Akela Pharma awarded development contractAkela Pharma awarded development contract at its PharmaForm subsidiary
6/5/2008 6:31:41 AM - Canada NewsWire
MONTREAL, Jun 5, 2008 (Canada NewsWire via COMTEX News Network) --
www.akelapharma.com
Toronto Stock Exchange Symbol: AKL
Akela Pharma Inc. (TSX: "AKL"), a drug development company focused on developing therapies for the inhalation and pain markets, today announced that it has been awarded a development and manufacturing contract at its PharmaForm subsidiary located in Austin, Texas, for development and manufacturing of a generic form of a commercial product for an undisclosed pharmaceutical company. The contract is anticipated to generate $1.5 - $2.0 M. in revenues over the next 12 - 18 months. The contract includes technical transfer to support GMP manufacturing, process validation, quality release testing and stability characterization. PharmaForm expects to sign additional contracts with this client to support manufacture of clinical supplies for an additional indication and commercial manufacturing in the near future.
"We are extremely proud to have been awarded this important contract. This contract along with steady interest in our commercial manufacturing services and expansion in our drug product development services validates our growth strategy." said Dr. Michael Crowley, Vice President, Business Development of PharmaForm.
About PharmaForm:
Headquartered in Austin, Texas, PharmaForm is a leading specialty contract service provider offering a portfolio of innovative technologies in drug product development, manufacturing and analytical testing. Through its diverse offerings, PharmaForm delivers drug product solutions that help clients reduce development costs and accelerate time-to-market. PharmaForm is currently expanding its drug product pipeline based upon its expertise in hot-melt extrusion and solids processing.
About Akela Pharma Inc.:
Akela Pharma is an integrated drug development company focused on developing therapies for the growing multi-billion dollar inhalation and pain 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 deterrent formulations. 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 time-to-market.
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. 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.
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SOURCE: Akela Pharma Inc.
visit Akela's website at www.akelapharma.com, or contact: Fr?d?ric Dumais, Vice-President, Investor Relations, (514) 315-3330 ext. 106, Fax: (514) 315-3325
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