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Adeona Announces Second Quarter 2010 Profitability and Achievements
Date:8/16/2010

ANN ARBOR, Mich., Aug. 16 /PRNewswire-FirstCall/ -- Adeona Pharmaceuticals, Inc. (AMEX: AEN) announced today its second quarter 2010 financial results and recent achievements.

Adeona will hold a conference call on Monday, August 16, at 10:00 a.m. EDT to discuss these results. James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer, will host the call. In order to participate, please call toll free: 1-800-860-2442 (US); international dial-in: 1-412-858-4600; Canadian toll free: 1-866-605-3852. To ensure each participant is able to hear the entire conference call, it is recommended that participants dial into the conference line at least 5 minutes prior to the call. The audio recording will be available for replay at www.adeonapharma.com for a period of at least 15 days after the call.

As of June 30, 2010, Adeona has emerged, for accounting purposes, from being a development stage enterprise with $979,782 in second quarter profit. Total net revenues for the three and six months ended June 30, 2010, consisting of license revenue and laboratory revenues, were $2,194,888 and $2,254,927, respectively. There were no revenues for the same periods in 2009. The revenues in 2010 are the result of the Meda AB sublicense agreement of flupirtine for fibromyalgia less the $375,000 payment to McLean Hospital and revenues for services provided by Adeona Clinical Laboratory, a CLIA-certified diagnostic laboratory acquired in July of 2009.

Total costs and expenses for the three and six months ended June 30, 2010, were $1,221,605 and $2,370,003, respectively, compared to $879,606 and $1,995,503 for the same periods of 2009.

Research and development expenses were $562,748 and $981,691, respectively, for the three and six months ended June 30, 2010, compared to $405,645 and $901,639 for the same periods in 2009. These incr
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SOURCE Adeona Pharmaceuticals, Inc.
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