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
- 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.
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
|SOURCE Akela Pharma Inc.|
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