Akela Pharma is looking for a buyer for its Taifun fentanyl development program after Teikoku Seiyaku returned Japanese rights to the product. The dry powder inhaler (DPI) was being developed for the treatment of breakthrough pain in cancer patients. Akela is also in negotiations with another development partner, Janssen Pharmaceutica, for the return of the remaining rights. As a result of the discontinuation of the program, Akela says, it is also filing for bankruptcy of its Finnish subsidiary, Akela Pharma, Oy.
The company says that it will now focus its attention on its PharmaForm CRO, which provides contract solid dose formulation and clinical supply manufacturing services. “The discontinuation of the Fentanyl TAIFUN program enables Akela to fully deploy its management and capital resources on the profitable PharmaForm subsidiary which is a logical transformation following our successful turnaround of Akela over the past 24 months,” explained Akela President and CEO Greg McKee. “Given the market capitalization of the Company, our proven track record of dramatically increasing profitability while growing revenues, coupled with a targeted acquisition strategy, we believe that our contract manufacturing platform has the ability to enhance shareholder value without the capital requirements and risks associated with traditional drug development companies.”
Read the Akela press release.
