Adeona Pharmaceuticals (AMEX: AEN) has received a $1 million equity investment from a Florida private equity firm as the drug developer looks to bring a drug to market for the first time.
The funding comes from the sale of 1.2 million shares to Seaside 88 LP, according to a statement from Adeona.
Any source of cash is welcome for Adeona–at least until it gets a drug on the market that can start generating sales. In its most recent quarter, the company (pdf) lost nearly $1.1 million, about the same as the like quarter last year.
Adeona is trying to push across the finish line its Zinthionein ZC, an oral drug for Alzheimer’s disease and mild cognitive impairment. The company announced that it has completed 75 percent of the enrollment for the second part of a 60-patient study of the drug.
We should know more about the trial’s outcome in the first quarter of 2011, when Adeona plans to announce its results. If the results are positive, the drug could be on the market sometime next year, according to the statement.
Adeona is developing Zinthionein ZC as a prescription medical food that aims to alleviate zinc deficiencies in patients with Alzheimer’s disease.
In May, Adeona (pdf) struck a licensing deal with a Swedish pharmaceuticals firm, Meda AB, for its patents related to a treatment for fibromyalgia. The deal called for an upfront payment of $2.5 million to Adeona, and could be worth up to $17.5 million plus royalties to the Ann Arbor drug developer.
Adeona hired a new CEO, James Kuo, in May.