Akela and Nventa announce closing of merger

    Toronto Stock Exchange Symbol: AKL

    MONTREAL and SAN DIEGO, CA, May 22 /CNW Telbec/ - Akela Pharma Inc. (TSX:
AKL) and Nventa Biopharmaceuticals Corporation (TSX: NVN) today announced the
closing of the arrangement agreement to combine the two companies by way of a
plan of arrangement under the Business Corporations Act (British Columbia).
The Transaction has been approved by the shareholders of Nventa, the British
Columbia Supreme Court and the Toronto Stock Exchange.
    The transaction was effected by an amalgamation of Nventa with a
wholly-owned subsidiary of Akela, and an exchange of Akela common shares for
the outstanding shares of Nventa on the basis of 0.0355 Akela shares for each
Nventa share (or 1 Akela share for 28.169 Nventa shares), resulting in an
approximate 70/30 ownership split between Akela and Nventa shareholders,
respectively, in the combined entity. The public company will retain Akela's
name, will operate under Akela's management, and will continue to be listed on
the Toronto Stock Exchange under the ticker symbol "AKL". Two directors of
Nventa, Gregory McKee and Robert Rieder, have been appointed to the Board of
Directors of Akela, effective at closing.

    About Nventa Biopharmaceuticals Corporation:

    Nventa was a development company focusing on innovative therapeutics
incorporating its proprietary CoVal(TM) fusions for the treatment of viral
infections and cancers, with a focus on diseases caused by the human
papillomavirus (HPV); and a Toll-like Receptor 3 (TLR3) agonist for use as a
vaccine adjuvant and as an immunotherapeutic for viral infections and cancer.
The company was publicly traded on the Toronto Stock Exchange under the symbol

    About Akela Pharma Inc.:

    Akela Pharma is a drug development company with its lead product,
Fentanyl TAIFUN(R), being developed for the treatment of breakthrough cancer
pain. Fentanyl TAIFUN(R) is a fast-acting fentanyl formulation delivered using
the Company's TAIFUN(R) multi-dose dry powder inhaler platform. Akela's
pipeline also includes a growth hormone releasing hormone (GHRH), which is
being developed for frailty and wasting in chronic renal disease. The product
is also suitable for other chronic diseases involving a catabolic state and
wasting. 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 accelerate
    Akela's common shares trade on The Toronto Stock Exchange ("TSX") under
the symbol "AKL" with approximately 30.9 million shares outstanding after the
closing of the merger with Nventa.

    This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Akela Pharma Inc. and/or
Nventa Biopharmaceuticals Corporation with respect to performance, business
and future events. Such statements are subject to a number of risks,
uncertainties and assumptions. Actual results and events may vary

For further information:

For further information: Dr. Taneli Jouhikainen, Acting CEO of Akela,
(512) 834-0449, ext. 275; Gregory M. McKee, Member of the Board of Directors
of Akela, (858) 202-4940

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Akela Pharma Inc

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