November 15, 2010 / 12:55 PM / 7 years ago

UPDATE 1-Akela Pharma swings to Q3 profit

* Q3 EPS $0.00 vs year-ago loss $0.10/shr

* Rev up 30 pct

Nov 15 (Reuters) - Akela Pharma Inc AKL.TO 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)

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