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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-10-060590.txt : 20101115
<SEC-HEADER>0001144204-10-060590.hdr.sgml : 20101115
<ACCEPTANCE-DATETIME>20101115150516
ACCESSION NUMBER:		0001144204-10-060590
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20101115
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20101115
DATE AS OF CHANGE:		20101115

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:		101191701

	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>
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<TYPE>8-K
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font><br></div>
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8-K</font><br></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;November 15,
2010</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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pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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November 15, 2010, Adeona Pharmaceuticals, Inc., a Nevada corporation, issued
the attached press release that included financial information for its third
quarter ended September 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
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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>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
                </td>
                <td valign="top" width="78%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="17%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
                <td valign="top" width="78%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release issued by Adeona Pharmaceuticals, Inc. dated November 15,
      2010</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      Filed herewith.</font></div>
                </td>
              </tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v202724_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
    <!--Document Created using EDGARizer 4.0.6.4-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <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; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"> <IMG SRC="logo.jpg"></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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 Third Quarter 2010 Financial Results and Achievements</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ann Arbor, MI, November 15, 2010
&#8211;</font> Adeona Pharmaceuticals, Inc. (AMEX:AEN - News), a developer of
innovative medicines for serious central nervous system diseases, announced
today its third quarter 2010 financial results as well as recent clinical and
operational achievements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Adeona&#8217;s
Recent Clinical and Operational Achievements:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Clinical
Programs</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Alzheimer&#8217;s Disease</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      60 patients are now enrolled in Part 2 of CooperProof-2 clinical study
      evaluating Zinthionein, a new zinc-based treatment for Alzheimer's
      disease. In this randomized, double-blind, placebo-controlled study,
      patients are assessed 3 and 6 months after they begin the once-daily oral
      treatment or matching placebo. These 60 patients should complete their 6
      month treatment by the end of March 2011 and it is anticipated that
      top-line clinical study results should be available shortly thereafter. If
      successful, Adeona expects to make its Zinthionein product commercially
      available as a prescription medical food for patients suffering from
      Alzheimer&#8217;s disease and mild cognitive
  impairment.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Five
      peer-reviewed scientific articles have recently been published supporting
      the role of copper toxicity and zinc deficiency in Alzheimer&#8217;s disease and
      mild cognitive decline. These publications were authored by Adeona&#8217;s
      scientific founder and consultant, George J. Brewer, M.D., the Morton S.
      and Henrietta Sellner Emeritus Professor of Human Genetics and Internal
      Medicine at the University of
Michigan.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Multiple Sclerosis</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115
      of 150 patients have been enrolled in the clinical trial evaluating
      Trimesta in women suffering from relapsing-remitting multiple sclerosis.
      The randomized, double-blind, placebo-controlled clinical trial is
      currently underway at 15 centers in the United
  States.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Operational</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
      purchasing Adeona Clinical Laboratory in July 2009, the client base has
      increased from 5 to 9 practices and the in-house diagnostic testing
      services have been expanded to include a full array of microbiology
      testing. These significant changes represent a 567% increase in net
      laboratory revenues for the quarter ended September 30, 2010 compared to
      the quarter ended September 30,
2009.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Two
      grants totaling $488,959 were awarded in November 2010 under the
      Qualifying Therapeutic Discovery Project Program to support Adeona&#8217;s
      Alzheimer&#8217;s disease and multiple sclerosis programs currently in clinical
      testing.</font></div>
            </td>
          </tr>
      </table>
    </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"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Third
Quarter Ended September 30, 2010 Results</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Total net
revenues for the three and nine months ended September 30, 2010, were $289,898
and $2,544,825, respectively, compared to $51,085 for both periods in 2009. The
increase in total net revenues for the three months ended September 30, 2010
reflects a 567% increase in net laboratory revenues from the three months ended
September 30, 2009.&#160;&#160;The increase in total net revenues for the nine
months ended September 30, 2010 reflects $2,125,000 of net license revenue
received as a result of the Meda AB sublicense agreement of flupirtine for
fibromyalgia during the second quarter&#160;of 2010 and increases in net
laboratory revenues for expanded client services provided by Adeona Clinical
Laboratory from the nine months ended September 30, 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </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>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Total
costs and expenses for the three and nine months ended September 30, 2010, were
$1,023,026 and $3,393,029, respectively, compared to $677,308 and $2,671,519 for
the same periods in 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Research
and development expenses&#160;for the three and nine months ended September 30,
2010, were $424,573 and $1,406,264, respectively,&#160;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.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">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&#160;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.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">Net
losses for the three and nine months ended September 30, 2010,
were&#160;($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.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">As of
September 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; TEXT-INDENT: 0pt"><br></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">Adeona
will hold a conference call today, Monday, November 15, 2010 at 12:00 Noon EST
to discuss these results and achievements. James S. Kuo, M.D., M.B.A., Adeona&#8217;s
Chief Executive Officer, will host the call. In order to participate, please
call:<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>United States
toll free:<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>1-800-860-2442 and
International dial-in: 1-412-858-4600. 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 <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.adeonapharma.com</font>
for a period of at least 30 days after the call.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">&#8220;We
continue to make excellent progress in the clinical development of our product
candidates for Alzheimer&#8217;s disease and multiple sclerosis.&#160;&#160;With
patient enrollment now complete in the Alzheimer&#8217;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 <font style="DISPLAY: inline; FONT-SIZE: 10pt">Zinthionein commercially available as a
prescription medical food,</font>&#8221; stated James S. Kuo, M.D., M.B.A., Adeona&#8217;s
Chief Executive Officer. &#8220;We are also encouraged by the continued growth of the
client base, net revenues and the expanded testing services offered at Adeona
Clinical Laboratory.&#8221;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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; TEXT-INDENT: 0pt"><br></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">Adeona is
a pharmaceutical company developing innovative medicines for the treatment of
serious central nervous system diseases. The Company&#8217;s strategy is to license
product candidates that have demonstrated a certain level of clinical efficacy
and develop them to a stage that results in a significant commercial
collaboration. Currently, Adeona has the following product candidates in
development: a prescription medical food for Alzheimer&#8217;s disease, and four drugs
for multiple sclerosis, fibromyalgia, rheumatoid arthritis and dry age-related
macular degeneration. For more information, please visit Adeona&#8217;s website at
<font style="DISPLAY: inline; TEXT-DECORATION: underline">www.adeonapharma.com</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; 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 and the expected results from such study. 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 &#160;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; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        </div>
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    </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
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