Akela Pharma reports financial results for the thr AUSTIN, TX, May 15, 2012/CNW Telbec/ - Akela Pharma, Inc. ("Akela"), (TSX: AKL), an industry leader in providing pharmaceutical contract dosage development and clinical and commercial manufacturing, today announced its financial results for the three months ended March 31, 2012.
Total consolidated revenues for the three months ended March 31, 2012were
.8 millionin contract services, as compared to $4.2 million, including $3.5 millionof contract services, for 2011.
Consolidated net loss for the three months ended March 31, 2012was ($2,162) million or (
.07) per share, versus a net profit of $1.0 millionor $.03per share, for the same respective period in 2011.
The decrease in revenues and operational loss is attributable to a lower than expected pipeline of contract revenue and was compounded by a first quarter structural transition within our sales and business development unit. PharmaForm implemented a new sales and business development strategy during the first quarter and we fully anticipate a return to normal, if not, increasing sales levels during the remainder of the year.
| | | |
| | Three Months Ended |
| | March 31, |
| | 2012 | 2011 |
| | | |
| Total Income (Loss) and Comprehensive Income (Loss) | (2,162) | 997 |
| | | |
| Earnings per share | | |
| Basic net income (loss) per share | (0.07) | 0.03 |
| | Diluted net income(loss) per share | (0.07) | 0.03 |
| | | |
| Basic weighted average number of shares outstanding | 32,390,338 | 31,535,338 |
| | Diluted weighted average number of shares outstanding | 33,176,743 | 31,589,088 |
The Company had a cash balance of
.8 millionas of March 31, 2012compared with
.1 millionas of March 31, 2011.
Rudy J. Emmelot, Akela's chief financial officer and acting president and chief executive officer, was today named the permanent president and chief executive officer and appointed to the board of directors of Akela Pharma, Inc..
Berenice Brownlee, previously with Elan Pharmaceuticals and Nventa Inc., has been promoted to vice president of finance and will serve as the Company's principal financial officer.
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