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Advanced Life Sciences Completes Debt Transaction
Date:10/23/2008

CHICAGO, Oct. 23 /PRNewswire-FirstCall/ -- Advanced Life Sciences Holdings, Inc. (Nasdaq: ADLS) a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, cancer and respiratory diseases, today announced that it closed a debt transaction with Leaders Bank to increase its line of credit from $4 million to $10 million and to extend the date of maturity by 12 months to January 1, 2011. The closing took place in accordance with the loan commitment announced on September 29, 2008.

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"We are pleased to complete the debt facility expansion and extension with Leaders Bank," said John L. Flavin, president and chief financial officer of Advanced Life Sciences. "This financing instrument allows the Company to achieve its corporate objectives in a non-dilutive manner."

Under the terms of the amended loan agreement, the loan will mature on January 1, 2011 and contain substantially similar terms and conditions as the existing loan agreement between the Company and Leaders Bank. All borrowings under the increased line will bear interest at a fixed rate of 8.5%, and the loan is secured by substantially all the business assets of the Company, excluding any rights that the Company has under its exclusive license agreement with Abbott Laboratories for cethromycin. The Company has also agreed to issue warrants to Leaders Bank for the purchase of 65,000 shares of its common stock at an exercise price of $1 per share and a term of 5 years.

About Advanced Life Sciences

Advanced Life Sciences is a biopharmace
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SOURCE Advanced Life Sciences Holdings, Inc.
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