Toronto Stock Exchange Symbol: AKL
MONTREAL, June 9 /CNW Telbec/ - Akela Pharma Inc. (TSX: "AKL"), a drug
development company focused on developing therapies for the inhalation and
pain markets, today announced amendments to its original licensing and
development agreement with Janssen Pharmaceutica NV for Fentanyl TAIFUN(R),
its fast-acting Fentanyl formulation using the company's TAIFUN(R) dry powder
inhaler for the treatment of breakthrough cancer pain.
The amendments to the original agreement were made in support of the
clinical program and commercial scale manufacturing and to secure timely
advancement of the Phase III clinical trials. A milestone of (euro) 4.5 MM
(Approx. USD $7 MM) will be advanced to the beginning of the Phase III trial.
The milestone of (euro) 2.5 MM (Approx. USD 4 MM), due as of the inclusion of
the 7th patient in the study remains unchanged. Both amounts will go directly
towards supporting our Fentanyl TAIFUN(R) development program.
"We are extremely pleased with these amendments to our original agreement
with Janssen and continue to be enthusiastic about Fentanyl TAIFUN(R)'s
effectiveness against break through cancer pain and its potential for treating
a variety of severe pain indications. This financial commitment will
significantly reduce the financial risk associated with our development
program." said Dr. Halvor Jaeger, Chief Executive Officer of Akela Pharma.
About Akela Pharma Inc.:
Akela Pharma is an integrated drug development company focused on
developing therapies for the growing multi-billion dollar inhalation and pain
markets. Its lead product, for the treatment of breakthrough cancer pain, is a
fast-acting Fentanyl formulation delivered using the Company's TAIFUN(R) dry
powder inhaler platform. Its pipeline also includes therapeutics for asthma,
COPD, growth hormone deficiencies and controlled substance abuse deterrent
formulations. 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
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:
For further information: visit Akela's website at www.akelapharma.com,
or contact: Frédéric Dumais, Vice-President, Investor Relations, (514)
315-3330, ext. 106, Fax: (514) 315-3325