Adeona Raises $3.5 million From Stock Sale

Xconomy Detroit/Ann Arbor — 

Adeona Pharmaceuticals of Ann Arbor, MI said it raised $3.5 million by selling about 1.7 million shares to an undisclosed institutional investor. The company, which is developing drugs to treat brain disorders, said it also granted the investor the right to buy another 844,393 shares at $2.0725 per share. At that price, Adeona would raise another $1.75 million.