ANN ARBOR, Mich., Oct. 27, 2011 /PRNewswire/ -- Adeona
Pharmaceuticals, Inc. (NYSE Amex: AEN), announced today that
Chardan Capital Markets initiated independent equity research
coverage of the Company with a "Buy" rating and a 12-month price
target of $1.00 per share. The
report, issued yesterday, was authored by Keay Nakae, Senior Healthcare Analyst at
Chardan. Headquartered in New
York, Chardan is an investment banking and institutional
brokerage firm with a focus on micro, small and mid-cap
markets.
As a policy, Adeona does not endorse or adopt the reports,
projections or statements of Chardan or any other analyst. In
addition, Adeona does not support or endorse a per share price
target for its common stock.
About Adeona Pharmaceuticals, Inc.
Adeona is a pharmaceutical company focused on 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. Adeona is developing, or has partnered
the development of, drug product candidates to treat multiple
sclerosis, fibromyalgia, amyotrophic lateral sclerosis (ALS) and
Alzheimer's disease. The Company is currently preparing to make the
following products commercially available: reaZin™, a
prescription medical food for the dietary management of zinc
deficiency associated with Alzheimer's disease, and
wellZin™, a homeopathic over-the-counter medicine for
reducing the duration and symptoms of the common cold. Adeona also
operates Adeona Clinical Laboratory, a wholly owned clinical
reference laboratory that provides a broad array of chemistry and
microbiology diagnostic tests. For more information, please visit
Adeona's website at www.adeonapharma.com.
This release refers to a report issued by Chardan which
contains Chardan's own current expectations and projections about
future events, including a stated 12-month price target for the
Company's common stock. Chardan has received placement agent fees
from the Company in connection with its last two offerings in
addition to fees in connection with its engagement as a financial
advisor. In some cases forward-looking statements can be identified
by terminology such as "may," "could," "potential," "positions,"
"continue," "expects," "anticipates," "intends," "planned,"
"believe," "estimates," and similar expressions. These statements
are based upon Chardan's current beliefs, expectations and
assumptions and are subject to a number of risks and uncertainties,
many of which are difficult to predict that could cause actual
results to differ materially from those set forth or implied by any
forward-looking statements. No assurance can be given
by the Company that the price of the Company's common stock will
reach any given price target or that any of the other
forward-looking statements published by Chardan in its
report are accurate. The risks and uncertainties which would affect
any forward-looking statements relating to the Company include the
risk factors described in the report and the additional risk
factors described in Adeona's report on Form 10-K for the year
ended December 31, 2010
and its other filings with the SEC.
SOURCE Adeona Pharmaceuticals, Inc.