Adeona Pharmaceuticals, Inc. (AMEX: AEN), a developer of innovative medicines for serious central nervous system diseases, announced today that it was awarded two grants totaling $488,959 under the Qualifying Therapeutic Discovery Project (QTDP) Program to support the Company's Alzheimer's disease and multiple sclerosis programs currently in clinical testing. These grants represent approximately 38% of the Company's total research and development expenses based on trailing twelve month calculations.
In October 2010, Adeona announced that Part 2 of its randomized, double-blind, placebo-controlled CooperProof-2 clinical study evaluating Zinthionein, a new zinc-based treatment for Alzheimer's disease, completed 100% patient enrollment. Patients are assessed 3 and 6 months after they begin the once-daily oral treatment or matching placebo, and all patients should complete their 6 month treatment by the end of March 2011. It is anticipated that the clinical study results should be available shortly thereafter. To date, there have been no significant adverse effects reported. If successful, Adeona expects to make its Zinthionein product commercially available as a prescription medical food for patients suffering from Alzheimer's disease and mild cognitive impairment. Further information on the clinical study is available at http://www.clinicaltrials.gov/ct2/show/NCT01099332.
In August 2010, Adeona announced that nearly two-thirds of the 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 to study the reduction in the rate of relapses is currently underway at 15 centers in the United States. The clinical trial has previously received approximately $5.9 million in grant funding. Further information on the clinical trial is available at http://www.clinicaltrials.gov/ct2/show/NCT00451204.
"We are pleased to receive these tax-free grants as they will enable us to advance our prescription medical food clinical study for the treatment of Alzheimer's disease and accelerate our clinical trial for the treatment of multiple sclerosis," stated James S. Kuo, M.D., M.B.A., Adeona's Chief Executive Officer.
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