Akela continuous to be profitableAKELA PHARMA REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2011
00:39 EST Wednesday, Jun 15, 2011
AUSTIN, TX, June 14, 2011 /CNW/ - Akela Pharma, Inc. ("Akela"), (TSX: AKL), a drug development company with its lead product, Fentanyl TAIFUN®, being developed for the treatment of breakthrough cancer pain and the company's wholly owned subsidiary, PharmaForm, a leading specialty contract service provider in the area of pharmaceutical dosage form development and manufacturing, today announced its financial results for the three months and year ended March 31, 2011.
Total consolidated revenues for the three months ended March 31, 2011 were $4.2 million, including $3.0 million of contract services, as compared to $2.6 million, including $1.6 million of contract services, for the same period during the previous year.
Consolidated net income for the three months ended March 31, 2011 were
.99 million,
.03 per share, versus a loss of
.32 million, (
.01) per share, for the same periods in 2010.
| | | | | Three Months Ended |
| | | | | March 31, |
| | | | | | 2011 | | 2010 |
| | | | | | | | |
| Income (loss) before under noted items | $ | 997 | $ | (323) |
| | | | | | | | |
| Income (loss) before income taxes | | | 997 | | (323) |
| | | | | | | | |
| (Provision for) recovery of income taxes: | | | | |
| | Current | | | | | | |
| | Future | | | | | | |
| | | | | | | | |
| | | | | | - | | - |
| Total Comprehensive income(loss) | | | 997 | | (323) |
| | | | | | | | |
| Basic and diluted net income (loss) per share | $ | 0.03 | $ | (0.01) |
| | | | | | | | |
| Basic and diluted weighted average | | | | | |
| | number of shares outstanding | | 31,535,338 | | 30,890,338 |
The Company had a cash balance of
.14 million as of March 31, 2011 compared with
.47 million as of December 31, 2010.