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Home arrow Knowledge Bank arrow Industry Reports arrow Advanced Life Sciences Announces 2009 Fourth Quarter and Full Year Financial Results
Advanced Life Sciences Announces 2009 Fourth Quarter and Full Year Financial Results PDF Print E-mail
Friday, 12 March 2010

Advanced Life Sciences Holdings, Inc. , a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, oncology and respiratory diseases, announced its financial results for the fourth quarter and full year ended December 31, 2009.

The net loss allocable to common shareholders for the three months ended December 31, 2009 was $1.5 million or ($0.02) per share compared to a net loss allocable to common shareholders of $2.8 million or ($0.07) per share for the three months ended December 31, 2008. The net loss allocable to common shareholders for the full year 2009 was $9.3 million or ($0.16) per share compared to a net loss allocable to common shareholders of $23.0 million or ($0.59) per share for 2008. The decrease in the net loss for the full year 2009 is due to decreased costs involved in the clinical activities and regulatory review of the Company's lead compound Restanza(TM).

The Company used approximately $3.1 million in cash in the fourth quarter of 2009 and ended the year with cash totaling $2.8 million. Cash use for the full year was $12.1 million.

Dr. Michael Flavin, Chairman and Chief Executive Officer of Advanced Life Sciences, commented: "We are excited about the opportunities that lie ahead in 2010 as we pursue a focused strategy to position Restanza, our once-daily, oral antibiotic, for success on two major fronts: community acquired bacterial pneumonia (CABP) and biodefense. We plan to continue to work with the U.S. Food and Drug Administration (FDA) to complete a Special Protocol Assessment (SPA) that will lay the groundwork for initiating registration studies for development of Restanza in CABP. We are also continuing to work with Pfizer, our Asia-Pacific regional partner, on development and commercialization plans. In the area of biodefense, we plan to capitalize on our 2009 achievements, which included generating strong, positive data in four pivotal animal trials and receiving $3.8 million from the Department of Defense to study Restanza further as a potential broad-spectrum medical countermeasure. In 2010, we have an opportunity to secure additional non-dilutive capital through government development contracts which may also position us advantageously for procurement discussions with Department of Defense and Health and Human Services. We are also pursuing additional corporate partnerships as well as advancing additional formulations for hospital and pediatric indications with the goal of capturing the full value of the Restanza franchise."

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 respiratory diseases. The Company's lead candidate, Restanza, is a novel once-a-day oral antibiotic in late-stage development for the treatment of respiratory tract infections including CABP and biodefense pathogens including anthrax, plague and tularemia. For more information, please visit us on the web at www.advancedlifesciences.com .

 
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