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Adeona to Raise $4 Million in Registered Direct Offering
Date:1/28/2011

ANN ARBOR, Mich., Jan. 28, 2011 /PRNewswire/ -- Adeona Pharmaceuticals, Inc. (Amex: AEN), a developer of innovative medicines for serious central nervous system diseases, announced today that it has executed an agreement for the sale of approximately 2.85 million shares of its common stock at $1.40 per share to two new institutional investors in a registered direct offering for $4 million in gross proceeds. The investors will also receive warrants to purchase approximately 1.42 million shares of common stock at an exercise price of $2.00 per share. The warrants are exercisable upon issuance for a period of 13 months from the closing date.  If exercised for cash, the warrants are expected to generate up to an additional $2.85 million in proceeds to Adeona.

"This financing will allow us to continue developing our zinc-based therapy currently in a clinical study and, if clinical results are positive, will allow us to further our commercialization efforts as a prescription medical food for Alzheimer's disease," stated James S. Kuo, M.D., M.B.A., Adeona's Chairman and CEO.

The offering is expected to close on or before February 2, 2011, subject to customary closing conditions, including approval by the NYSE AMEX. The net proceeds of approximately $3.7 million will be used for general corporate purposes, including conducting operations and advancing our clinical development programs.

Chardan Capital Markets acted as the sole placement agent for this transaction.

The shares and warrants are being offered in a registered direct offering under the Company's effective shelf registration statement previously filed on Form S-3 with the Securities and Exchange Commission (SEC).  This offering will be made by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained, when available, from

SOURCE Adeona Pharmaceuticals, Inc.
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