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