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Akela Pharma Inc. Reports Results for the Three and Nine Months Ended September 30, 2011



11/16/2011 6:19:17 AM

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 TaifunĀ® 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.

Three Months Ended September 30 Nine Months Ended September 30
2011 2010 2011 2010
Total Comprehensive income(loss) 13,295 117 13,773 (56)
Basic 0.41 nil 0.43 nil
and diluted net income (loss) per share 0.4 nil 0.42 nil
Basic 32,390,338 31,515,338 32,390,338 31,515,338
and diluted weighted average shares 32,999,157 31,562,838 32,999,157 31,562,838

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.


Read at BioSpace.com


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