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

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or ($2.03) per share.

2007 Third Quarter Operational Highlights

- Akela announced the signing of a licensing agreement with Janssen

Pharmaceutica NV for its lead product, Fentanyl TAIFUN(R) for the

European Union, Eastern Europe, Russia, the Middle East and Africa. A

signing fee of $10.8 million was received.

- Akela announced the change of its corporate name from LAB International

Inc. following the approval of a special resolution at its Annual and

Special Shareholders meeting.

- Akela announced positive interim results from its pilot GHRH Phase II

study producing within 4 weeks of treatment a highly significant

stimulation of endogenous growth hormone (GH) secretion and a marked

increase of circulating insulin-like growth factor (IGF-1) as compared

to placebo.

- Akela announced positive results from its Fentanyl TAIFUN(R) Phase IIb

extension arm demonstrating statistically significant differences

compared to placebo in the measured primary and secondary efficacy

variables resulting in faster and superior pain relief.

Financial Results

The year-over-year increase in the net loss was due to a higher rate of spending on research and development activities and selling, general and administrative expenses.

Consolidated SG&A expenses totaled $4.0 million for the third quarter of 2007 and $10.5 million year-to-date compared to $2.9 million and $11.0 million for the same respective 2006 periods.

R&D costs for the third quarter of 2007 were $5.7 million and $15.4 million year-to-date compared to $2.8 million and $7.6 million for the same respective 2006 periods. The year-to-date amount includes $1.6 million of severance expense and early termination charges relating to the exit of leased premises in Finland. The increase in spending is primarily attributable to the costs associated with the advancement and finaliz
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SOURCE Akela Pharma Inc.
Copyright©2007 PR Newswire.
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