Adeona Pharmaceuticals Announces Second Quarter 2009 Results and Achievements

ANN ARBOR, MI--(Marketwire - August 14, 2009) - Adeona Pharmaceuticals, Inc. (NYSE Amex: AEN),
a specialty pharmaceutical company dedicated to the awareness, diagnosis,
prevention and treatment of zinc deficiency and chronic copper toxicity in
the mature population, today announced its results for its second quarter
ended June 30, 2009 and recent achievements.

A conference call has been scheduled for 2:00pm EDT on August 14, 2009. In
order to listen to the conference call, please call toll free: 800-390-5696
and international dial-in: 719-325-2282 passcode 3885495. A replay of the
conference call will be archived for at least 15 days on Adeona's website
at www.adeonapharma.com.

Second quarter and recent highlights included:

-- Appointment of Max Lyon as Chief Executive Officer and President;
-- Presented results of the CopperProof Study, an Adeona-sponsored 90
subject prospective, blinded, observational clinical study evaluating
copper and zinc status in Alzheimer's disease, Parkinson's disease and
normal subjects, at the 2009 International Conference on Alzheimer's
Disease (ICAD) in Vienna, Austria;
-- Completed the acquisition of Hartlab LLC, an independent Chicago-area
CLIA-certified clinical reference laboratory;
-- Exhibited and introduced Hartlab to the 4,000+ Alzheimer's disease
clinician and researcher attendees of ICAD;
-- Appointment of David A. Newsome, M.D., President of Adeona's health
information and education subsidiary, HealthMine, Inc.

Max Lyon, President & Chief Executive Officer of Adeona, commented, "We are
pleased with our progress in the second quarter, particularly the
acquisition on Hartlab which now gives us the near term opportunity to
enter the market with the only comprehensive diagnostic test panel
available for determining the copper and zinc status of patients with
neurodegenerative diseases such as Alzheimer's disease, dementia and mild
cognitive impairment. Based on the new data we presented at the ICAD
conference, combined with the existing peer reviewed data available, we
believe that the comprehensive determining of copper and zinc status
combined with the appropriate follow on therapeutic actions could have a
significant impact on the progression of these diseases."

Financial Results for Second Quarter of 2009

The net loss for the quarter ended June 30, 2009 was $879,550 or $0.04 per
share compared to a net loss of $1,113,275 or $0.05 per share for the
previous quarter ended March 31, 2009, a reduction of 21%. The net loss
for the quarter ended June 30, 2009 excluding depreciation and stock-based
compensation and stock-based consulting was $659,299 compared to $758,221
for the previous quarter ended March 31, 2009, a reduction of 23%. The net
loss for the quarter ended June 30, 2009 included a one-time cash expense
of $75,000 related to the cancelled acquisition of Colwell Clinical
Laboratories.

Of the net loss for the quarter ended June 30, 2009, $405,645 was
attributable to research and development expenses and $473,961was
attributable to general and administrative expenses. The net loss for the
six months ended June 30, 2009 was $1, 992,825, or $0.09 per share,
compared to a net loss of $4,861,169, or $0.24 per share, for the
comparable period in 2008. This decrease of $2,864,334 in net loss was due
to the significant downsizing and cost saving measures initiated at the end
of the first quarter of 2008. Research and development expenses decreased
by $2,391,344 for the six months ended June 30, 2009 as compared to the
same period last year. The decrease primarily relates to a decrease of
approximately $1,067,000 associated with the reduced development expenses
associated with our licensed clinical drug candidates, a decrease of
approximately $839,000 in stock based compensation charges and a decrease
in salaries and related taxes of approximately $398,000. General and
administrative expenses decreased by $542,306 for the six months ended June
30, 2009 as compared to the same period in 2008, which is primarily due to
a decrease in salaries and related payroll taxes of approximately $260,000,
a decrease in stock based compensation charges of approximately $164,000, a
decrease in allocated overhead of approximately $60,000 and a decrease in
professional fees of approximately $52,000.

At June 30, 2009, Adeona had cash of approximately $4.42 million and
working capital of approximately $4.06 million. Excluding the one-time
cash expenditure of $75,000 related to the cancelled acquisition of Colwell
Clinical Laboratories, Adeona's net decrease in working capital, or "burn
rate", for the quarter ended June 30, 2009 was $572,373 which compares to
Adeona's burn rate of $596,288 for the previous quarter ended March 31,
2009. Adeona currently believes that it has sufficient working capital to
fund operations for the next 16 months. As a result of Adeona's
acquisition on July 9, 2009 of Hartlab LLC, a Chicago-area CLIA-certified
clinical reference laboratory, Adeona has begun generating revenues in the
current quarter and plans to launch a suite of assays intended to diagnose
and quantify potential copper toxicity and other metal-implicated
neurodegenerative conditions.

About Adeona Pharmaceuticals, Inc.

Adeona Pharmaceuticals, Inc. (NYSE Amex: AEN) is a specialty pharmaceutical
company dedicated to the awareness, diagnosis, prevention and treatment of
zinc deficiency and chronic copper toxicity in the mature population.
Adeona believes that such conditions may contribute to the progression of
debilitating degenerative diseases, including, Dry Age-Related Macular
Degeneration (Dry AMD), Alzheimer's disease (AD) and mild cognitive
impairment (MCI) in susceptible persons. Adeona is also developing a number
of late-stage clinical drug candidates for the treatment of rheumatoid
arthritis and multiple sclerosis. For further information, please visit
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 designing additional clinical
trials for its oral zinc therapies, dnaJP1, Zinthionein, flupirtine, or
Trimesta. Adeona is at an early stage of development and may not ever have
any products that generate significant revenue. Adeona's Hartlab subsidiary
is generating modest revenues and its future success will likely depend
upon its ability to successfully introduce and market new specialty
diagnostic assays to generate additional revenues. Important factors that
could cause actual results to differ materially from those reflected in
Adeona's forward-looking statements include, among others, a failure of
Adeona's product candidates to be demonstrably safe and effective, a
failure to obtain regulatory approval for the company's products or to
comply with ongoing regulatory requirements, regulatory limitations
relating to the company's ability to promote or commercialize its products
for awareness, prevention, diagnosis or treatment of zinc deficiency and
chronic copper toxicity, a lack of acceptance of Adeona's product
candidates in the marketplace, a failure of the company to become or remain
profitable, that we will continue to meet the continued listing
requirements of the American Stock Exchange (which, unlike other exchanges,
does not require us to maintain any minimum bid price with respect our
stock but does require us to maintain a minimum of $4 million in
stockholders' equity during the current year, for example), our inability
to obtain the capital necessary to fund the company's research and
development activities, a loss of any of the company's key scientists or
management personnel, and other factors described in Adeona's report on
Form 10-K for the year ended December 31, 2008, Forms 10-Q for quarters
ending in 2009 and any other filings with the SEC. No forward-looking
statements can be guaranteed and actual results may differ materially from
such statements. 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.