Full Press Release Details
Pharmaceuticals Announces Stock Repurchase Program
Arbor, Michigan, April 7, 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 that its Board of Directors has approved a
Stock Repurchase Program authorizing the repurchase, from time-to-time of up to
$1 million of its common stock, up to a maximum of four (4) million shares at
prices of up to $5.00 per share. The Stock Repurchase Program approved by the
Board of Directors on April 3, 2009 is intended to remain in effect until
Adeona has 21,193,254 shares of common stock outstanding and no preferred
shares. On a fully-diluted basis, Adeona currently has 24,524,478 shares
outstanding which includes 2,260,752 options having a weighted average exercise
price of $1.59 per share and 1,070,472 warrants having a weighted average
exercise price of $3.61 per share.
December 31, 2008, Adeona had approximately $5.8 million in cash, no long term
debt and anticipates that it spent approximately $600,000 during first quarter
ended March 31, 2009. Steve H.
Kanzer, C.P.A, J.D., Chairman and CEO commented, "Our stock is currently trading
at a discount to cash and we have a new near-term commercialization plan as more
fully described in our recently filed Form 10-K. We are optimistic about our
potential to become a leading provider of proprietary products and brands that
relate to the prevention, diagnosis and treatment of conditions associated with
subclinical zinc deficiency and chronic copper toxicity in the mature
population. We believe that these conditions are highly prevalent and
under-recognized in the aging population and may represent an immediate
potential multi-billion dollar market for Adeona. We believe Adeona's common
stock to be a very attractive investment and hope that repurchases, if any,
under the Stock Repurchase Plan will potentially improve the price of our stock
for shareholders, provide additional liquidity for stockholders wishing to sell
as well as enhance stockholder value by having fewer outstanding
program, shares may be repurchased from time-to-time in open market transactions
at prevailing market prices or in privately negotiated purchases. The timing and
actual number of shares purchased will depend on a variety of factors, such as
price, corporate and regulatory requirements, alternative investment
opportunities, and other market and economic conditions. Repurchases under the
program will be funded from available working capital. The program may be
commenced, suspended or terminated at any time, or from time-to-time at the
discretion of management or the Board of Directors without prior notice. It is
possible that Adeona will not purchase any shares under the Stock Repurchase
of Josie Taylor, C.P.A. as Secretary and Treasurer
1, 2009, we appointed our Manager of Finance, Josie Taylor, C.P.A., to the
additional positions of Secretary and Treasurer. Ms. Taylor has served as our
Manager of Finance since January 2007. Prior to joining Adeona, Ms. Taylor
served as Manager of Finance for Esperion Therapeutics, Inc., a publicly held
company, from October 2000 to April 2004, now a division of Pfizer. From July
1998 to October 2000, Ms. Taylor worked for Arthur Andersen LLP where she was a
Senior Auditor. Ms. Taylor received her B.B.A. in Accounting from University of
Michigan and is a certified public accountant.
Kanzer, C.P.A., J.D., Chairman and CEO stated, "We are grateful that Ms. Taylor
has agreed to join us as an officer of Adeona. As Manager of Finance, Ms. Taylor
has proven to be an extremely valuable and productive employee of Adeona. As we
transition Adeona into a commercial company and initiate sales and marketing of
our proprietary products and brands, the first of which is an internet-based
website and product that we intend to launch in the next several days, we
optimistically expect Ms. Taylor's accounting and financial duties to increase
and are grateful that she has joined our ranks as an officer of the
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 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.
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 to
promote or commercialize its products for awareness, prevention, diagnosis or
treatment of subclinical zinc deficiency and chronic copper toxicity, a lack of
acceptance of Adeona's product candidates in the marketplace, a failure of the
company to become or remain profitable, that we will continue to meet the
continued listing requirements of the American Stock Exchange (which unlike
other exchanges does not require us to maintain any minimum bid price with
respect our stock but does require us to maintain a minimum of $4 million in
stockholders' equity during the current year, for example), our inability to
obtain the capital necessary to fund the company's 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
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