* Q3 EPS $0.00 vs year-ago loss $0.10/shr
* Rev up 30 pct
Nov 15 (Reuters) - Akela Pharma Inc swung to a quarterly profit as restructuring helped the painkiller developer cut costs.
The Austin, Texas-based company posted a profit of $100,000, or breakeven a share, compared with a loss of $3.2 million, or 10 cents a share, last year. On an adjusted basis, the company earned 3 cents a share.
Total consolidated revenue rose to $4 million, which included $3.1 million in contract services.
Direct costs fell 54 percent to $1.3 million.
In August, Akela received $1.8 million for achieving a near-term development milestone of the Fentanyl TAIFUN inhaler, being developed for the treatment of breakthrough cancer pain.
Akela shares, which have gained 54 percent in value since posting second-quarter results in August, closed at 10 Canadian cents on Friday on the Toronto Stock Exchange.
(Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian) Keywords: AKELAPHARMA/ (isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Rev up 30 pct
Nov 15 (Reuters) - Akela Pharma Inc swung to a quarterly profit as restructuring helped the painkiller developer cut costs.
The Austin, Texas-based company posted a profit of $100,000, or breakeven a share, compared with a loss of $3.2 million, or 10 cents a share, last year. On an adjusted basis, the company earned 3 cents a share.
Total consolidated revenue rose to $4 million, which included $3.1 million in contract services.
Direct costs fell 54 percent to $1.3 million.
In August, Akela received $1.8 million for achieving a near-term development milestone of the Fentanyl TAIFUN inhaler, being developed for the treatment of breakthrough cancer pain.
Akela shares, which have gained 54 percent in value since posting second-quarter results in August, closed at 10 Canadian cents on Friday on the Toronto Stock Exchange.
(Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian) Keywords: AKELAPHARMA/ (isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.