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Adeona Announces Third Quarter 2010 Financial Results and Achievements
Date:11/15/2010

$325,662 and $1,219,135 for the same periods in 2009. These increases are primarily due to the increased costs associated with the expansion of the client base at Adeona Clinical Laboratory. For the three and nine months ended September 30, 2010, research and development expenses also include a non-cash charge relating to share-based compensation expense of $19,817 and $72,785, respectively, compared to $33,421 and $153,031 for the same periods in 2009.

General and administrative expenses for the three and nine months ended September 30, 2010, were $598,453 and $1,986,765, respectively, compared to $351,646 and $1,452,384 for the same periods in 2009. These increases are primarily the result of increased legal and consultant fees and salary expenses. For the three and nine months ended September 30, 2010, general and administrative expenses also include a non-cash charge relating to share-based compensation expense of $68,493 and $252,100, respectively, compared to $20,875 and $91,509 for the same periods in 2009.

Net losses for the three and nine months ended September 30, 2010, were ($732,835) or ($0.03) per share and ($840,575) or ($0.04) per share, respectively, compared to ($626,075) or ($0.03) per share and ($2,617,608) or ($0.12) per share for the same periods in 2009.

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

Adeona will hold a conference call today, Monday, November 15, 2010 at 12:00 Noon EST to discuss these results and achievements. James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer, will host the call. In order to participate, please call: United States toll free: 1-800-860-2442 and International dial-in: 1-412-858-4600. 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
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SOURCE Adeona Pharmaceuticals, Inc.
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