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

eona Clinical Laboratory. General and administrative expenses also include a non-cash charge relating to stock-based compensation expense of $310,098 for the year ended December 31, 2010, compared to $135,770 for the year ended December 31, 2009.

Costs of laboratory services increased to $467,632 for the year ended December 31, 2010, from $126,900 for the year ended December 31, 2009. This increase is primarily the result of the increased costs associated with the expansion of the client base at Adeona Clinical Laboratory, including salary and supply costs.  The year ended December 31, 2010 included 12 months of costs, compared to the year ended December 31, 2009, which only included 6 months of costs after the acquisition in July of 2009.

The net loss for the year ended December 31, 2010 was $1,711,159, or $0.08 per share, compared to $3,731,405, or $0.18 per share, for the year ended December 31, 2009. The decrease in net loss is the result of increased revenues for the year ended December 31, 2010, that included license revenue, increased laboratory revenue and grant revenue.

As of December 31, 2010, Adeona had approximately $2.6 million in cash compared to approximately $2.7 million on December 31, 2009. As of February 28, 2011, Adeona had approximately $6.0 million in cash, including the net proceeds of approximately $3.7 million from the January of 2011 financing.

"We continued to make significant progress in the clinical development of our product candidates for Alzheimer's disease and multiple sclerosis during 2010. We anticipate reporting results from patients who have completed their 6 month follow-up in the Alzheimer's disease clinical study in April of 2011, and, if the clinical results are positive, we intend to further our commercialization efforts of reaZin as a prescription medical food. We also expect completion of enrollment in the multiple sclerosis clinical trial during the second half of 2011," stated Jame
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SOURCE Adeona Pharmaceuticals, Inc.
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