Toronto Stock Exchange Symbol: AKL
MONTREAL, March 18 /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 filed a final short form prospectus
and received a receipt from Canadian regulatory authorities for an offering of
up to 7,500,000 units, of which 3,750,000 units are underwritten and up to
3,750,000 units are offered on a best efforts basis at a price of $1.20 per
unit for aggregate maximum proceeds of $9.0 million. The offering is being led
by Jennings Capital Inc. and includes Desjardins Securities Inc. (together the
"Underwriters"). The Underwriters will have the option to purchase, at $1.20,
up to that number of additional units as is equal to 15% of the total number
of units sold under the offering.
Each unit consists 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 $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 $2.25 for 30 consecutive trading days.
The transaction is expected to close on or about Thursday March 27, 2008.
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
Akela's common shares trade on The Toronto Stock Exchange ("TSX") under
the symbol "AKL" with 11.7 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