VANCOUVER, Dec. 7, 2012 /CNW Telbec/ - Akela Pharma, Inc. (TSX: AKL)
(the "Corporation") has announced that voluntary delisting of the
Coproration's securities from the Toronto Stock Exchange (TSX) will
occur at the close of trading on December 7, 2012.
The decision to voluntarily delist has been made by the Corporation due
Akela Pharma, Inc.'s inability to maintain the continuous listing
requirements of the TSX. The securities of the Corporation will not be
actively listed on a market. The Corporation has not made the required
filings of the Corporation's interim financial statements, management's
discussion and analysis and CEO and CFO certifications for the period
ended September 30, 2012 and has been placed on the list of delinquent
filers. The Corporation's securities were placed on a cease trade
order on November 23, 2012 by the Investment Industry Regulatory
Organization of Canada (IIROC). The Toronto Stock Exchange initiated
a delisting review of the Corporation's securities on August 27, 2012.
While the Company has sought alternatives, no assurances can be given
that any transaction may occur. Further no assurances can be given
that any transaction would result in any value for any of the various
stakeholders of the Corporation. As previously disclosed in the notes
to the Corporation's interim financial statements as of June 30, 2012,
doubt remains regarding the Corporation's ability to continue as a
going concern and there is no assurance that the actions taken to date
will result in sufficient funds being generated to enable the Company
to continue as a going concern.
About Akela Pharma, Inc.
Akela Pharma, Inc.'s common shares trade on The Toronto Stock Exchange
("TSX") under the symbol "AKL" with approximately 32.4 million shares
This press release contains statements which may constitute
forward-looking information under applicable Canadian securities
legislation or forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1955. Such
forward-looking statements or information may include financial and
other projections as well as statements regarding the company's future
plans, objectives, performance, revenues, growth, profits, operating
expenses or the company's underlying assumptions. The words "may",
"would", "could", "will", "likely", "expect", anticipate", "intend",
"plan", "forecast", "project", "estimate" and "believe" or other
similar words and phrases may identify forward-looking statements or
information. Persons reading this press release are cautioned that such
statements or information are only expectations, and that the company's
actual future results or performance may be materially different.
Forward-looking statements or information in this press release include,
but are not limited to, statements or information concerning our
ongoing drug development programs and collaborations as well as the
possible receipt of future payments upon achievement of milestones.
Such forward-looking statements or information involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, events or developments to be materially different from
results, events or developments expressed or implied by such
forward-looking statements or information. Such factors include, among
others, the possibility that risks associated with requirements for
approvals by government agencies such as the FDA before products can be
tested in clinical trials; the possibility that such government agency
approvals will not be obtained in a timely manner or at all or will be
conditioned in a manner that would impair our ability to advance
development; risks associated with the requirement that a drug
candidate be found safe and effective after extensive clinical trials;
our dependence on suppliers, collaborative partners and other third
parties and the prospects and timing for negotiating supply agreements,
corporate collaborations or licensing arrangements; our ability to
attract and retain key personnel; and other factors as described in
detail in our filings with the Canadian securities regulatory
authorities at http:www.sedar.com.
Assumptions underlying our expectations regarding forward-looking
statements or information contained in this press release include,
among others, that future clinical trial results will be favorable;
that our drug candidate will treat target diseases as intended; that we
will raise enough capital, on reasonable terms and in a timely manner;
that we will retain our key personnel; that we will obtain the
necessary regulatory approvals.
In the event that any of these assumptions prove to be incorrect, or in
the event that we are impacted by any of the risks identified above, we
may not be able to continue in our business as planned.
For a complete discussion of the assumptions, risks and uncertainties
related to our business, you are encouraged to review our filings with
Canadian securities regulatory authorities, filed on SEDAR at http://www.sedar.com.
All forward-looking statements and information made herein are based on
our current expectations as of the date hereof and we disclaim any
intention or obligation to revise or update such forward-looking
statements and information to reflect subsequent events or
circumstances, except as required by law.
SOURCE: Akela Pharma Inc
For further information:
Akela Pharma, Inc.
Rudy J. Emmelot
President and Chief Executive Officer