Full Press Release Details
Announces Second Quarter 2010 Profitability and Achievements
Achieves $979,782 Second Quarter Net Income
ARBOR, MI - August 16, 2010 - Adeona Pharmaceuticals, Inc. (AMEX:AEN - News)
announced today its second quarter 2010 financial results and recent
will hold a conference call on Monday, August 16, at 10:00 a.m. EDT to discuss
these results. James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer,
will host the call. In order to participate, please call toll free:
1-800-860-2442 (US); international dial-in: 1-412-858-4600; Canadian toll free:
1-866-605-3852. To ensure each participant is able to hear the entire conference
call, it is recommended that participants dial into the conference line at least
5 minutes prior to the call. The audio recording will be available for replay at
www.adeonapharma.com for a period of at least 15 days after the
June 30, 2010, Adeona has emerged, for accounting purposes, from being a
development stage enterprise with $979,782 in second quarter profit. Total net
revenues for the three and six months ended June 30, 2010, consisting of license
revenue and laboratory revenues, were $2,194,888 and $2,254,927, respectively.
There were no revenues for the same periods in 2009. The revenues in 2010 are
the result of the Meda AB sublicense agreement of flupirtine for fibromyalgia
less the $375,000 payment to McLean Hospital and revenues for services provided
by Adeona Clinical Laboratory, a CLIA-certified diagnostic laboratory acquired
costs and expenses for the three and six months ended June 30, 2010, were
$1,221,605 and $2,370,003, respectively, compared to $879,606 and $1,995,503 for
the same periods of 2009.
and development expenses were $562,748 and $981,691, respectively, for the three
and six months ended June 30, 2010, compared to $405,645 and $901,639 for the
same periods in 2009. These increases are primarily due to the increased costs
associated with the operation of Adeona Clinical Laboratory, which was acquired
in the third quarter of 2009 and therefore did not have any impact on our
expenses during the first and second quarter of 2009. Research and development
expenses for the three and six months ended June 30, 2010, also include a
non-cash charge of $18,487 and $52,967, compared to $63,293 and $119,610 for the
same period in 2009, relating to share-based compensation expense.
and administrative expenses were $659,127 and $1,388,312 for the three and six
months ended June 30, 2010, respectively, compared to $473,961 and $1,093,864
for the same periods in 2009. These increases are primarily the result of
increased consultant fees and salary expenses. For the three and six months
ended June 30, 2010, general and administrative expenses included a non-cash
charge of $32,460 and $183,607, respectively, compared to $35,406 and $70,633
for the same periods in 2009, relating to share-based compensation
income for the three months ended June 30, 2010, was $979,782 or $0.04 per
share, compared to a net loss of ($879,550) or ($0.04) per share for the same
period in 2009. Net loss for the six months ended June 30, 2010, was ($107,740)
or ($0.00) per share, compared to ($1,992,825) or ($0.09) per share for the same
June 30, 2010, Adeona had approximately $3.3 million in cash compared to
approximately $2.7 million on December 31, 2009.
recent achievements include the following:
events in the second quarter and recently have made it one of the most exciting
times in Adeona's history," stated James S. Kuo, M.D., M.B.A., Adeona's Chief
Executive Officer. "For the first time, we showed a quarterly profit and
substantial progress was made on the Company's two lead clinical programs. In
addition, we gained substantial commercialization experience at Adeona Clinical
Adeona Pharmaceuticals, Inc.
(AMEX:AEN) is a pharmaceutical company developing new medicines for serious
central nervous systems diseases. Our primary strategy is to license
clinical-stage drug candidates that have already demonstrated a certain level of
clinical efficacy and develop them to a valuation inflection point resulting in
a significant development and marketing collaboration. We have four drug
candidates and one medical food candidate in development. Further information on
the company is available at www.adeonapharma.com
release includes forward-looking statements on Adeona's current expectations and
projections about future events. In some cases forward-looking statements can be
identified by terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes," "estimates," and
similar expressions. These statements are based upon current beliefs,
expectations and assumptions and are subject to a number of risks and
uncertainties, many of which are difficult to predict and include statements
regarding our cash on hand being sufficient to fund operations for the next 12
months and the expected completion of the Zinthionein clinical study in the
first quarter of 2011. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth or implied by any forward-looking statements. Important factors that
could cause actual results to differ materially from those reflected in Adeona's
forward-looking statements include, among others, a failure of our clinical
trials to be completed on time or to achieve desired results, a failure of our
clinical reference laboratory to continue to grow and achieve revenue or a
failure by us or our strategic partners to successfully commercialize products
and other factors described in Adeona's report on Form 10-K for the year ended
December 31, 2009 and any other filings with the SEC. The information in this
release is provided only as of the date of this release, and Adeona undertakes
no obligation to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except as required
further information, please contact: