Akela Pharma reports results for the three and six months ended June 30, 2012

AUSTIN, TX, Aug. 14, 2012 /CNW Telbec/ - Akela Pharma, Inc. ("Akela"), (TSX: AKL), an industry leader in providing contract drug formulation development as well as pharmaceutical clinical and commercial manufacturing, today announced its financial results for the three and six months ended June 30, 2012.

Consolidated net revenues for the three months ended June 30, 2012 were $2.8 million, as compared to $3.1 million, for the same period during the previous year.  Consolidated revenues for the six months ended June 30, 2012 were $3.7 million as compared to $7.3 million for the same period in 2011.

Consolidated net income (loss) for the three months ended June 30, 2012 was $0.71 million, or $0.02 per share, versus ($0.52) million or ($0.02) per share, for the same period in 2011. Consolidated net income (loss) for the six months ended June 30, 2012 was ($1.45) million vs. $0.48 million, for the same period in 2011.

The Company had a cash balance of $0.2 million as of June 30, 2012 compared with $0.8 million as of March 31, 2012.

Akela Pharma Inc. announced two promotions today with W. Blair West, Ph.D., Akela's senior director of pharmaceutical operations being named chief scientific officer and Berenice Brownlee, Akela's vice president of finance, being named chief financial officer.

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, CMC 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.

Akela's common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "AKL" with 32.4 million shares outstanding.

This press release contains statements which may constitute forward-looking information under applicable Canadian securities legislation or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1955. Such forward-looking statements or information may include financial and other projections as well as statements regarding the company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the company's underlying assumptions. The words "may", "would", "could", "will", "likely", "expect", anticipate", "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only expectations, and that the company's actual future results or performance may be materially different.

Forward-looking statements or information in this press release include, but are not limited to, statements or information concerning our ongoing drug development programs and collaborations as well as the possible receipt of future payments upon achievement of milestones.

Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments to be materially different from results, events or developments expressed or implied by such forward-looking statements or information. Such factors include, among others, the possibility that risks associated with requirements for approvals by government agencies such as the FDA before products can be tested in clinical trials; the possibility that such government agency approvals will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to advance development; our dependence on suppliers, collaborative partners and other third parties and the prospects and timing for negotiating supply agreements, corporate collaborations or licensing arrangements; our ability to attract and retain key personnel; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at http://www.sedar.com.

Assumptions underlying our expectations regarding forward-looking statements or information contained in this press release include, among others, that we will raise enough capital, on reasonable terms and in a timely manner; that we will retain our key personnel; that we will obtain the necessary regulatory approvals.

In the event that any of these assumptions prove to be incorrect, or in the event that we are impacted by any of the risks identified above, we may not be able to continue in our business as planned.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with Canadian securities regulatory authorities, filed on SEDAR at http://www.sedar.com.

All forward-looking statements and information made herein are based on our current expectations as of the date hereof and we disclaim any intention or obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.

AKELA PHARMA INC.
Condensed Consolidated Interim Statements of Financial Position
(unaudited)
as at June 30, 2012 and December 31, 2011
(In thousands of US dollars, except share and per share data)

The accompanying notes are an integral part of these condensed consolidated interim financial statements. 

AKELA PHARMA INC.
Condensed Consolidated Interim Statements of Income and Comprehensive Income
(unaudited)
For the three and six months ended June 30, 2012 and 2011
(In thousands of US dollars, except share and per share data)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

AKELA PHARMA INC.
Condensed Consolidated Interim Statements of Cash Flows
(unaudited)
For the six months ended June 30, 2012 and 2011
(In thousands of US dollars, except share and per share data)

Supplemental cash flow disclosure (Note 12)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

SOURCE: AKELA PHARMA INC.