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Akela Pharma Inc. Reports Financial Results for the Year Ended 2011


4/2/2012 11:13:13 AM

AUSTIN, TX, March 31, 2012 /PRNewswire/ - Akela Pharma, Inc. ("Akela"), (TSX: AKL), an industry leader in providing pharmaceutical contract dosage development and clinical and FDA commercial manufacturing, today announced its financial results for year ended December 31, 2011.

Total consolidated revenues for the year ended December 31, 2011 were $26.2 million, including $10.3 million in contract services, as compared to $13.3 million, including $10.2 million in contract services, for 2010.

Consolidated net income for the twelve months ended December 31, 2011 was $13.9 million or $0.43 per share, versus $1.4 million or $.05 per share, for the same respective period in 2010.

Excluding one-time items, Akela's consolidated net loss for the twelve months ended December 31, 2011 was ($0.5) million, versus a $2.1 million profit for the same period in 2010.

The Company had a cash balance of $0.1 million as of December 31, 2011 compared with $0.5 million as of December 31, 2010.

Further to the March 14, 2012 press release of Akela's CEO transition, Gregory McKee has resigned his position as member of the Board of Directors of Akela Pharma, Inc.

About Akela Pharma Inc.

Through PharmaForm, Akela's wholly owned subsidiary is a leading specialty contract service provider in the area of pharmaceutical dosage form development, preclinical, GMP clinical and FDA commercial manufacturing, specializing in controlled release and bioavailability enhancement technologies, such as hot melt extrusion, spray drying, and liquid filled capsules. Through its diverse offerings, PharmaForm solutions help pharmaceutical and biotechnology clients reach their development targets, reduce development costs and accelerate time-to-market.


Read at BioSpace.com


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