Akela Pharma files restated MD&A for the fiscal year 2008

AUSTIN, TX, March 19 /CNW Telbec/ - 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.

The restated MD&A has been posted on SEDAR and may be viewed at www.sedar.com.

About Akela Pharma Inc.:

Akela Pharma is a drug development company with its lead product, Fentanyl TAIFUN(R), being developed for the treatment of breakthrough cancer pain. Fentanyl TAIFUN is a fast-acting fentanyl formulation delivered using the company's TAIFUN multi-dose dry powder inhaler platform. Akela's pipeline also includes a growth hormone releasing hormone (GHRH), which is being developed for frailty and wasting in chronic renal disease.

About PharmaForm:

PharmaForm, Akela's wholly owned subsidiary, is a leading specialty contract service provider in the area of pharmaceutical dosage form development and manufacturing, specializing in controlled release and bioavailability enhancement technologies, such as hot melt extrusion, liquid filled capsules, and spray drying. Through its diverse offerings, PharmaForm solutions help pharmaceutical and biotechnology clients reach their development targets, reduce development costs and accelerate time-to-market.

Akela's common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "AKL" with 30.9 million shares outstanding.

For further information: Gregory M. McKee, President and Chief Executive Officer, Akela Pharma, [phone]