Advanced Life Sciences Holdings, Inc. (ADLS) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Exhibit 99.1

Advanced Life Sciences Announces 2010 Fourth Quarter and

Full Year Financial Results and Reverse Stock Split

CHICAGO, IL, March 24, 2011/PRNewswire/: —

Dr. Michael Flavin, Chairman and CEO of Advanced Life Sciences, commented: “During the fourth quarter, we continued to make progress toward our strategic objectives including the Restanza community acquired bacterial pneumonia (CABP) program and biodefense initiatives. Since the completion of our Agreement with the United States Food and Drug Administration (FDA) for the Special Protocol Assessment (SPA), we have discussed the Restanza opportunity with several potential strategic partners. Their views match that of ours in that there is an urgent need for new antibiotics that work through novel mechanisms of action, and that there is an alarming dearth of late-stage compounds that represent real partnering opportunities for companies that need to expand their antibiotic franchises. They also recognize that the regulatory landscape has shifted and companies developing antibiotics need to deal with the new set of guidelines.  They believe that we have made significant progress in defining the new environment through our work with the FDA. We are hopeful that we will be able to convert this interest into a meaningful collaboration.”

“As announced earlier this year, the Company has engaged in a strategic alternatives review process.  While we continue to take steps to improve the financial standing of our Company, we believe that a potential strategic transaction, partnership or acquisition will be in the best interest of all our shareholders,” said Dr. Flavin. “In the meantime, we will continue to advance our discussions and opportunities to work with the US Government regarding Restanza’s potential in biodefense and global health.”

The net loss allocable to common shareholders for the three months ended December 31, 2010 was $3.3 million or ($0.01) per share compared to a net loss allocable to common shareholders of $1.5 million or ($0.02) per share for the three months ended December 31, 2009. All share and per share information is presented on a pre-split basis. The increase in the net loss for the quarter is primarily due to a non-cash impairment charge which was partially offset by reduced salary and benefit costs and other operating expenses associated with the development of the Company’s lead antibiotic, Restanza.

Cash used for operating activities during the quarter was approximately $1.0 million. In the fourth quarter, the Company raised approximately $0.8 million in proceeds through the use of a Standby Equity Distribution Agreement and made a $0.4 million commercial loan principal payment to further reduce outstanding debt. The Company ended the year with cash totaling approximately $0.2 million. Cash used for operating activities for the full year was approximately $6.4 million.

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