ANN ARBOR — Adeona Pharmaceuticals Inc. (NYSE: AEN), announced Thursday that New York City-based Chardan Capital Markets initiated independent equity research coverage of the company with a “Buy” rating and a 12-month price target of $1 per share.

The report, issued Wednesday, was authored by Keay Nakae, senior healthcare analyst at Chardan. Headquartered in New York, Chardan is an investment banking and institutional brokerage firm with a focus on micro, small and mid-cap markets.

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As a policy, Adeona does not endorse or adopt the reports, projections or statements of Chardan or any other analyst.  In addition, Adeona does not support or endorse a per share price target for its common stock.

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Adeona is a pharmaceutical company focused on developing innovative medicines for the treatment of serious central nervous system diseases. The company’s strategy is to license product candidates that have demonstrated a certain level of clinical efficacy and develop them to a stage that results in a significant commercial collaboration.

Adeona is developing, or has partnered the development of, drug product candidates to treat multiple sclerosis, fibromyalgia, amyotrophic lateral sclerosis and Alzheimer’s disease. The company is currently preparing to make the following products commercially available: reaZin, a prescription medical food for the dietary management of zinc deficiency associated with Alzheimer’s disease; and wellZin, a homeopathic over-the-counter medicine for reducing the duration and symptoms of the common cold.

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Adeona also 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 Adeona’s Web site at www.adeonapharma.com.