Adeona Loss Drops On Revenue Jump
The Ann Arbor-based pharma startup Adeona Pharmaceuticals Inc. (Amex: AEN) reported a lower loss on sharply higher revenue for 2010 over 2009.
Total revenue for the year ended Dec. 31 was $3.2 million, up from $103,089 a year earlier.
Total costs and expenses for the year ended Dec. 31 were $4.7 million, up from $3.8 million a year earlier. R&D was $1.6 million, up from $948,891 a year earlier. General and administrative expenses were $2.7 million, unchanged from a year arelier.
The net loss for the year was $1.7 million or 8 cents a share, an improvement from a loss of $3.7 million or 18 cents a share in 2009. The decrease in net loss is the result of increased revenues for the year ended December 31, 2010, that included license revenue, increased laboratory revenue and grant revenue.
As of Dec. 31, Adeona had approximately $2.6 million in cash compared to approximately $2.7 million on Dec. 31, 2009. As of Feb. 28, Adeona had approximately $6 million in cash, including the net proceeds of approximately $3.7 million from a January financing.
"We continued to make significant progress in the clinical development of our product candidates for Alzheimer's disease and multiple sclerosis during 2010," said Adeona CEO Jame S. Kuo, M.D. "We anticipate reporting results from patients who have completed their 6 month follow-up in the Alzheimer's disease clinical study in April of 2011, and, if the clinical results are positive, we intend to further our commercialization efforts of reaZin as a prescription medical food. We also expect completion of enrollment in the multiple sclerosis clinical trial during the second half of 2011. We achieved these clinical milestones while also increasing our revenues from various sources and carefully managing our operating expenses.
Kuo added: "With the addition of the net proceeds from the financing in January of 2011, we believe our current cash position should meet our planned operating needs for at least the next 12 months."
To listen on the replay of the investor phone call, visit www.adeonapharma.com.
