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1440 Davey Road
Woodridge, IL 60517
FOR IMMEDIATE RELEASE
Company Contact: Joe Camp 630-754-4352
February 11, 2009
Advanced Life Sciences Announces 2008 Fourth Quarter and Full Year Financial Results
CHICAGO, IL, February 11, 2009/PRNewswire/: Advanced Life Sciences Holdings, Inc. (Nasdaq: ADLS), a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, cancer and respiratory diseases, today announced its financial results for the fourth quarter and full year ended December 31, 2008.
The net loss allocable to common shareholders for the three months ended December 31, 2008 was $2.8 million or ($0.07) per share compared to a net loss allocable to common shareholders of $5.6 million or ($0.18) per share for the three months ended December 31, 2007. The net loss allocable to common shareholders for the full year 2008 was $23.0 million or ($0.59) per share compared to a net loss allocable to common shareholders of $32.5 million or ($1.12) per share for 2007. The decrease in the net loss for the full year 2008 is due to decreased costs involved in the clinical development of the Companys lead compound cethromycin.
The Company used approximately $12.2 million in cash in the fourth quarter of 2008 and ended the year with cash totaling $1.5 million. Cash use for the full year was $24.5 million. Fourth quarter and full year cash use included a $10.0 million milestone payment to Abbott Laboratories associated with the submission of the New Drug Application (NDA) for cethromycin.
2008 was a transformative year in Advanced Life Sciences history, marking our transition from a development-stage to a pre-commercial company, working toward the market launch of our first product, said Dr. Michael Flavin, Chairman and CEO of Advanced Life Sciences. With the successful filing of our NDA for cethromycin, we have advanced our lead product candidate toward becoming a promising commercial product opportunity in a market that is in need of safe and effective new antibiotics. With the establishment of our Wyeth partnership in the Asia Pacific region, we have laid the cornerstone of our global commercialization strategy. In addition, the awarding of our multi-million dollar Defense Threat Reduction Agency (DTRA) contract is indicative of the potential for cethromycin and the significant market opportunity in the biodefense field.
Continued Dr. Flavin: As we look forward to the July 31, 2009, PDUFA date set by FDA for cethromycin, we are realigning our resources and cost structure to focus on our upcoming commercial objectives and intend to raise capital to strengthen our financial position.
Operating Expense Analysis: 2008 versus 2007:
· Research and development expense. Total research and development expense decreased $10.0 million to approximately $15.7 million for the year ended December 31, 2008 from approximately $25.7 million for the year ended December 31, 2007. The decrease in R&D expense is related to the conclusion of clinical trials and development costs associated with the Companys lead product, cethromycin.
· General and administrative expense. General and administrative expense increased $0.3 million to $7.1 million for the year ended December 31, 2008.
The following information was filed by Advanced Life Sciences Holdings, Inc. (ADLS) on Wednesday, February 11, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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