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

eases are primarily due to the increased costs associated with the operation of Adeona Clinical Laboratory, which was acquired in the third quarter of 2009 and therefore did not have any impact on our expenses during the first and second quarter of 2009. Research and development expenses for the three and six months ended June 30, 2010, also include a non-cash charge of $18,487 and $52,967, compared to $63,293 and $119,610 for the same period in 2009, relating to share-based compensation expense.

General and administrative expenses were $659,127 and $1,388,312 for the three and six months ended June 30, 2010, respectively, compared to $473,961 and $1,093,864 for the same periods in 2009.  These increases are primarily the result of increased consultant fees and salary expenses. For the three and six months ended June 30, 2010, general and administrative expenses included a non-cash charge of $32,460 and $183,607, respectively, compared to $35,406 and $70,633 for the same periods in 2009, relating to share-based compensation expense.

Net income for the three months ended June 30, 2010, was $979,782 or $0.04 per share, compared to a net loss of ($879,550) or ($0.04) per share for the same period in 2009.  Net loss for the six months ended June 30, 2010, was ($107,740) or ($0.00) per share, compared to ($1,992,825) or ($0.09) per share for the same period in 2009.  

As of June 30, 2010, Adeona had approximately $3.3 million in cash compared to approximately $2.7 million on December 31, 2009.  

Adeona's recent achievements include the following:

  • On May 7, 2010, Adeona announced that it had entered into a corporate partnership with Sweden-based Meda AB, to develop flupirtine for the treatment of fibromyalgia syndrome. Meda will assume all future development costs. Adeona is entitled to receive royalties on net sales of flupirtine for fibromyalgia and milestone payments of $
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SOURCE Adeona Pharmaceuticals, Inc.
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