Akela announces Court ruling in its appeal against Tekes

    Toronto Stock Exchange Symbol: AKL

    MONTREAL, May 11 /CNW Telbec/ - Akela Pharma Inc. (TSX: AKL) today
announced that it has received a ruling by the Administrative Court of Turku
against Akela's appeal to overturn a demand by Tekes, the Finnish Funding
Agency for Technology and Innovation, for repayment of certain grants obtained
by the Company. In light of probable losses associated with this event, the
Company intends to record a one time charge of $1,544,000 in the first quarter
ending March 31, 2009 which is the US dollar equivalent of the grants received
$1,269,000 ((euro)956,000), together with interest of $275,000 ((euro)207,000)
from July 2007 through March 31, 2009, which results in a negative effect on
earnings per share of approximately ($0.07) per share.
    As previously disclosed, the Company entered into agreements with Tekes
in 2004 and 2005 which provided for funding in the form of grants and loans to
support the Company's product development activities. Following the Company's
decision to down-size its Finnish operations in the summer of 2007, the
Company was notified that the agency was reviewing the loans and subsidies
previously granted, totalling (euro)3,150,000 and (euro)956,000, respectively.
The agency concluded that the loans would not be collected prematurely but
made a demand for repayment of the grants, together with interest. The
Company's appeal against this decision was rejected by the Administrative
Court of Turku, which concluded that Tekes had the right to order the
repayment of grant monies received. The Company will pursue its right to
appeal this decision with the Supreme Administrative Court. However, there can
be no assurance that the ruling of the Administrative Court of Turku will be

    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 21.6 million shares outstanding.

    This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Akela Pharma Inc. and/or
Nventa Biopharmaceuticals Corporationwith 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 significantly.
    %SEDAR: 00003466E

For further information:

For further information: Dr. Taneli Jouhikainen, Acting CEO of Akela,
(512) 834-0449, ext. 275

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