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news.Akela Pharma, a company engaged in development of therapeutics for the treatment of pain, and the company's wholly owned subsidiary, PharmaForm, have reported revenues of $3.04m for the fourth quarter ended December 31, 2009, compared to $3.53m for the comparable period in 2008.
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Akela Pharma has posted a net income of $14.06m, or $0.46 per diluted share, compared $13.6m, or $0.63 per diluted share, for the prior year period.
For the full year ended December 31, 2009, Akela Pharma has posted a net loss of $20.9m, or $0.77 per diluted share, compared to $25.98m, or $1.35 per diluted share, for the year ago period. Revenues were $13.89m for the 12 months, compared to $14.77m for the year ago period.
Akela Pharma said that its 2009 cost reduction plan resulted in additional charges of $0.3m and $1.1m for the three and 12 months ended December 31, 2009, respectively. The twelve months was also affected by a $1.5m provision for repayment of government grants associated with the company’s Finnish subsidiary.