Akela Pharma, PharmaForm file second bi-weekly Default Status Report under NP 12-203

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, are providing their second bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On April 6, 2010, Akela announced that the filing of its audited annual financial statements, CEO and CFO certification, management discussion and analysis ("MD&A") and annual information form ("AIF") for the year ended December 31, 2009 would not be released as required by March 31, 2010.

In accordance with NP 12-203 and as previously announced, Akela has voluntarily requested that the Autorité des marchés financiers and other Canadian securities regulatory authorities issue a temporary order that prohibits certain directors, officers and insiders of Akela from trading in securities of Akela for as long as the annual financial statements CEO and CFO certifications and related MD&A and AIF are not filed (the "Management Cease Trade Order").

Akela is diligently working on finalizing its financial statements together with its auditors. Akela still anticipates that the release of the annual financial statements, CEO and CFO certifications and related MD&A and AIF will occur around May 18, 2010 but in no event later than May 31, 2010.

Akela reports that, since announcing the Management Cease Order of April 6, 2010, there have not been any material changes to the information contained therein; nor any failure by Akela to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to such announcement. Further, there have been no additional material changes respecting Akela and its affairs. Akela intends to file, if required, its next Default Status Report by May 18, 2010.