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Adeona Reports 2010 Year End Financial Results
Date:3/31/2011

e of approximately 2.85 million shares of common stock at $1.40 per share to new institutional investors in a registered direct offering for gross proceeds of $4 million. Investors also received warrants to purchase approximately 1.42 million shares of common stock at an exercise price of $2.00 per share and are exercisable for a period of 13 months.
  • Appointment of George J. Brewer, M.D., the Morton S. and Henrietta Sellner Emeritus Professor of Human Genetics and Internal Medicine at the University of Michigan, as Senior Vice President of Research & Development, following the unexpected passing of David A. Newsome, M.D.
  • Expansion of the Scientific Advisory Board with the following appointments:
    • Ananda S. Prasad, M.D., Ph.D., a pioneer of zinc therapy with over 50 years of experience devoted to the field.
    • Ashley I. Bush, M.D., Ph.D., an expert in the research and development of new treatments for Alzheimer's disease based on the regulation of particular biometals.
  • Execution of an agreement with Dr. Prasad providing access to clinical data from a 50 patient, 12-month, randomized, double-blind, placebo-controlled clinical trial that evaluated the prevention of infections in the elderly who were treated with an oral zinc therapy or matching placebo. The results at 12 months demonstrated a 67% reduction in the incidence of infection between the two groups (88 infections in the placebo group versus 29 infections in the zinc treated group) (p < 0.001).
  • Termination of the dnaJP1 (hsp peptide) clinical development program as of March 31, 2011. While data from a Phase II clinical trial previously reported in November 2009 demonstrated safety and tolerability in patients with rheumatoid arthritis, the decision to discontinue this program was driven by strategic considerations as well as clinical and market potential.

  • Year Ended December 31, 2010 Financial Re
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    SOURCE Adeona Pharmaceuticals, Inc.
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