NYC Healthcare News



Adeona third quarter total net revenues increase to $289,898

December 25, 2015

Research and development expenses for the three and nine months ended September 30, 2010, were $424,573 and $1,406,264, respectively, compared to $325,662 and $1,219,135 for the same periods in 2009. These increases are primarily due to the increased costs associated with the expansion of the client base at Adeona Clinical Laboratory. For the three and nine months ended September 30, 2010, research and development expenses also include a non-cash charge relating to share-based compensation expense of $19,817 and $72,785, respectively, compared to $33,421 and $153,031 for the same periods in 2009.

General and administrative expenses for the three and nine months ended September 30, 2010, were $598,453 and $1,986,765, respectively, compared to $351,646 and $1,452,384 for the same periods in 2009. These increases are primarily the result of increased legal and consultant fees and salary expenses. For the three and nine months ended September 30, 2010, general and administrative expenses also include a non-cash charge relating to share-based compensation expense of $68,493 and $252,100, respectively, compared to $20,875 and $91,509 for the same periods in 2009.

Net losses for the three and nine months ended September 30, 2010, were ($732,835) or ($0.03) per share and ($840,575) or ($0.04) per share, respectively, compared to ($626,075) or ($0.03) per share and ($2,617,608) or ($0.12) per share for the same periods in 2009.

As of September 30, 2010, Adeona had approximately $3.3 million in cash compared to approximately $2.7 million on December 31, 2009.

"We continue to make excellent progress in the clinical development of our product candidates for Alzheimer's disease and multiple sclerosis.  With patient enrollment now complete in the Alzheimer's disease clinical study, we expect to report top-line results after all patients have completed their 6 month follow-up, anticipated to occur toward the end of March 2011. In parallel with this ongoing clinical study, we are working to make Zinthionein commercially available as a prescription medical food," stated James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer. "We are also encouraged by the continued growth of the client base, net revenues and the expanded testing services offered at Adeona Clinical Laboratory."

SOURCE Adeona Pharmaceuticals, Inc.