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

lue of the warrants associated with the January 2011 and April 2011 financings, adjusted for the change in their fair value at September 30, 2011. Total net other income for the three months ended September 30, 2011 included $6,868 of interest income from our short-term investments. Other income for the nine months ended September 30, 2011 included $62,996 relating to the settlement of accounts payable previously accrued in prior periods and $6,868 of interest income from our short-term investments.

The net loss for the three months ended September 30, 2011, was $1,097,979 or $0.04 per share compared to $732,835 or $0.03 for the same period in 2010. The net loss for the nine months ended September 30, 2011, was $4,964,336 or $0.18 per share compared to $840,575 or $0.04 per share for the same period in 2010.

As of September 30, 2011, Adeona had approximately $7.5 million in cash, cash equivalents and short-term investments compared to approximately $2.6 million in cash and cash equivalents on December 31, 2010. As of October 31, 2011, we had approximately $7.2 million in cash, cash equivalents and investment in debt securities. Our cash position should allow us to meet our currently planned operating needs for at least the next 12 months.

"During the third quarter of 2011, we achieved several clinical milestones that have positioned us for future growth and expanded the opportunities we believe exist in our core areas of strength," stated James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer. "We are currently working on several projects that provide significant opportunities in major areas of medicine, including the recently announced Phase IIb clinical trial for our multiple sclerosis (MS) drug and the Phase IIb clinical trial of our drug for Lou Gehrig's disease (ALS)."

"We also announced in the third quarter the acquisition of exclusive access to two sets of clinical data that demonstrate the safety and efficacy of a particular
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SOURCE Adeona Pharmaceuticals, Inc.
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