Akela Pharma files restated Management Discussion and Analysis for 2008 fiscal year

Akela Pharma, Inc., (TSX: AKL) a leader in the development of therapeutics for the treatment of pain, and the company's wholly owned subsidiary, PharmaForm, today that it has today filed a restated Management Discussion and Analysis ("MD&A) for the fiscal year ended 2008. The filing of the restated MD&A was undertaken at the request of the Autorité des marchés financiers as part of its Continuous Disclosure Review of the Company's filings.

The restated MD&A did not involve the restatement of any unaudited interim or audited consolidated financial statements published previously by the Corporation or any financial results included in the MD&A.

The amendments to this MD&A as originally filed include modifications to the discussion on the Company's obligation to revise or update forward-looking statements and information to reflect subsequent events or circumstances; expanded discussion of the expected effect of the business combination of Akela and Nventa Biopharmaceuticals Corporation on the financial condition, results of operation and cash flows of the Company; expanded discussion and commentary on the Company's business operations, overall performance and operating results including the Company's wholly owned subsidiary PharmaForm; and expenses related to specific product development programs associated with the development of Akela's lead candidate product Fentanyl Taifun(R).

The amendments to this MD&A also included expanded discussion to enhance the disclosure of the Company's financial liquidity, the Basis of Presentation of the Company related to operating on a going concern basis, and critical accounting estimates related to the Company's treatment of goodwill and intangibles.