Advanced Life Sciences Announces Third Quarter 2007 Financial Results
The net loss for the three months ended September 30, 2007 was $5.8million 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 netloss reflects decreased development expenses associated with the closing oftwo pivotal phase III clinical trials for cethromycin, CL-05 and CL-06.
"We are excited to be completing the clinical phase of development ofcethromycin, said Michael T. Flavin, Ph.D., chairman and chief executiveofficer of Advanced Life Sciences. "We had a very productive third quarter,wrapping up Trial CL-05, continuing our work toward the NDA submission forcethromycin, and furthering our discussions with prospective partners. Wehave also been working to advance cethromycin as a treatment for inhalationanthrax and preparing ALS-357, a potential topical treatment for metastaticmelanoma, toward clinical development."
The company ended the third quarter of 2007 with cash totaling $6.4million.
Financial Guidance for the Fourth Quarter of 2007
Advanced Life Sciences expects its fourth quarter 2007 cash requirementsto fall within the range of $5.5 million to $6.0 million. The Company willaddress its capital needs through the issuance of equity securities and/or bythe receipt of payments that may result from the consummation of a commercialpartnership for cethromycin. Although management believes the Company couldobtain such financing, there can be no assurances that such financing will beavailable 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 at9:00 a.m. Eastern Time on Thursday, November 15, 2007 to discuss the company'sthird quarter financial results.
The conference call will be webcast simultaneously over the Internet.Please visit the Investor Relations section of Advanced Life Sciences' websitehttp://www.advancedlifesciences.com. Alternatively, callers may participatein the conference call by dialing 866-510-0704 (domestic) or 617-597-5362(international). The passcode for the conference call is 57071751. Atelephone replay of the call will also be available for 48 hours. Callers mayaccess 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 thediscovery, development and commercialization of novel drugs in the therapeuticareas of infection, cancer and inflammation. The company's lead candidate,cethromycin, is a novel once-a-day antibiotic in late-stage clinicaldevelopment for the treatment of respiratory tract infections.
Advanced Life Sciences is developing cethromycin, a novel once-a-dayantibiotic in response to the emerging bacterial resistance observed in thetreatment of community acquired pneumonia (CAP). Cethromycin has been testedin approximately 5,500 human subjects during clinical trials.
The company is currently conducting pivotal Phase III clinical trials ofcethromycin for the treatment of mild-to-moderate CAP. Advanced Life Sciencesbelieves that cethromycin, if approved, would build upon the growing marketopportunity in the antibiotic marketplace and address the critical need forantibiotics that overcome bacterial resistance.
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