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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-10-044454.txt : 20100816
<SEC-HEADER>0001144204-10-044454.hdr.sgml : 20100816
<ACCEPTANCE-DATETIME>20100816150820
ACCESSION NUMBER:		0001144204-10-044454
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100816
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100816
DATE AS OF CHANGE:		20100816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADEONA PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133808303
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12584
		FILM NUMBER:		101019179

	BUSINESS ADDRESS:	
		STREET 1:		3930 VARSITY DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48108
		BUSINESS PHONE:		734-332-7800

	MAIL ADDRESS:	
		STREET 1:		3930 VARSITY DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIPEX PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20061214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19970730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19940606
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v194230_8k.htm
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AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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8-K</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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REPORT</font></div>
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to Section 13 or 15(d)</font></div>
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Securities Exchange Act of 1934</font></div>
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Report (Date of earliest event reported):&#160;&#160;August 16,
2010</font></div>
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PHARMACEUTICALS INC.</font></div>
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name of registrant as specified in its charter)</font></div>
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Varsity Drive, Ann Arbor, Michigan 48108</font></div>
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telephone number, including area
code:&#160;&#160;&#160;&#160;&#160;&#160;&#160;(734) 332-7800</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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Condition.</a></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On August
16, 2010, Adeona Pharmaceuticals, Inc., a Nevada corporation , issued the
attached press release that included financial information for its second
quarter ended June 30, 2010. A copy of the press release is attached as Exhibit
99.1 to this Report on Form 8-K. The information in this Report shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
under that Section, nor shall it be deemed to be incorporated by reference into
any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as expressly set forth by specific reference in such a
filing.</font></div>
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                  <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
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      </font></td>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release issued by Adeona Pharmaceuticals, Inc. dated August 16,
      2010.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><a name="FIS_SIGNATURES" />
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <div align="justify">
          <div align="justify">
            <table cellpadding="0" cellspacing="0" width="94%">
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="41%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADEONA
      PHARMACEUTICALS INC.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="50%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;&#160;August
      16, 2010&#160;&#160;</font></div>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
      <font style="DISPLAY: inline">&#160;&#160;/s/ James S.
      Kuo</font></font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="41%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;&#160;James
      S. Kuo</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="41%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Its:&#160;&#160;Chairman,
      Chief Executive Officer </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;and
      Chief Financial
Officer</font></div>
                  </td>
                </tr>
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          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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INDEX</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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      2010</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v194230_ex99-1.htm
<TEXT>
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  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
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    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Adeona
Announces Second Quarter 2010 Profitability and Achievements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
Achieves $979,782 Second Quarter Net Income</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANN
ARBOR, MI &#8211; August 16, 2010 &#8211; Adeona Pharmaceuticals, Inc. (AMEX:AEN - News)
announced today its second quarter 2010 financial results and recent
achievements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adeona
will hold a conference call on Monday, August 16, at 10:00 a.m. EDT to discuss
these results. James S. Kuo, M.D., M.B.A., Adeona&#8217;s Chief Executive Officer,
will host the call. In order to participate, please call toll free:
1-800-860-2442 (US); international dial-in: 1-412-858-4600; Canadian toll free:
1-866-605-3852. To ensure each participant is able to hear the entire conference
call, it is recommended that participants dial into the conference line at least
5 minutes prior to the call. The audio recording will be available for replay at
www.adeonapharma.com for a period of at least 15 days after the
call.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
June 30, 2010, Adeona has emerged, for accounting purposes, from being a
development stage enterprise with $979,782 in second quarter profit. Total net
revenues for the three and six months ended June 30, 2010, consisting of license
revenue and laboratory revenues, were $2,194,888 and $2,254,927, respectively.
There were no revenues for the same periods in 2009. The revenues in 2010 are
the result of the Meda AB sublicense agreement of flupirtine for fibromyalgia
less the $375,000 payment to McLean Hospital and revenues for services provided
by Adeona Clinical Laboratory, a CLIA-certified diagnostic laboratory acquired
in July of 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
costs and expenses for the three and six months ended June 30, 2010, were
$1,221,605 and $2,370,003, respectively, compared to $879,606 and $1,995,503 for
the same periods of 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Research
and development expenses were $562,748 and $981,691, respectively, for the three
and six months ended June 30, 2010, compared to $405,645 and $901,639 for the
same periods in 2009. These increases are primarily due to the increased costs
associated with the operation of Adeona Clinical Laboratory, which was acquired
in the third quarter of 2009 and therefore did not have any impact on our
expenses during the first and second quarter of 2009. Research and development
expenses for the three and six months ended June 30, 2010, also include a
non-cash charge of $18,487 and $52,967, compared to $63,293 and $119,610 for the
same period in 2009, relating to share-based compensation expense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
and administrative expenses were $659,127 and $1,388,312 for the three and six
months ended June 30, 2010, respectively, compared to $473,961 and $1,093,864
for the same periods in 2009. These increases are primarily the result of
increased consultant fees and salary expenses. For the three and six months
ended June 30, 2010, general and administrative expenses included a non-cash
charge of $32,460 and $183,607, respectively, compared to $35,406 and $70,633
for the same periods in 2009, relating to share-based compensation
expense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
income for the three months ended June 30, 2010, was $979,782 or $0.04 per
share, compared to a net loss of ($879,550) or ($0.04) per share for the same
period in 2009. Net loss for the six months ended June 30, 2010, was ($107,740)
or ($0.00) per share, compared to ($1,992,825) or ($0.09) per share for the same
period in 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
June 30, 2010, Adeona had approximately $3.3 million in cash compared to
approximately $2.7 million on December 31, 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adeona&#8217;s
recent achievements include the following:</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">On
      May 7, 2010, Adeona announced that it had entered into a corporate
      partnership with Sweden-based Meda AB, to develop flupirtine for the
      treatment of fibromyalgia syndrome. Meda will assume all future
      development costs. Adeona is entitled to receive royalties on net sales of
      flupirtine for fibromyalgia and milestone payments of $5 million upon
      filing of a New Drug Application with the Food and Drug Administration for
      flupirtine for fibromyalgia and $10 million upon marketing
      approval.</font></div>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As
      of today, 97 out of 150 patients have been enrolled in the Trimesta
      clinical trial studying whether 8 mg of oral Trimesta taken daily over a 2
      year period would reduce the rate of relapses in female
      relapsing-remitting multiple sclerosis patients. The randomized,
      double-blind, placebo-controlled clinical trial is currently underway at
      16 centers in the United States. The clinical trial has received
      approximately $5.9 million in grant funding to
  date.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As
      of today, 54 out of 60 subjects have been enrolled in the Zinthionein
      clinical study testing the therapeutic effects of Adeona&#8217;s proprietary
      oral, gastro-retentive, sustained-release zinc and cysteine formulation on
      cognition in Alzheimer's disease and mild cognitive impairment subjects.
      The randomized, double-blind, placebo-controlled study is currently
      underway at 3 centers in the United States. Study subjects are being
      assessed at 3 and 6 months for serum parameters of zinc and copper as well
      as changes in cognitive function using standard Alzheimer's disease
      clinical tests. Adeona expects completion of this clinical study in the
      first quarter of 2011.</font></div>
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      now renamed Adeona Clinical Laboratory, has added microbiology testing and
      pediatric testing services. The number of clients at the CLIA-certified
      diagnostic testing lab has doubled over the past few months. The lab is
      now open 7 days a week and offers walk-in phlebotomy services. Increased
      commercialization efforts are starting to result in increases in recurring
      revenues. Adeona Clinical Laboratory has been obtaining higher rates of
      reimbursement for the serum-based CopperProof Panel
  test.</font></div>
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    <div>&#160;</div>
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            <tr>
              <td align="right" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">On
      July 2, 2010, Adeona entered into a common stock purchase agreement with
      Seaside 88, LP, relating to the sale of 1,212,121 shares of common stock.
      Adeona raised gross proceeds of $1,000,000, before estimated offering
      expenses of about $130,000, which includes placement agent fees. The
      offering was made pursuant to Adeona&#8217;s shelf registration statement on
      Form S-3, which was declared effective by the Securities and Exchange
      Commission on June 14, 2010. The funds raised are being applied to general
      corporate purposes. Adeona believes that the cash on hand will be
      sufficient to fund operations for at least the next 12
    months.</font></div>
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    <div>&#160;</div>
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            <tr>
              <td align="right" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The
      results of the CopperProof-1 observational clinical trial were published
      online on July 14, 2010 in the American Journal of Alzheimer&#8217;s Disease and
      Other Dementias. The publication abstract contained the following summary
      statement of results, &#8220;Percentage free copper, that is the proportion of
      serum copper not bound to ceruloplasmin, was significantly elevated in
      patients with Alzheimer&#8217;s compared to controls. There was significantly
      more &#8216;&#8216;defective&#8217;&#8217; ceruloplasmin, which is apoceruloplamin lacking its
      copper, in Alzheimer&#8217;s disease than in normal controls. This abnormality
      may precede the clinical onset of the disease and help predict risk of
      disease onset.&#8221;</font></div>
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            <tr>
              <td align="right" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#9679;</font></font></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">On
      July 27, 2010, Julie A. Caudill, B.B.A., was appointed Vice President of
      Finance and Corporate Controller. Ms. Caudill brings to Adeona more than
      15 years of biotechnology-related accounting and Securities and Exchange
      Commission compliance
experience.</font></div>
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
events in the second quarter and recently have made it one of the most exciting
times in Adeona&#8217;s history,&#8221; stated James S. Kuo, M.D., M.B.A., Adeona&#8217;s Chief
Executive Officer. "For the first time, we showed a quarterly profit and
substantial progress was made on the Company&#8217;s two lead clinical programs. In
addition, we gained substantial commercialization experience at Adeona Clinical
Laboratory.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Adeona Pharmaceuticals, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adeona
(AMEX:AEN) is a pharmaceutical company developing new medicines for serious
central nervous systems diseases. Our primary strategy is to license
clinical-stage drug candidates that have already demonstrated a certain level of
clinical efficacy and develop them to a valuation inflection point resulting in
a significant development and marketing collaboration. We have four drug
candidates and one medical food candidate in development. Further information on
the company is available at www.adeonapharma.com</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
release includes forward-looking statements on Adeona's current expectations and
projections about future events. In some cases forward-looking statements can be
identified by terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes," "estimates," and
similar expressions. These statements are based upon current beliefs,
expectations and assumptions and are subject to a number of risks and
uncertainties, many of which are difficult to predict and include statements
regarding our cash on hand being sufficient to fund operations for the next 12
months and the expected completion of the Zinthionein clinical study in the
first quarter of 2011. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth or implied by any forward-looking statements. Important factors that
could cause actual results to differ materially from those reflected in Adeona's
forward-looking statements include, among others, a failure of our clinical
trials to be completed on time or to achieve desired results, a failure of our
clinical reference laboratory to continue to grow and achieve revenue or a
failure by us or our strategic partners to successfully commercialize products
and other factors described in Adeona's report on Form 10-K for the year ended
December 31, 2009 and any other filings with the SEC. The information in this
release is provided only as of the date of this release, and Adeona undertakes
no obligation to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except as required
by law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
further information, please contact:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">James S.
Kuo, M.D., M.B.A</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">734-332-7800</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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