Akela Pharma announces restructuring
AUSTIN, TX, Sept. 3 /CNW Telbec/ - Akela Pharma, Inc., (TSX: AKL) and its
wholly owned manufacturing subsidiary, PharmaForm, today announced a
comprehensive corporate restructuring designed to achieve several operational
objectives. As part of its efforts to preserve its ability to execute on its
development strategy for the company's lead compound, Fentanyl TAIFUN(R) for
the treatment of breakthrough cancer pain, and to optimize the infrastructure
required to support its PharmaForm clients, the company has reduced its head
count by 32 employees to a combined workforce of 65. Further, several of
Akela's international operations will be closed and the company's operational
headquarters will be centralized in Austin, Texas. Akela Pharma is a leader in
the development of therapeutics for the treatment of pain, and its PharmaForm
subsidiary provides a range of innovative technologies in drug product
development, manufacturing and analytical testing to the pharmaceutical and
biotechnology industries.
Concurrent with the restructuring, Taneli Jouhikainen, former acting
chief executive officer of Akela, will be leaving the company. Ed Margerrison,
Ph.D., Akela's vice president, program management, will lead the Fentanyl
TAIFUN project, and Marcelo Omelczuk, Ph.D., Akela's senior vice president,
business and product development, will be responsible for the day-to-day
operations of PharmaForm. In addition, Rudy Emmelot, formerly with Nventa
Biopharmaceuticals, has joined Akela as vice president, finance.
Akela remains committed to building shareholder value through the
development of high value, proprietary products such as Fentanyl TAIFUN and
others and concurrently, the company seeks to strengthen its revenue base from
the PharmaForm business. Akela management is currently formalizing a new
operating plan designed to optimize value from both business segments and will
provide additional guidance on its corporate objectives in the near future.
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 is a fast-acting fentanyl formulation delivered using
the company's TAIFUN 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.
About PharmaForm:
PharmaForm, Akela's wholly owned subsidiary, is a leading specialty
contract service provider in the area of hot melt extrusion, and also offers a
portfolio of other innovative technologies in drug product development,
manufacturing and analytical testing to the pharmaceutical and biotechnology
industries. Through its diverse offerings, PharmaForm solutions help 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 30.9 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 future clinical trial results will be favorable; that our drug
candidate will treat target diseases as intended; 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.
