Exhibit 99.1

 

 

1440 Davey Road
Woodridge, IL 60517
(Phone) 630.739.6744
(Fax) 630.739.6754
www.advancedlifesciences.com

 

November 12, 2010

Company Contact: John Flavin 630-754-4343
Email: jflavin@advancedlifesciences.com

 

Advanced Life Sciences Announces Third Quarter 2010 Financial Results

 

CHICAGO, IL, November 12, 2010/PRNewswire/: —

Advanced Life Sciences Holdings, Inc. (OTCBB: ADLS.OB), 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, 2010.

 

“During the third quarter, we continued to implement our “RestanzaTM and Beyond” initiative by advancing the  development of our hospital-focused Restanza IV formulation — a scientific breakthrough for the ketolide class,” said Michael T. Flavin, Ph.D. Chairman and CEO.  “In addition, we also strengthened our pipeline by establishing an agreement to develop antimicrobial peptides that kill troublesome Gram-negative pathogens. Gram-negative infections are highly lethal and, because of the increasing rate of resistance to current therapies, represent an urgent unmet medical need.  In the coming months, we will continue to augment and advance our hospital-focused programs while seeking a government or pharmaceutical partnership to support the funding of the Restanza oral development program.”

 

The net loss allocable to common shareholders for the three months ended September 30, 2010 was $2.1 million or ($0.01) per share compared to a net loss allocable to common shareholders of $2.9 million or ($0.05) per share for the three months ended September 30, 2009. The decrease in the net loss is primarily due to 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 $2.0 million. In the third quarter, the Company completed a securities offering raising approximately $1.6 million in gross proceeds and an additional $1.5 million in proceeds from the exercise of unit warrants issued in the offering.  The Company ended the third quarter of 2010 with cash and cash equivalents totaling $951,000.

 

Operating Expense Analysis

 

·                  Research and development expenses decreased by $0.2 million to approximately $0.7 million for the three months ended September 30, 2010 compared to $0.9 million for the three months ended September 30, 2009 due to lower government grant expenses associated with the Company’s biodefense development program for Restanza.

 

·                  Selling, general and administrative expenses were reduced to $1.2 million for the three months ended September 30, 2010 from $2.2 million during the third quarter of last year due to reduced salary and benefit costs and other operating expenses.

 

-MORE-

 

·                  In October, the Company paid $420,000 in a principal reduction to its commercial bank toward a mandatory prepayment of $1.5 million that was due on October 1, 2010.  The Company is engaged in substantive discussions with the bank regarding an agreement that would defer the balance of this prepayment to January of 2011.  Until

 


The following information was filed by Advanced Life Sciences Holdings, Inc. (ADLS) on Friday, November 12, 2010 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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