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Advanced Life Sciences Announces Third Quarter 2008 Financial Results
Date:11/6/2008

ngs with the Securities and Exchange Commission.

ADVANCED LIFE SCIENCES HOLDINGS, INC. AND SUBSIDIARY

(A Development Stage Company)

September 30, December 31,

CONSOLIDATED BALANCE SHEETS 2008 2007

(Unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents $7,766,597 $18,324,991

Grant receivable 32,006 -

Prepaid insurance 329,363 251,493

Prepaid clinical trial expenses - 926,168

Other prepaid expenses and deposits 211,874 140,359

Total current assets 8,339,840 19,643,011

PROPERTY AND EQUIPMENT:

Furniture and fixtures 237,907 221,417

Laboratory equipment 159,186 159,186

Computer software and equipment 253,851 242,707

Leasehold improvements 502,798 177,253

Total property and equipment - at cost 1,153,742 800,563

Less accumulated depreciation (717,249) (542,032)

Property and equipment - net 436,493 258,531

OTHER ASSETS:

Deferred financing costs 361,250 -

Other long-term assets 10,000 10,000

Total other assets 371,250 10,000

TOTAL ASSETS $9,147,583 $19,911,542

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:

Accounts payable $273,140 $2,685,751

Accrued milestone payable 10,000,000 -

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SOURCE Advanced Life Sciences Holdings, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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