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Adeona Reports Third Quarter 2011 Financial Results
Date:11/14/2011

lzheimer's disease. reaZin is a proprietary, once-daily, gastroretentive, sustained-release, oral tablet formulation of zinc and cysteine.

Corporate Governance

  • On November 2, 2011, we strengthened our corporate governance practices by appointing Jeff Riley to serve as our independent, non-executive Chairman of the Board. Mr. Riley has served on the Company's Board of Directors since March of 2010, and will continue to serve on the Audit and Nominations Committees.

Third Quarter Ended September 30, 2011 Financial Results

Total net revenues for the three and nine months ended September 30, 2011 were $293,421 and $972,121, respectively, compared to $289,898 and $2,544,825, for the same periods in 2010. For the nine months ended September 30, 2010, total net revenues included $2,125,000 from the flupirtine sublicense fee with Meda AB. Laboratory revenues for the three and nine months ended September 30, 2011 increased to $293,421 and $972,121, respectively, from $289,898 and $419,825, for the same periods in 2010. These 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 nine months ended September 30, 2011 were $1,231,650 and $4,256,427, respectively, compared to $1,023,026 and $3,393,029, for the same periods in 2010.

General and administrative expenses for the three and nine months ended September 30, 2011 were $681,805 and $2,649,623, respectively, compared to $601,806 and $2,000,262, for the same periods in 2010. These increases are primarily the result of increased salary expense and consultant fees. For the three and nine months ended September 30, 2011, general and administrative expenses include a non-cash charge relating to stock-based compensation expense of $50,509 and $860,833, respectively,
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SOURCE Adeona Pharmaceuticals, Inc.
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