Akela Pharma closes Cdn $10.35 million financing



    www.akelapharma.com
    Toronto Stock Exchange Symbol: AKL

    MONTREAL, March 27 /CNW Telbec/ - Akela Pharma Inc. (TSX: "AKL"), a drug
development company focused on developing therapies for the inhalation and
pain markets, today announced that it has closed its previously announced
offering for gross proceeds of Cdn $10.35 million. A total of 8,625,000 units
were issued at a price of Cdn $1.20 per unit, of which 3,750,000 units were
underwritten, 3,750,000 units were on a best efforts basis and 1,125,000 units
were issued under the overallotment option. The offering was led by Jennings
Capital Inc. and included Desjardins Securities Inc. (together the
"Underwriters").
    Each unit consisted of one common share and one-half of one common share
purchase warrant. Each whole warrant will be exercisable to purchase one
common share at a price of Cdn $1.50 for 36 months, subject to the Company's
right to accelerate the expiry date if the closing price of the common shares
is at least Cdn $2.25 for 30 consecutive trading days.
    Net proceeds will mainly be used for the advancement of the Fentanyl
TAIFUN(R) and EDACS(TM) clinical development programs as well as general and
working capital purposes.

    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.

    Akela's common shares trade on The Toronto Stock Exchange ("TSX") under
the symbol "AKL" with 20.4 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.
    %SEDAR: 00003466EF




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

Organization Profile

Akela Pharma Inc

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890