Attached files
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8-K - Synthetic Biologics, Inc. | v209338_8k.htm |
EX-10.3 - Synthetic Biologics, Inc. | v209338_ex10-3.htm |
EX-10.1 - Synthetic Biologics, Inc. | v209338_ex10-1.htm |
EX-10.2 - Synthetic Biologics, Inc. | v209338_ex10-2.htm |
Adeona
to Raise $4 Million in Registered Direct Offering
For
Immediate Release
Ann
Arbor, MI, January 28, 2011 – Adeona Pharmaceuticals, Inc. (AMEX:AEN - News), 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
www.sec.gov.
This
press release does not and shall not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction.
About
Adeona Pharmaceuticals, Inc.
Adeona is
a pharmaceutical company developing innovative medicines for the treatment of
serious central nervous system diseases. The Company’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 is developing the following product candidates:
a prescription medical food for Alzheimer’s disease, and drugs for multiple
sclerosis, fibromyalgia, rheumatoid arthritis and age-related macular
degeneration. For more information, please visit Adeona’s website at www.adeonapharma.com.
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 the timing and results of our clinical study and our ability to
successfully develop products with superior benefits. 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, the
availability of financial and other resources and the allocation of resources
among different potential uses, 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.
For
further information, please contact:
James S.
Kuo, M.D., M.B.A.
Chief
Executive Officer
(734)
332-7800