForm, the Company's drug formulation and manufacturing
subsidiary located in Austin, Texas, is currently experiencing
substantial growth, and is expected to contribute towards the
Company's operating cash flow in the near term.
"Although the latest unfavorable market conditions did not allow
us to complete our US public offering as originally planned, we
remain extremely confident about the appeal and commercial
potential of our products and platforms. We have aligned our
corporate focus with our financial resources to ensure optimal
returns on our core activities" said Dr Halvor Jaeger, CEO of Akela
About Akela Pharma Inc.
Akela Pharma is an integrated drug development company focused
on developing therapies for the growing multi-billion dollar
inhalation and pain markets. Its lead product, for the treatment of
breakthrough cancer pain, is a fast-acting Fentanyl formulation
delivered using the Company's TAIFUN(R) dry powder inhaler
platform. Its pipeline also includes therapeutics for asthma, COPD,
growth hormone deficiencies and controlled substance abuse
Akela's common shares trade on The Toronto Stock Exchange
("TSX") under the symbol "AKL" with 11.7 million shares
This news release contains certain forward-looking statements
that reflect the current views and/or expectations of Akela Pharma
Inc. with respect to its performance, business and future events.
Such statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary
Source: AKELA PHARMA INC.
CONTACT: visit Akela's website at www.akelapharma.com, or
Frederic Dumais, Vice-President, Investor Relations, (514) 315-3330 ext. 106,
Fax: (514) 315-3325
Posted: December 2007
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