Akela reports total consolidated revenues of $4.2 million for three months ended March 31, 2011

Akela Pharma, Inc. ("Akela"), (TSX: AKL), a drug development company with its lead product, Fentanyl TAIFUN®, being developed for the treatment of breakthrough cancer pain and the company's wholly owned subsidiary, PharmaForm, a leading specialty contract service provider in the area of pharmaceutical dosage form development and manufacturing, today announced its financial results for the three months and year ended March 31, 2011.

Total consolidated revenues for the three months ended March 31, 2011 were $4.2 million, including $3.0 million of contract services, as compared to $2.6 million, including $1.6 million of contract services, for the same period during the previous year.

Consolidated net income for the three months ended March 31, 2011 were $0.99 million, $0.03 per share, versus a loss of $0.32 million, ($0.01) per share, for the same periods in 2010.

The Company had a cash balance of $0.14 million as of March 31, 2011 compared with $0.47 million as of December 31, 2010.