Full Press Release Details
Announces Third Quarter 2010 Financial Results and Achievements
Ann Arbor, MI, November 15, 2010
- Adeona Pharmaceuticals, Inc. (AMEX:AEN - News), a developer of
innovative medicines for serious central nervous system diseases, announced
today its third quarter 2010 financial results as well as recent clinical and
operational achievements.
Recent Clinical and Operational Achievements:
Quarter Ended September 30, 2010 Results
revenues for the three and nine months ended September 30, 2010, were $289,898
and $2,544,825, respectively, compared to $51,085 for both periods in 2009. The
increase in total net revenues for the three months ended September 30, 2010
reflects a 567% increase in net laboratory revenues from the three months ended
September 30, 2009. The increase in total net revenues for the nine
months ended September 30, 2010 reflects $2,125,000 of net license revenue
received as a result of the Meda AB sublicense agreement of flupirtine for
fibromyalgia during the second quarter of 2010 and increases in net
laboratory revenues for expanded client services provided by Adeona Clinical
Laboratory from the nine months ended September 30, 2009.
costs and expenses for the three and nine months ended September 30, 2010, were
$1,023,026 and $3,393,029, respectively, compared to $677,308 and $2,671,519 for
the same periods in 2009.
and development expenses for the three and nine months ended September 30,
2010, were $424,573 and $1,406,264, respectively, compared to $325,662 and
$1,219,135 for the same periods in 2009. These increases are primarily due to
the increased costs associated with the expansion of the client base at Adeona
Clinical Laboratory. For the three and nine months ended September 30, 2010,
research and development expenses also include a non-cash charge relating to
share-based compensation expense of $19,817 and $72,785, respectively, compared
to $33,421 and $153,031 for the same periods in 2009.
and administrative expenses for the three and nine months ended September 30,
2010, were $598,453 and $1,986,765, respectively, compared to $351,646 and
$1,452,384 for the same periods in 2009. These increases are primarily the
result of increased legal and consultant fees and salary expenses. For the three
and nine months ended September 30, 2010, general and administrative expenses
also include a non-cash charge relating to share-based compensation expense
of $68,493 and $252,100, respectively, compared to $20,875 and $91,509 for the
same periods in 2009.
losses for the three and nine months ended September 30, 2010,
were ($732,835) or ($0.03) per share and ($840,575) or ($0.04) per share,
respectively, compared to ($626,075) or ($0.03) per share and ($2,617,608) or
($0.12) per share for the same periods in 2009.
September 30, 2010, Adeona had approximately $3.3 million in cash compared to
approximately $2.7 million on December 31, 2009.
will hold a conference call today, Monday, November 15, 2010 at 12:00 Noon EST
to discuss these results and achievements. James S. Kuo, M.D., M.B.A., Adeona's
Chief Executive Officer, will host the call. In order to participate, please
toll free: 1-800-860-2442 and
International dial-in: 1-412-858-4600. 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 30 days after the call.
continue to make excellent progress in the clinical development of our product
candidates for Alzheimer's disease and multiple sclerosis. With
patient enrollment now complete in the Alzheimer's disease clinical study, we
expect to report top-line results after all patients have completed their 6
month follow-up, anticipated to occur toward the end of March 2011. In parallel
with this ongoing clinical study, we are working to make Zinthionein commercially available as a
prescription medical food," stated James S. Kuo, M.D., M.B.A., Adeona's
Chief Executive Officer. "We are also encouraged by the continued growth of the
client base, net revenues and the expanded testing services offered at Adeona
Clinical Laboratory."
Adeona Pharmaceuticals, Inc.
a pharmaceutical company developing innovative medicines for the treatment of
serious central nervous system diseases. The Company's strategy is to license
product candidates that have demonstrated a certain level of clinical efficacy
and develop them to a stage that results in a significant commercial
collaboration. Currently, Adeona has the following product candidates in
development: a prescription medical food for Alzheimer's disease, and four drugs
for multiple sclerosis, fibromyalgia, rheumatoid arthritis and dry age-related
macular degeneration. For more information, please visit Adeona's website at
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 and the expected results from such study. 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 by
further information, please contact: