Loading ...Ann Arbor, Michigan, November 17, 2009 — Adeona Pharmaceuticals, Inc. (AMEX: AEN), a specialty pharmaceutical company dedicated to the awareness, diagnosis, prevention and treatment of zinc deficiency and chronic copper toxicity in the mature population, today announced its results for its third quarter ended September 30, 2009 as well as recent achievements.
Third quarter and recent highlights included:
Announcement of the launch of its CopperProofTM Test Panel for evaluating copper and zinc status in Alzheimer’s disease and cognitive impairment patients;
Announcement of the publication of results of a 160 Patient Phase 2 Clinical Trial of Oral dnaJP1 for Rheumatoid Arthritis;
Completion of the acquisition of HartLab LLC (“HartLab”), an independent Chicago-area CLIA-certified clinical reference laboratory;
Announcement of the formation of the initial specialty sales and marketing force for its CopperProofTM test panel;
Announcement of IRB Approval to initiate a clinical trial of Once-Daily Oral Zinthionein™ ZC GS-150 in Alzheimer’s patients;
Presentation of the results of our CopperProof-1 Study, an Adeona sponsored 90 subject prospective, blinded, observational clinical study evaluating copper and zinc status in Alzheimer’s patients, Parkinson’s patients and normal subjects, at the 2009 International Conference on Alzheimer’s Disease (ICAD) in Vienna, Austria; and
Completion of the reincorporation of Adeona to Nevada from Delaware.
Max Lyon, President & Chief Executive Officer of Adeona, commented, "We are pleased with our progress in the third quarter and are particularly excited about the recent launch of our CopperProofTM test panel for helping physicians determine if their Alzheimer’s and cognitive impairment patients have copper and zinc metabolic imbalances. Our acquisition of HartLab in July, gives us the opportunity to enter the market with the only comprehensive diagnostic test panel available for this purpose. Based on the new data we presented at the ICAD conference, combined with the existing peer reviewed data available, we believe that the comprehensive determination of copper and zinc status combined with the appropriate follow on therapeutic actions could have a significant impact on the progression of these diseases. We believe our recently announced clinical study with Zinthionein ZC will robustly demonstrate the value of this patent pending gastro-retentive, sustained release oral high dose zinc therapy in the Alzheimer’s and cognitive impairment populations, which we plan to launch in the first quarter of 2010."
Financial Results for Third Quarter of 2009
The net loss for the quarter ended September 30, 2009 was $626,075 or $0.03 per share. Of this, $325,662 was attributable to research and development expenses and $351,646 was attributable to general and administrative expenses.
The net loss for the nine months ended September 30, 2009 was $2,617,608, or $0.12 per share, compared to a net loss of $6,290,008, or $0.31 per share, for the comparable period in 2008. This decrease of $3,672,400 in net loss was 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 $2,937,120 for the nine months ended September 30, 2009 as compared to the same period last year. The decrease primarily relates to a decrease associated with the development of our licensed clinical drug candidates, a decrease in stock based compensation charges and a decrease in salaries and related taxes. General and administrative expenses decreased by $832,655 for the nine months ended September 30, 2009 as compared to the same period in 2008, which is primarily due to a decrease in salaries and related payroll taxes, a decrease in stock based compensation charges, a decrease in allocated overhead and a decrease in professional fees.
At September 30, 2009, Adeona had cash of approximately $3.5 million, compared to approximately $5.9 million at December 31, 2008. The decrease of approximately $2.4 during the nine months ended September 30, 2009 is attributable to net cash used in operations of approximately $2.2 million, plus net cash used in the acquisition of HartLab of approximately $196,000. The decrease in cash for the quarter ended September 30, 2009 is approximately $890,000 and is attributable to net cash used in operations of approximately $704,000 and net cash used in the acquisition of HartLab of approximately $196,000, offset by proceeds from the exercise of outstanding options.
About Adeona Pharmaceuticals, Inc.
Adeona Pharmaceuticals, Inc. (AMEX:AEN) is a specialty pharmaceutical company dedicated to the awareness, diagnosis, prevention and treatment of zinc deficiency and chronic copper toxicity in the mature population. Adeona believes that these 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. Using Adeona’s proprietary, modified oral zinc delivery technologies, Adeona is preparing to initiate the first clinical trial of oral zinc therapy for the once-a-day dietary management of AD and MCI. 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 our website at www.adeonapharma.com or HartLab’s website at www.hartlab.com.
Ann Arbor, MI