Advanced Life Sciences Suspends Operations
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.