ANN ARBOR, Michigan — For the second time in less than a year, Adeona Pharmaceuticals has hired a new chief executive.
Dr. James Kuo, who’s served on the company’s board since 2007, takes over as the company’s CEO, president and chairman of the board, according to a statement from the company. Kuo previously was the CEO and chairman of California-based cardiovacular drug company Cordex Pharma.
Adeona, which has been publicly traded since 2006, is developing drugs that treat diseases involving zinc deficiency and copper toxicity. The company changed its name from Pipex Pharmaceuticals in 2008.
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Outgoing CEO Max Lyon had been hired by the company in June. He’ll give up his seat on the company’s board. Steve Kanzer will step down from his post as chair, but remain on the board, according to the statement. Kanzer founded the company in Miami in 2001 and moved it to Ann Arbor to take advantage of the area’s talent pool, according to Crain’s Detroit Business.
Adeona is in the midst of what it calls a “Phase 2/3” trial of its anti-inflammatory drug Trimesta for the treatment of multiple sclerosis, a chronic disease that attacks the central nervous system. The company says its planning to lauch another drug, Zinthionein, a treatment for age-related macular degeneration, an eye disease that can lead to vision loss and blindness.
Adeona has not yet reported its full-year 2009 results, but lost a combined $21 million over the prior three years with no revenues. Its net loss for the first nine months of 2009 narrowed substantially to $2.6 million, thanks to a significant downsizing from 2008. Adeona cut salary and research and development expenses significantly in 2009, the company said. The company had about $3.5 million in cash on hand as of Sept. 30, 2009.
A so-called “penny stock,” Adeona’s shares were up about 3 percent to 82 cents Tuesday morning on news of Kuo’s hiring.
