Akela reports net income of $1.5 million for three months ended December 31, 2010

Akela Pharma, Inc. ("Akela") (TSX: AKL), a leader in the development of therapeutics for the treatment of pain, and the company's wholly owned subsidiary, PharmaForm, today announced its financial results for the three months and year ended December 31, 2010.

Total consolidated revenues for the three months ended December 31, 2010 were $3.7 million, including $3.0 million of contract services, as compared to $3.0 million, including $2.4 million of contract services, for the same period during the previous year. For the year ended December 31, 2010, total consolidated revenues were $13.3 million, including $10.2 million of contract services, as compared to $13.9 million, including $10.6 million of contract services, for 2009.

Consolidated net income for the three and twelve months ended December 31, 2010 were $1.5 million, $0.05 per share, and $1.2 million, $0.04 per share, versus losses of $14.1 million, ($0.46) per share, and losses of $21.0 million, ($.77) per share, for the same respective periods in 2009.

Excluding one time gains and losses, Akela's consolidated net income for the three and twelve months ended December 31, 2010 were $0.8 million, and $0.5 million, versus a net loss of $2.2 million, and a net loss of $8.4 million.