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Akela Pharma reports results for third quarter of fiscal 2007
Date:11/9/2007

http://www.akelapharma.com Toronto Stock Exchange Symbol: AKL

MONTREAL, Nov. 9 /PRNewswire-FirstCall/ - Akela Pharma Inc. (TSX: AKL), a drug development company focused on developing therapies for the inhalation and pain markets, today announced its financial results under Canadian generally accepted accounting principles for the three and six month period ended September 30, 2007 and 2006.

Akela's consolidated net loss for the third quarter of 2007 was $8.6 million compared to net income of $12.0 million for the segmented Pharma results for the same 2006 period. The results of operations for the three and nine months ended September 30, 2006 include a gain on disposal of our interest in LAB Research totaling $18.6 million.

"The Third quarter fiscal 2007 was marked by important clinical achievements. We first announced positive results from our GHRH Phase II trial demonstrating a marked stimulation of growth hormone and IGF-1 production followed by positive results for our lead product Fentanyl TAIFUN(R) for the Phase IIb extension arm trial demonstrating efficacy resulting in faster and superior pain relief. Having once again delivered significantly positive clinical milestones we now continue to confidently advance our product development programs." said Dr Halvor Jaeger, Chief Executive Officer of Akela Pharma Inc.

Other Third Quarter Financial Highlights

- Total consolidated revenues for the third quarter of 2007 were

$3.1 million, including $1.1 million in co-development fees and

$1.9 million of contract services. Total consolidated revenues for the

first 9 months of 2007 were $7.9 million, including $1.6 million in

co-development fees and $5.7 million of contract services.

- Consolidated net loss for the third quarter of 2007 was $8.6 million or

($0.73) per share. Consolidated net loss year-to-date is $23.8 million<
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SOURCE Akela Pharma Inc.
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