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 outstanding.
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