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Advanced Life Sciences Announces First Quarter 2008 Financial Results
Date:5/7/2008

ER ASSETS:

Other assets 18,750 10,000

Total other assets 18,750 10,000

TOTAL ASSETS $13,398,035 $19,911,542

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable $1,458,912 $2,685,751

Accrued clinical trial expenses 754,402 2,776,543

Other accrued expenses 463,347 330,441

Accrued interest payable 21,070 22,756

Short-term lease payable 7,538 7,259

Short-term notes payable - related party 2,000,000 -

Total current liabilities 4,705,269 5,822,750

Long-term lease payable 10,824 12,818

Long-term grant payable 500,000 500,000

Long-term notes payable - related party - 2,000,000

Notes payable 3,915,000 3,915,000

Total liabilities 9,131,093 12,250,568

COMMITMENTS AND CONTINGENCIES

MINORITY INTEREST - -

STOCKHOLDERS' EQUITY:

Common stock, $0.01 par value-60,000,000

shares authorized; 38,502,987 issued and

outstanding at March 31, 2008; 38,502,987

shares issued and outstanding at December 31,

2007 385,030 385,030

Additional paid-in capital 107,007,634 106,859,532

Deficit accumulated during the

development stage (103,125,722) (99,583,588)

Total stockholders' equity 4,266,942 7,660,974

TOTAL LIABILITIES AND STOCKHOLDE
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SOURCE Advanced Life Sciences Holdings, Inc.
Copyright©2008 PR Newswire.
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