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 today that it has suspended operations and terminated its staff due
to its severe lack of liquidity.
“We presently do not have sufficient cash to fund our
operations and have curtailed substantially all activities,” stated the
Company’s Chairman and Chief Executive Officer, Dr. Michael T. Flavin.
The Company’s Board of Directors is considering all strategic
alternatives in light of the Company’s current financial circumstances, and the
suspension of operations will limit the Company’s need for working capital
while it continues to explore possible solutions. The Company’s ability
to continue as a going concern will depend on the results of the Board’s
efforts, and a filing under the federal bankruptcy laws is a distinct
possibility.
