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

  • On July 2, 2010, Adeona entered into a common stock purchase agreement with Seaside 88, LP, relating to the sale of 1,212,121 shares of common stock. Adeona raised gross proceeds of $1,000,000, before estimated offering expenses of about $130,000, which includes placement agent fees. The offering was made pursuant to Adeona's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on June 14, 2010. The funds raised are being applied to general corporate purposes. Adeona believes that the cash on hand will be sufficient to fund operations for at least the next 12 months.

    • The results of the CopperProof-1 observational clinical trial were published online on July 14, 2010 in the American Journal of Alzheimer's Disease and Other Dementias. The publication abstract contained the following summary statement of results, "Percentage free copper, that is the proportion of serum copper not bound to ceruloplasmin, was significantly elevated in patients with Alzheimer's compared to controls. There was significantly more ''defective'' ceruloplasmin, which is apoceruloplamin lacking its copper, in Alzheimer's disease than in normal controls. This abnormality may precede the clinical onset of the disease and help predict risk of disease onset."

    • On July 27, 2010, Julie A. Caudill, B.B.A., was appointed Vice President of Finance and Corporate Controller. Ms. Caudill brings to Adeona more than 15 years of biotechnology-related accounting and Securities and Exchange Commission compliance experience.

    "The events in the second quarter and recently have made it one of the most exciting times in Adeona's history," stated James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer. "For the first time, we showed a quarterly profit and substantial progress was made on the Company's two lead clinical pr
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    SOURCE Adeona Pharmaceuticals, Inc.
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