ANN ARBOR, Mich., April 7, 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 1,688,782 shares of its common stock at
approximately $2.0725 per share to a new institutional investor in
a registered direct offering for $3.5 million in gross proceeds.
The investor will also receive warrants to purchase approximately
844,391 shares of common stock at an exercise price of $2.0725 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 $1.75 million
in proceeds to Adeona.
“In addition to funding the continued development of our
reaZin™ zinc-based medical food product candidate for
Alzheimer’s disease and our Trimesta drug product candidate for the
treatment of multiple sclerosis, this financing will also allow us
to explore new opportunities,” stated James S. Kuo, M.D., M.B.A.,
Adeona’s Chairman and CEO.
The offering is expected to close on or before April 11, 2011,
subject to customary closing conditions, including approval by the
NYSE AMEX. The net proceeds of approximately $3.25 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
