Full Press Release Details
Announces Acquisition of Colwell Clinical Laboratories, a Southern California
CLIA-Certified Clinical Lab
Intended to Complete and Initiate Generating Revenues During the Current
and National Growth Intended as First Clinical Lab Dedicated to the Diagnosis
and Treatment of Disorders Involving Metal Dyshomeostasis
and Webcast Set for Friday, April 17 at 1pm ET.
Arbor, Michigan, April 16, 2009 -- Adeona Pharmaceuticals, Inc. (AMEX: AEN), a
specialty pharmaceutical company dedicated to the awareness, diagnosis,
prevention and treatment of subclinical zinc deficiency and chronic copper
toxicity in the mature population, today announced that it has entered into an
agreement to acquire Colwell Clinical Laboratories, Inc., an independent
Southern California CLIA-certified clinical laboratory ("Colwell").
and in operation since 1946, Colwell is one of the most established independent
CLIA-certified clinical laboratories in the State of
California. Centrally located in Southern California in Santa Ana,
Orange County, Colwell can serve the same-day clinical laboratory needs of
physicians that care for the 21 million residents of Los Angeles, San Diego, and
Orange and Riverside Counties, one of the largest markets in the
U.S. Located in close proximity to both Orange County and Long Beach
airports, Colwell can provide next-day clinical laboratory service to physicians
has revenues of approximately $750,000 annually, is a licensed Medicare and
MediCal provider, and accepts insurance from most third party reimbursers as
well as private payers.
intends Colwell to remain independent but to assist Colwell in expanding its
offering of services to include a suite of high precision and proprietary assays
and diagnostic panels useful for the diagnosis, prevention and treatment of
metal dyshomeostasis. Adeona believes that, if operated as planned,
Colwell may satisfy an unmet physician need for a clinical laboratory dedicated
and competent in such areas.
Kanzer, CPA, JD, Chairman and CEO of Adeona stated, "Our acquisition of Colwell
Clinical Labs announced today is an important step in our recently announced
plans to transition Adeona to profitability and through this acquisition we
expect to begin recognizing revenues in this quarter on or before June 1st. We
believe conditions of metal dyshomeostasis to be both underdiagnosed and often
completely treatable, resulting in untold costs to our healthcare system and
unnecessary human suffering in the United States. Our acquisition of
Colwell is an important component of our mission to increase awareness and to
assist physicians in the diagnosis, prevention and treatment of conditions
involving metal dyshomeostasis."
2007 and 2008, Adeona sponsored and conducted an IRB-approved, prospective,
observational, blinded clinical trial enrolling 90 subjects, 30 with Alzheimer's
disease (AD), 30 with Parkinson's disease (PD) and 30 age-matched normal
subjects (Normals). The purpose of the study was to evaluate serum
markers of copper status and compare these results across the three groups of
patients. The results of our study indicate highly statistically significant
differences in serum markers of copper status between AD and normal
subjects. We believe that the differences observed suggest that
Alzheimer's patients have impaired protection from chronic copper toxicity,
which may contribute to the progression of their disease. The results
from this study also appear to indicate a subclinical zinc deficiency in AD
subjects. Results from the study also indicate that it may be useful
to screen the existing Parkinson's disease population for signs of Wilson's
disease, an effort that Adeona hopes to promote and accomplish through
Colwell. Adeona and its HealthMine subsidiary intend to publish the
results from this study in the future.
Proposed Acquisition
acquisition is expected to be completed on or before May 31, 2009 and is subject
to satisfactory due diligence on the part of Adeona. Adeona has paid
a non-refundable deposit of $75,000 and, if satisfied with the outcome of its
due diligence, will pay an additional $750,000 at closing on or before May 31,
2009 for all of the issued and outstanding stock of
Colwell. Adeona intends to enter into a consulting agreement
with Neil O. Colwell, the owner of Colwell whom has operated the company since
1985, which will provide for cash compensation of ten thousand dollars ($10,000)
per month for ninety (90) days following the closing and the issuance of options
to purchase up to two-hundred thousand (200,000) shares of Adeona stock, vesting
in monthly installments over a period of two (2) years, provided Adeona elects
to maintain such consulting agreement in effect.
Webcast and Teleconference
will host a webcast and teleconference at 1pm ET, tomorrow, Friday, April
Kanzer, CPA, JD, Chairman and CEO of Adeona, and David A. Newsome M.D.,
president of Adeona's HealthMine subsidiary, will present an audio/visual
presentation regarding the proposed acquisition of Colwell.
may view the audio/visual presentation by either pasting the following link into
their browser http://www.visualwebcaster.com/event.asp?id=58014 or
by following the link to be posted on Adeona's website at www.adeonapharma.com.
United States participants wishing to join the call telephonically may dial toll
free 877-852-6573 or 719-325-4798 for international participants and enter the
passcode 4699059 which will provide audio only.
recording of the audio/visual webcast will be maintained on the Company's
website for at least 30 days following the webcast.
Adeona Pharmaceuticals, Inc.
Pharmaceuticals, Inc. (AMEX: AEN) is a specialty pharmaceutical company
dedicated to the awareness, diagnosis, prevention and treatment of subclinical
zinc deficiency and chronic copper toxicity in the mature population. Adeona
believes that such conditions may contribute to the progression of debilitating
degenerative diseases, including, Dry Age-Related Macular Degeneration (Dry
AMD), Alzheimer's disease (AD) and mild cognitive impairment (MCI) in
susceptible persons. Adeona is also developing a number of late-stage
clinical drug candidates for the treatment of rheumatoid arthritis and multiple
sclerosis. For further information, please visit www.adeonapharma.com.
Inc., a subsidiary of Adeona Pharmaceuticals Inc., is a health education
communication and information resource company dedicated to raising awareness of
subclinical zinc deficiency and the risks of chronic copper toxicity in the
mature population. HeathMine currently hosts two Web 2.0 websites,
and the recently launched www.copperproof.com,
a new informational website dedicated to increasing awareness of the potential
health effects of chronic copper toxicity, especially in the mature population.
By visiting www.copperproof.com,
users can view a brief informational video, review relevant literature, obtain a