CHICAGO, April 8 Advanced Life Sciences Holdings, Inc. (OTC Bulletin Board: ADLS), today announced the results from the Annual Meeting of Shareholders that it held today at its Woodridge headquarters.
At the meeting, the shareholders elected John L. Flavin, Richard A. Reck and Dr. Rosalie Sagraves to the Company's Board of Directors each for a term of three years and ratified the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for fiscal year 2010. The shareholders also approved an amendment to the Company's articles of incorporation to increase the number of authorized shares from 125,000,000 to 625,000,000 including an increase in the number of authorized shares of common stock from 120,000,000 to 620,000,000. Additionally, shareholders voted to provide 2,000,000 additional stock options for grant under the Company's 2005 Stock Incentive Plan. Lastly, shareholders voted to authorize the Board of Directors to effect a reverse stock split of common stock at any time before April 8, 2011.
"We appreciate the support of our fellow shareholders and look forward to achieving our ambitious goals for 2010. We are moving aggressively to finalize a special protocol assessment with the FDA for Restanza in the CABP indication and advancing our biodefense program in tandem," stated Michael T. Flavin, Chairman and CEO of Advanced Life Sciences. "Shareholder approval of the key corporate measures voted upon today provides the Company with the greatest amount of financial flexibility as we advance our development programs in 2010."
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 or follow us on twitter at http://twitter.com/advancedlifesci.
Any statements contained in this presentation that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among others, those relating to technology and product development, market acceptance, government regulation and regulatory approval processes, intellectual property rights and litigation, dependence on collaborative relationships, ability to obtain financing, competitive products, industry trends and other risks identified in Advanced Life Sciences' filings with the Securities and Exchange Commission. Advanced Life Sciences undertakes no obligation to update or alter these forward-looking statements as a result of new information, future events or otherwise.
SOURCE Advanced Life Sciences Holdings, Inc.