Adeona Pharma raises $3.5 million in new capital

Adeona Pharmaceuticals has increased its liquidity by $3.5 million after selling 1.6 million shares of common stock.

The Ann Arbor-based company plans to use that new pool of money to further the development of its reaZin and Trimesta pharmaceutical programs. "It enables us to have the funding available for additional programs in the future," says James Kou, CEO of Adeona Pharmaceuticals. "There are a lot of growth opportunities for us."

Adeona Pharmaceuticals specializes in drugs that address problems in the central nervous system, such as multiple sclerosis and Alzheimer's. It commonly licenses these drugs at the clinical stage to large pharmaceutical companies.

Trimesta, which is well into clinical trials, is being developed for the treatment of multiple sclerosis. So far the trial for the oral drug is 85 percent enrolled and is expected to fill completely later this year. Also in the midst of development is reaZin, a zinc-based medical food product candidate for Alzheimer's.

Source: James Kou, CEO of Adeona Pharmaceuticals
Writer: Jon Zemke

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Adeona Pharma raises $3.5 million in new capital

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