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Advanced Life Sciences may be for sale

Advanced Life Sciences has announced that it is exploring strategies, including a possible sale of the company, in order to improve its finances

Advanced Life Sciences Holdings, a company that is developing a new antibiotic called Restanza, has announced that it is exploring strategic alternatives, including a possible sale of the company, in order to improve its financial situation.

The decision follows an assessment by the company's Board of Directors and management that determined that additional resources would be necessary to conduct the registration programme for Restanza. 

The company also said that it has taken steps to cut costs through a company-wide salary-reduction programme and by reaching an agreement with its bank favourably amending the terms of an outstanding $1.1m loan.

Restanza is in late-stage development both as an IV formulation for hospital use and as a  once-a-day oral pill for the treatment of respiratory tract infections including community acquired bacterial pneumonia and biodefence pathogens such as anthrax, plague and tularaemia. 

In announcing its third-quarter financial results in November, Advanced Life Sciences said it was seeking government or pharmaceutical partnerships to support the funding of the Restanza oral development programme. 

The third-quarter net loss was $2.1m, down from $2.9m in the same period in 2009, due to cost-cutting measures implemented by the company. Advanced Life Sciences ended the third quarter of 2010 with cash and cash equivalents totaling $951,000.

Advanced Life Sciences recently reached an agreement with the US Food and Drug Administration (FDA) on the special protocol assessment for Restanza in community acquired bacterial pneumonia, which the company said “provides a clear roadmap to approval.”

The company is seeking fast-track designations from the FDA for both formulations of Restanza.

5th January 2011

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