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AKELA Pharma Announces New Leadership
Austin, Texas; September 2, 2009 – Akela Pharma, Inc., (TSX: AKL) and its wholly owned subsidiary, PharmaForm, leaders in the development of therapeutics for the treatment of pain as well as the manufacture of a range of controlled substances, today announced the appointment of Greg McKee to the position of president and chief executive officer and Robert Rieder to the position of chairman, effective immediately.
Mr. McKee, who currently serves as, and will remain a member of, Akela’s board of directors, brings more than 20 years of biotechnology and life sciences management and leadership experience to the company. Before joining Akela, he served as president and chief executive officer of Nventa Biopharmaceuticals Corporation, which successfully merged with Akela in May of 2009. Prior to his position as chief executive officer of Nventa, Mr. McKee served as the company’s vice president, corporate development and chief financial officer. Mr. McKee previously served as senior director, corporate development for Valentis, Inc., a San-Francisco-based gene delivery company, and held several positions at Genzyme Corporation including Director – Asia. He spent several years overseas as an investment banker and aide to the former Minister of Foreign Affairs of Japan. Mr. McKee earned an MBA and an M.A. from the Wharton School and the Joseph H. Lauder Institute at the University of Pennsylvania and holds a B.A. in economics from the University of Washington.
Mr. Rieder currently serves as executive chairman of the board of directors of Cardiome Pharma Corp. He served as Cardiome's chief executive officer from the time he joined Cardiome in April 1998 until August 2009 and has extensive previous experience in venture capital and operational management. Prior to joining Cardiome, Mr. Rieder was vice president at MDS Ventures Pacific Inc., the Vancouver-based affiliate of MDS Capital Corp., through which he served as a director for nine public and private technology companies. Mr. Rieder has also held the positions of chief operating officer for DBA Telecom Inc., and chief executive officer for Synapse Technologies Inc. Mr. Rieder received his MBA from the University of Western Ontario.
“Greg McKee has played an integral role in mapping the future direction of Akela as a member of the company’s board of directors since closing the merger with Nventa,” said Mr. Rieder. “His broad industry experience, as well as the time he’s already spent working with Akela over the past several months, will allow for an immediate transition of responsibilities. Greg has already assembled a strong and experienced team of professionals to execute Akela’s new corporate objectives, and we look forward to an exciting and productive future for Akela under his leadership.”
About PharmaForm:
PharmaForm, a wholly owned subsidiary of Akela Pharma Inc., is a leading specialty contract service provider in the area of pharmaceutical dosage form development and manufacturing, specializing in controlled release and bioavailability enhancement technologies, such as hot melt extrusion, liquid filled capsules, solvent-based fluid bed processing and spray drying. Through its diverse offerings, PharmaForm solutions help pharmaceutical and biotechnology clients reach their development targets, reduce development costs and accelerate time-to-market.
About Akela Pharma Inc.:
Akela Pharma is a drug development company with its lead product, Fentanyl TAIFUN®, being developed for the treatment of breakthrough cancer pain. Fentanyl TAIFUN is a fast-acting fentanyl formulation delivered using the company’s TAIFUN multi-dose dry powder inhaler platform. Akela’s pipeline also includes a growth hormone releasing hormone (GHRH), which is being developed for frailty and wasting in chronic renal disease.
Akela’s common shares trade on The Toronto Stock Exchange (“TSX”) under the symbol “AKL” with 30.9 million shares outstanding.
This press release contains statements which may constitute forward-looking information under applicable Canadian securities legislation or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1955. Such forward-looking statements or information may include financial and other projections as well as statements regarding the company’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the company’s underlying assumptions. The words “may”, “would”, “could”, “will”, “likely”, “expect”, anticipate”, “intend”, “plan”, “forecast”, “project”, “estimate” and “believe” or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only expectations, and that the company’s actual future results or performance may be materially different.
Forward-looking statements or information in this press release include, but are not limited to, statements or information concerning our ongoing drug development programs and collaborations as well as the possible receipt of future payments upon achievement of milestones.
Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments to be materially different from results, events or developments expressed or implied by such forward-looking statements or information. Such factors include, among others, the possibility that risks associated with requirements for approvals by government agencies such as the FDA before products can be tested in clinical trials; the possibility that such government agency approvals will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to advance development; risks associated with the requirement that a drug candidate be found safe and effective after extensive clinical trials; our dependence on suppliers, collaborative partners and other third parties and the prospects and timing for negotiating supply agreements, corporate collaborations or licensing arrangements; our ability to attract and retain key personnel; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at http:www.sedar.com.
Assumptions underlying our expectations regarding forward-looking statements or information contained in this press release include, among others, that future clinical trial results will be favorable; that our drug candidate will treat target diseases as intended; that we will raise enough capital, on reasonable terms and in a timely manner; that we will retain our key personnel; that we will obtain the necessary regulatory approvals.
In the event that any of these assumptions prove to be incorrect, or in the event that we are impacted by any of the risks identified above, we may not be able to continue in our business as planned.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with Canadian securities regulatory authorities, filed on SEDAR at http://www.sedar.com.
All forward-looking statements and information made herein are based on our current expectations as of the date hereof and we disclaim any intention or obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.
For further information please contact:
PharmaForm
Elizabeth Hickman
Sales & Marketing Manager
Tel: 512-531-6644
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