Toronto Stock Exchange Symbol: AKL
MONTREAL, March 11 /CNW Telbec/ - Akela Pharma Inc. (TSX: "AKL"), a drug
development company focused on developing an inhaled fentanyl product for
breakthrough cancer pain and a growth hormone releasing hormone (GHRH) for
chronic renal disease, today announced that the Company and LAB Research Inc.
have reached an agreement to settle all outstanding litigation initiated by
the Company against LAB Research and its affiliates in October 2008.
Under the terms of the agreement, the Parties have agreed as the full
settlement an amount of $2 million (CAD) that was paid to the Company on
closing by LAB Research. In addition, LAB Research have issued warrants
entitling Akela to subscribe to 500,000 common shares of LAB Research at a
price of $0.50 per share, the warrants expiring December 31, 2010.
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
Akela's common shares trade on The Toronto Stock Exchange ("TSX") under
the symbol "AKL" with 21.6 million shares outstanding.
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Akela Pharma Inc. with
respect to its 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, (512)