Adeona Loss Grows, But Drug Trials Continue
ANN ARBOR -- The pharma startup Adeona Pharmaceuticals Inc. (AMEX: AEN), a developer of innovative medicines for serious central nervous system diseases, reported its third quarter 2011 financial results Monday.
The company reported revenue of $293,421 for the quarter, up from $289,898 for the same quarter a year earlier. Revenue for the nine months was $972,121, down from $2.5 million a year earlier. For the nine months ended Sept. 30, 2010, revenue included $2.125 million from a sublicense fee.
Total costs and expenses for the quarter were $1.2 million, up from $1 million a year earlier. For the nine months, costs and expenses were $4.3 million, up from $3.4 million a year earlier.
The net loss for the three months was $1.1 million or 4 cents a share, vs. $732,835 or 3 cents a share for the same period in 2010. The net loss for the nine months ended Sept. 30, 2011, was $5 million or 18 cents a share compared to $840,575 or 4 cents a share for the same period in 2010.
As of Sept. 30, Adeona had approximately $7.5 million in cash, cash equivalents and short-term investments compared to approximately $2.6 million in cash and cash equivalents on Dec. 31, 2010. The company said its cash position should allow us to meet its currently planned operating needs for at least the next 12 months.
"During the third quarter of 2011, we achieved several clinical milestones that have positioned us for future growth and expanded the opportunities we believe exist in our core areas of strength," stated James S. Kuo, M.D., Adeona CEO. "We are currently working on several projects that provide significant opportunities in major areas of medicine, including the recently announced Phase IIb clinical trial for our multiple sclerosis drug and the Phase IIb clinical trial of our drug for Lou Gehrig's disease. We also announced in the third quarter the acquisition of exclusive access to two sets of clinical data that demonstrate the safety and efficacy of a particular oral zinc formulation in reducing the duration and severity of symptoms associated with the common cold. With this data in hand, we are now planning the commercial launch of our zinc acetate lozenge, wellZin, in time for this year's cold season. We are excited about the near-term potential wellZin presents, given the large market that exists for a common cold treatment and the need for a better zinc cold remedy formulation with positive clinical trial support."
To listen to a replay of a conference call discussing the company's results, visit www.videonewswire.com/event.asp?id=83585 until Dec. 14.
Adeona is developing, or has partnered the development of, drug product candidates to treat relapses in multiple sclerosis, cognitive dysfunction in multiple sclerosis, fibromyalgia, amyotrophic lateral sclerosis and Alzheimer's disease. The company is preparing to make wellZin, a homeopathic over-the-counter zinc acetate lozenge to reduce the duration and symptoms of the common cold, commercially available. Adeona is also developing reaZin as a medical food for the dietary management of zinc deficiency associated with Alzheimer's disease. In addition, Adeona operates Adeona Clinical Laboratory, a wholly owned clinical reference laboratory that provides a broad array of chemistry and microbiology diagnostic tests. For more information, please visit www.adeonapharma.com.
