Exhibit 99.1

 

1440 Davey Road

Woodridge, IL 60517

(Phone) 630.739.6744

(Fax) 630.739.6754

www.advancedlifesciences.com

 

 

Company Contact: Joe Camp 630-754-4352

Email: jcamp@advancedlifesciences.com

 

 

 

Advanced Life Sciences Announces Third Quarter 2009 Financial Results

 

CHICAGO, IL, November 10, 2009/PRNewswire/: —

Advanced Life Sciences Holdings, Inc. (OTCBB: ADLS), a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, oncology and respiratory diseases, today announced its financial results for the third quarter ended September 30, 2009.

 

The net loss allocable to common shareholders for the three months ended September 30, 2009 was $2.9 million or ($0.05) per share compared to a net loss allocable to common shareholders of $13.1 million or ($0.34) per share for the three months ended September 30, 2008.  The decrease in the net loss is due to a $10.0 million milestone expense incurred under the license agreement with Abbott in the third quarter of last year as well as decreased costs related to regulatory expenses and development activities involving the Company’s lead compound, Restanza™ (cethromycin).

 

The Company ended the third quarter of 2009 with cash and cash equivalents totaling $4.2 million.  Cash used for operations during the quarter was approximately $4.5 million.

 

“In the third quarter, we continued to advance Restanza on two significant fronts: in community acquired pneumonia (CAP) and as a broad spectrum countermeasure for biodefense,” said Michael T. Flavin, Ph.D., chairman and chief executive officer of Advanced Life Sciences. “In CAP, we are in ongoing discussions with the FDA to identify the scope and protocol design for the additional clinical data that would be required to satisfy the FDA’s request for additional efficacy information to complete the clinical development program. In biodefense, we made exciting progress by generating positive pivotal data in anthrax and plague and receiving orphan designation in tularemia and plague.”

 

Dr. Flavin added: “As another indication of the government’s interest in Restanza as a biodefense agent, the Company was invited to submit a full proposal in response to a Broad Agency Announcement (BAA) issued by the Biomedical Advanced Research and Development Authority (BARDA) within the Department of Health and Human Services for the advanced development of Restanza as a broad spectrum countermeasure for biodefense. BARDA funding could significantly help to advance Restanza toward approval by the FDA as an important medical countermeasure, and toward consideration by the government for acquisition and stockpiling.”

 

Operating Expense Analysis

 

·                  Research and development expenses were $0.9 million for the three months ended September 30, 2009 compared to $11.2 million for the three months ended September 30, 2008.  This difference was primarily due to the $10.0 million milestone expense incurred under our license agreement with Abbott in the third quarter of 2008.

 

·                  Selling, general and administrative expenses totaled $2.2 million for the three months ended September 30, 2009 compared to $1.8 million for the same period in 2008.

 

 

 

-MORE-

 

 

 


The following information was filed by Advanced Life Sciences Holdings, Inc. (ADLS) on Tuesday, November 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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