CHICAGO, Nov. 14 /PRNewswire-FirstCall/ -- Advanced Life Sciences Holdings, Inc. , 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 third quarter ended September 30, 2007.
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The net loss for the three months ended September 30, 2007 was $5.8 million or a loss of $0.21 per share compared to $6.9 million or a loss of $0.24 per share for the three months ended September 30, 2006. The lower net loss reflects decreased development expenses associated with the closing of two pivotal phase III clinical trials for cethromycin, CL-05 and CL-06.
"We are excited to be completing the clinical phase of development of cethromycin, said Michael T. Flavin, Ph.D., chairman and chief executive officer of Advanced Life Sciences. "We had a very productive third quarter, wrapping up Trial CL-05, continuing our work toward the NDA submission for cethromycin, and furthering our discussions with prospective partners. We have also been working to advance cethromycin as a treatment for inhalation anthrax and preparing ALS-357, a potential topical treatment for metastatic melanoma, toward clinical development."
The company ended the third quarter of 2007 with cash totaling $6.4 million.
Financial Guidance for the Fourth Quarter of 2007
Advanced Life Sciences expects its fourth quarter 2007 cash requirements to fall within the range of $5.5 million to $6.0 million. The Company will address its capital needs through the issuance of equity securities and/or by the receipt of payments that may result from the consummation of a commercial partnership for cethromycin. Although management believes the Company could obtain such financing, there can be no assurances that such financing will be available in the future at terms acceptable to the Company, if at all.
Conference Call Details
Advanced Life Sciences will host a conference call and live webcast at 9:00 a.m. Eastern Time on Thursday, November 15, 2007 to discuss the company's third quarter financial results.
The conference call will be webcast simultaneously over the Internet. Please visit the Investor Relations section of Advanced Life Sciences' website http://www.advancedlifesciences.com. Alternatively, callers may participate in the conference call by dialing 866-510-0704 (domestic) or 617-597-5362 (international). The passcode for the conference call is 57071751. A telephone replay of the call will also be available for 48 hours. Callers may access the telephone replay by dialing (domestic) 888-286-8010 or 617-801-6888 (international), passcode 51192916.
About Advanced Life Sciences
Advanced Life Sciences is a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, cancer and inflammation. The company's lead candidate, cethromycin, is a novel once-a-day antibiotic in late-stage clinical development for the treatment of respiratory tract infections.
About Cethromycin
Advanced Life Sciences is developing cethromycin, a novel once-a-day antibiotic in response to the emerging bacterial resistance observed in the treatment of community acquired pneumonia (CAP). Cethromycin has been tested in approximately 5,500 human subjects during clinical trials.
The company is currently conducting pivotal Phase III clinical trials of cethromycin for the treatment of mild-to-moderate CAP. Advanced Life Sciences believes that cethromycin, if approved, would build upon the growing market opportunity in the antibiotic marketplace and address the critical need for antibiotics that overcome bacterial resistance.
Forward-Looking Statements
Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Except for historical information, the statements made in this press release are forward-looking statements about Advanced Life Sciences Holdings, Inc., including statements regarding the clinical trials and regulatory pathway of cethromycin. Forward-looking statements represent our management's judgment regarding future events and are accurate at the time they are made. The Company does not undertake any obligations to update any forward-looking statements whether as a result of new information, future events or otherwise. Our actual results could differ materially from those discussed herein due to several factors including the success and timing of our clinical trials and our ability to obtain and maintain regulatory approval and labeling of our product candidates; our plans to develop and commercialize our product candidates; the loss of key scientific or management personnel; the size and growth of potential markets for our product candidates and our ability to serve those markets; regulatory developments in the U.S. and foreign countries; the rate and degree of market acceptance of any future products; the accuracy of our estimates regarding expenses, capital requirements, and our ability to access capital through partnerships, stock offerings and future revenues; our ability to obtain and maintain intellectual property protection for our product candidates; the successful development of our sales and marketing capabilities; the success of competing drugs that become available; and the performance of third party collaborators and manufacturers. These and additional risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.
CONTACT: Joe Camp of Advanced Life Sciences Holdings, Inc.,
+1-630-754-4352, jcamp@advancedlifesciences.com; or Media, Melanie Nimrodi,
+1-312-546-3508, mnimrodi@mww.com, or Investors, Kathy Price,
+1-213-486-6547, kprice@frbir.com, both of Financial Relations Board, for
Advanced Life Sciences Holdings, Inc.
Web site: http://www.advancedlifesciences.com/
