Full Press Release Details
Pharmaceuticals Announces First
Quarter 2009 Results
Arbor, Michigan, May 15, 2009 -- Adeona Pharmaceuticals, Inc. (AMEX: AEN), a
specialty pharmaceutical company dedicated to the awareness, prevention and
treatment of subclinical zinc deficiency and chronic copper toxicity in the
mature population, today announced its results for its first quarter
ended March 31, 2009.
conference call has been scheduled for 12:00 noon EDT on May 15,
2009. In order to participate in the conference call, please call
toll free: (877) 675-4751 and
international dial-in: (719) 325-4854 passcode 4378978. A replay of
the conference call will be archived for at least 15 days on Adeona's website at
quarter and recent highlights included:
Kanzer, CPA, JD, Chairman of the Board, President & Chief Executive Officer
of Adeona, commented, "During the first quarter of 2009, we analyzed samples
from our 90-subject observational study comparing serum markers of metal
dyshomeostasis in Alzheimer's disease, Parkinson's disease and normal
persons. We found highly statistically significant differences in
serum copper status between Alzheimer's patients and normal subjects, as well as
the first evidence of an apparent subclinical zinc deficiency in Alzheimer's
disease patients. We currently intend to announce such results of
this study in the first half July and intend to acquire a CLIA-certified
laboratory to develop and launch a series of diagnostic products and services
based on such findings. Our President of our HealthMine subsidiary,
David A. Newsome, M.D., pioneered the use of oral zinc therapy for the 17
million U.S. persons with age-related macular degeneration (AMD), such that oral
zinc therapy is now the standard of care for AMD. We see a similar,
perhaps more significant opportunity for our oral zinc therapy products in
Alzheimer's disease and its predecessor, mild cognitive impairment (MCI), which
together affect an estimated 20% of persons over the age of 65."
Results for First Quarter of 2009
loss applicable to common shareholders for the quarter ended March 31, 2009 was
$1,113,275, or $0.05 per share, compared to a net loss applicable to common
shareholders of $3,089,456, or $0.15 per share, for the comparable period in
2008. The decrease of $1,976,181 in net loss is due to the significant
downsizing and cost saving measures initiated at the end of the first quarter of
2008. Research and development expenses decreased by $1,628,626 for
the quarter ended March 31, 2009 as compared to the same period last year. The
decrease primarily relates to a decrease of approximately $837,000 associated
with the development of our licensed clinical drug candidates, a decrease of
approximately $445,000 in stock based compensation charges and a decrease in
salaries and related taxes of approximately $296,000. General and administrative
expenses decreased by $409,138 for the quarter ended March 31, 2009 as compared
to the same period in 2008 which is primarily due to a decrease in salaries and
related payroll taxes of approximately $100,000, a decrease in allocated
overhead expense of approximately $96,000, a decrease in stock based
compensation charges of approximately $71,000 and a decrease in professional
fees of approximately $43,000.
31, 2009, Adeona had cash of approximately $5.3 million, compared to
approximately $5.9 million at December 31, 2008. The decrease of approximately
$567,000 during the first quarter of 2009 is all attributable to net cash used
Adeona Pharmaceuticals, Inc.
Pharmaceuticals, Inc. (AMEX: AEN) is a specialty pharmaceutical company
dedicated to the awareness, 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 important 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,
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 designing additional clinical trials for oral dnaJP1,
Zinthionein, flupirtine, or Trimesta. Adeona is at an early stage of development
and may not ever have any products that generate significant revenue. 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 Adeona's product candidates to be demonstrably safe and effective, a
failure to obtain regulatory approval for the company's products or to comply
with ongoing regulatory requirements, regulatory limitations relating to the
company's ability promote or commercialize its products for awareness,
prevention, diagnosis or treatment of subclinical zinc deficiency and chronic
copper toxicity, to a lack of acceptance of Adeona's product candidates in the
marketplace, a failure of the company to become or remain profitable, Adeona's
inability to obtain the capital necessary to fund its research and development
activities, a loss of any of the company's key scientists or management
personnel, and other factors described in Adeona's report on Form 10-K for the
year ended December 31, 2008 and any other filings with the SEC. No
forward-looking statements can be guaranteed and actual results may differ
materially from such statements. 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 Contact:
and Chief Executive Officer