MONTREAL and SAN DIEGO, CA, May 22 /CNW Telbec/ - Akela Pharma Inc. (TSX: AKL - News) and Nventa Biopharmaceuticals Corporation (TSX: NVN - News) today announced the closing of the arrangement agreement to combine the two companies by way of a plan of arrangement under the Business Corporations Act (British Columbia). The Transaction has been approved by the shareholders of Nventa, the British Columbia Supreme Court and the Toronto Stock Exchange.
The transaction was effected by an amalgamation of Nventa with a wholly-owned subsidiary of Akela, and an exchange of Akela common shares for the outstanding shares of Nventa on the basis of 0.0355 Akela shares for each Nventa share (or 1 Akela share for 28.169 Nventa shares), resulting in an approximate 70/30 ownership split between Akela and Nventa shareholders, respectively, in the combined entity. The public company will retain Akela's name, will operate under Akela's management, and will continue to be listed on the Toronto Stock Exchange under the ticker symbol "AKL". Two directors of Nventa, Gregory McKee and Robert Rieder, have been appointed to the Board of Directors of Akela, effective at closing.
About Nventa Biopharmaceuticals Corporation:
Nventa was a development company focusing on innovative therapeutics incorporating its proprietary CoVal(TM) fusions for the treatment of viral infections and cancers, with a focus on diseases caused by the human papillomavirus (HPV); and a Toll-like Receptor 3 (TLR3) agonist for use as a vaccine adjuvant and as an immunotherapeutic for viral infections and cancer. The company was publicly traded on the Toronto Stock Exchange under the symbol "NVN".
About Akela Pharma Inc.:
Akela Pharma is a drug development company with its lead product, Fentanyl TAIFUN(R), being developed for the treatment of breakthrough cancer pain. Fentanyl TAIFUN(R) is a fast-acting fentanyl formulation delivered using the Company's TAIFUN(R) multi-dose dry powder inhaler platform. Akela's pipeline also includes a growth hormone releasing hormone (GHRH), which is being developed for frailty and wasting in chronic renal disease. The product is also suitable for other chronic diseases involving a catabolic state and wasting. PharmaForm, Akela's wholly owned subsidiary, is a leading specialty contract service provider offering a portfolio of innovative technologies in drug product development, manufacturing and analytical testing to the pharmaceutical and biotechnology industries. Through its diverse offerings, PharmaForm solutions help clients reduce development costs and accelerate time-to-market.
Akela's common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "AKL" with approximately 30.9 million shares outstanding after the closing of the merger with Nventa.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Akela Pharma Inc. and/or Nventa Biopharmaceuticals Corporation with respect to performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
For further information
Dr. Taneli Jouhikainen, Acting CEO of Akela, (512) 834-0449, ext. 275
Gregory M. McKee, Member of the Board of Directors of Akela, (858) 202-4940