Toronto Stock Exchange Symbol: AKL
MONTREAL, Oct. 9 /CNW Telbec/ - AKELA Pharma Inc., (TSX: AKL), a drug
development company focused on developing therapies for the inhalation, pain
and CNS markets, today announced that effective October 10, 2007, its issued
and outstanding common shares will be consolidated on the basis of one (1)
post-consolidation common share for every seven (7) pre-consolidation common
shares. Fractional interests will be paid in cash in U.S. dollars for
shareholders other than those in Canada who will be paid in Canadian dollars.
The common shares will commence trading on the Toronto Stock Exchange on a
post-consolidated basis at the opening of trading on October 10, 2007.
The share consolidation has been effected to satisfy the NASDAQ's listing
criteria regarding minimum bid price. After the share consolidation, the
Company will have approximately 11.75 million common shares outstanding. The
stock symbol of the Company will remain AKL on the TSX.
About Akela Pharma Inc.
Akela Pharma is an integrated drug development company focused on
developing therapies for the growing multi-billion dollar inhalation, pain and
CNS 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
Akela's common shares trade on The Toronto Stock Exchange ("TSX") under
the symbol "AKL" with 82.3 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; Tina Posterli (U.S. Media), (917)