CHICAGO, Jan. 3, 2011 /PRNewswire/ -- Advanced Life Sciences Holdings, Inc. (OTC Bulletin Board: ADLS ), 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 with the oversight of its Board of Directors the company intends to evaluate strategic alternatives, including a possible sale of the Company, with the goal of maximizing shareholder value.
Michael T. Flavin, Ph.D., chairman and chief executive officer of Advanced Life Sciences, commented: "The decision to explore strategic alternatives follows an assessment by our Company's Board of Directors and management of the financial resources required to conduct the registration program for Restanza®, our novel antibiotic, and to fully exploit what we believe is the considerable therapeutic and commercial value of this program. While we have taken steps to improve the financial standing of our Company, we believe that a potential strategic transaction, partnership or acquisition will be in the best interest of all our shareholders."
Advanced Life Sciences further announced that it has reached an agreement with the Leaders Bank to amend the terms of its existing loan. As part of the agreement, Leaders Bank has waived the existing defaults and the Company has agreed to make an interest reserve payment of $186,000 by January 10, 2011. The due date for the $1.1 million principal payment that is currently due has been extended to April 1, 2011. This $1.1 million principal payment as well as an additional $1.0 million principal payment also due on April 1, 2011 can be further extended to January 1, 2012 if the Company pay