AUSTIN, TX, Nov. 15, 2011 /PRNewswire/ - Akela Pharma, Inc. ("Akela"),
(TSX: AKL) and PharmaForm, a leading specialty contract service
provider in the area of pharmaceutical dosage form development and
manufacturing, today announced its financial results for the three and
nine months September 30, 2011.
Total consolidated revenues for the three months ended September 30,
2011 were $16.3 million, including $14.4 million of co-development
revenue, as compared to $3.1 million, including $0.8 million of
co-development revenue, for the same period during the previous year.
Co-development revenues increased during the quarter from recognition
of previously deferred revenues associated with terminated development
agreements of the Company's development partners for the Fentanyl
Taifun® program.
Total consolidated revenues for the six months ended September 30, 2011
were $25.6 million as compared to $9.6 million for the same period in
2010.
Consolidated net income for the three months ended September 30, 2011
was $13.3 million, or $0.41 per share, versus $0.1 million or nil per
share, for the same period in 2010.
Consolidated net income for the nine months ended September 30, 2011 was
$13.8 million, or $0.43 per share, versus a loss of $0.1 million or nil
per share, for the same period in 2010.
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Three Months Ended September 30
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Nine Months Ended September 30
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|
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2011
|
2010
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2011
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2010
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|
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|
|
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Total Comprehensive income(loss)
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13,295
|
117
|
13,773
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(56)
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Basic
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0.41
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nil
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0.43
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nil
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and diluted net income (loss) per share
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0.4
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nil
|
0.42
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nil
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|
|
|
|
|
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Basic
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32,390,338
|
31,515,338
|
32,390,338
|
31,515,338
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|
and diluted weighted average shares
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32,999,157
|
31,562,838
|
32,999,157
|
31,562,838
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The Company had a cash balance of $0.48 million as of September 30, 2011
as compared with $0.21 million as of March 31, 2011.
About Akela Pharma Inc.
Akela Pharma is the parent company of PharmaForm, and its common shares
trade on The Toronto Stock Exchange ("TSX") under the symbol "AKL" with
32.4 million shares outstanding.