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Adeona Reports Second Quarter 2011 Financial Results
Date:8/15/2011

ter ended March 31, 2011.
  • Our cash position was substantially strengthened during the second quarter as a result of a financing we completed in April 2011. The sale of approximately 1.69 million shares of common stock at $2.0725 per share in a registered direct offering provided gross proceeds of approximately $3.5 million.

  • At June 30, 2011, we had approximately $8.4 million in cash, which should meet our planned operating needs for at least the next 12 months.

Second Quarter Ended June 30, 2011 Results

Total net revenues for the three and six months ended June 30, 2011 were $355,562 and $678,700, respectively, compared to $2,194,888 and $2,254,927, for the same periods in 2010. For the three and six months ended June 30, 2010, total net revenues included $2,125,000 from the flupirtine sublicense fee with Meda AB. Laboratory revenues for the three and six months ended June 30, 2011 increased  409% to $355,562 and 422% to $678,700, respectively, from $69,888 and $129,927, for the same periods in 2010. These significant changes resulted from an increase in the client base and the expansion of in-house diagnostic testing services to include a full array of microbiology testing.

Total costs and expenses for the three and six months ended June 30, 2011 were $1,275,064 and $3,024,776, respectively, compared to $1,221,605 and $2,370,003, for the same periods in 2010.

General and administrative expenses for the three and six months ended June 30, 2011, were $694,281 and $1,967,817, respectively, compared to $662,627 and $1,398,456, for the same periods in 2010. For the three and six months ended June 30, 2011, general and administrative expenses include a non-cash charge relating to stock-based compensation expense of $51,614 and $810,324, respectively, compared to $32,460 and $183,607 for the same periods in 2010. The
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SOURCE Adeona Pharmaceuticals, Inc.
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