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news.Akela Pharma, a drug development company, and LAB Research, a contract research organization, have reached an agreement to settle all outstanding litigation initiated by Akela against LAB Research and its affiliates in October 2008.
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Under the terms of the agreement, the parties have agreed as the full settlement an amount of C$2 million that was paid to Akela on closing by Lab Research.
In addition, Lab Research have issued warrants entitling Akela to subscribe to 500,000 common shares of Lab Research at a price of $0.50 per share, the warrants expiring December 31, 2010.