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The net loss allocable to common shareholders for the three months endedDecember 31, 2007 was $5.6 million or ($.18) per share compared to a net lossallocable to common shareholders of $5.9 million or ($.21) per share for thethree months ended December 31, 2006. The net loss allocable to commonshareholders for the full year 2007 was $32.5 million or ($1.12) per sharecompared to a net loss allocable to common shareholders of $20.7 million or($.78) per share for 2006. The increase in the net loss for the full year2007 is due to increased costs involved in the clinical development of theCompany's lead compound cethromycin.
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The company used approximately $6.0 million in cash in the fourth quarterof 2007 and ended the year with cash totaling $18.3 million.
"We are proud of our many operational and scientific accomplishments in2007. Most notably, the clinical success of cethromycin in community acquiredpneumonia has placed us in a strong position to achieve our key 2008objectives of completing a commercial partnership and submitting our NDA forCAP," said Dr. Michael Flavin, Chairman and CEO of Advanced Life Sciences.
Financial Guidance for 2008
Advanced Life Sciences expects its 2008 cash requirements excludingmilestone payments that become due upon NDA filing to fall in the range of$16 million and $17 million. The cash use will be applied toward cethromycinNDA submission activities, manufacturing costs, medical communicationinvestments and general operating expenses. We believe that this cash balancewill be sufficient to allow us to progress into a commercial partnership whichwill support the ongoing funding needs of the Company.
NASDAQ Marketplace Rule 4350(b)(1)(B)
The Company's independent registered public accounting firm included anexplanatory paragraph in its report on the Company's 2007 financial statementsrelated to uncertainty in the Company's ability to continue as a goingconcern. The Company does not have sufficient cash on-hand or other fundingavailable as of the date of the audit opinion to meet its obligations if itsubmits the NDA for cethromycin thereby triggering a $10 million milestonepayment. Although the Company recently completed a private placement providingit with net proceeds of $18 million and intends to secure a commercialpartnership in 2008 that would provide additional capital to fund themilestone payment, there can be no assurance that it will be able to secure acommercial partnership or obtain adequate capital funding in the future tocontinue operations and implement its strategy, which would have an adverseeffect on the Company's business and operations.
Conference Call Details
Advanced Life Sciences will host a conference call and live webcast at10:00 a.m. Eastern Time on Tuesday, February 19, 2008 to discuss the Company'sfinancial results for the fourth quarter and full year endedDecember 31, 2007.
The conference call will be webcast simultaneously over the Internet.Please visit the Investor Relations section of Advanced Life Sciences'corporate website http://www.advancedlifesciences.com. Alternatively, callersmay participate in the conference call by dialing 888-713-4215 (domestic) or617-213-4867 (international). The passcode for the conference call is82632306. Participants may pre-register for the call at:https://www.theconferencingservice.com/prereg/key.process?key=RGRXWMYHV
A telephone replay of the call will also be available fo
