AUSTIN, TX, May 15, 2012 /CNW Telbec/ - Akela Pharma, Inc. ("Akela"), (TSX: AKL), an industry leader in providing pharmaceutical contract dosage development and clinical and commercial manufacturing, today announced its financial results for the three months ended March 31, 2012.
Total consolidated revenues for the three months ended March 31, 2012 were $0.8 million in contract services, as compared to $4.2 million, including $3.5 million of contract services, for 2011.
Consolidated net loss for the three months ended March 31, 2012 was ($2,162) million or ($0.07) per share, versus a net profit of $1.0 million or $.03 per share, for the same respective period in 2011.
The decrease in revenues and operational loss is attributable to a lower than expected pipeline of contract revenue and was compounded by a first quarter structural transition within our sales and business development unit. PharmaForm implemented a new sales and business development strategy during the first quarter and we fully anticipate a return to normal, if not, increasing sales levels during the remainder of the year.
| Three Months Ended | ||||
| March 31, | ||||
| 2012 | 2011 | |||
| Total Income (Loss) and Comprehensive Income (Loss) | (2,162) | 997 | ||
| Earnings per share | ||||
| Basic net income (loss) per share | (0.07) | 0.03 | ||
| Diluted net income(loss) per share | (0.07) | 0.03 | ||
| Basic weighted average number of shares outstanding | 32,390,338 | 31,535,338 | ||
| Diluted weighted average number of shares outstanding | 33,176,743 | 31,589,088 | ||
The Company had a cash balance of $0.8 million as of March 31, 2012 compared with $0.1 million as of March 31, 2011.
Rudy J. Emmelot, Akela's chief financial officer and acting president and chief executive officer, was today named the permanent president and chief executive officer and appointed to the board of directors of Akela Pharma, Inc..
Berenice Brownlee, previously with Elan Pharmaceuticals and Nventa Inc., has been promoted to vice president of finance and will serve as the Company's principal 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; risks associated with the requirement that a drug candidate be found safe and effective after extensive clinical trials; 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.
SOURCE AKELA PHARMA INC.
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