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Advanced Life Sciences Announces Delisting From Nasdaq and Pending Quotation of its Common Stock on the OTC Bulletin Board
Date:5/4/2009

- Company Appeals Delisting Decision to Nasdaq Listing and Hearing Review Council -

CHICAGO, May 4 /PRNewswire-FirstCall/ -- Advanced Life Sciences Holdings, Inc. (Nasdaq: ADLS) announced today that the Nasdaq Listing Qualifications Panel (the "Panel") has determined to suspend trading in the Company's common stock from the Nasdaq Stock Market effective at the open of business on Tuesday, May 5, 2009. The Panel's decision was based on the Company's inability to evidence compliance with the $2.5 million shareholders' equity requirement or the $35 million market value of listed securities requirement. The Company requested that the Nasdaq Listing and Hearing Review Council (the "Listing Council") issue a stay on the Panel's decision to suspend the Company's common stock from trading but the Listing Council informed the Company today that it would not call the matter for review. The Company has formally appealed the decision to the Listing Council, which may affirm, modify, reverse, dismiss, or remand the decision.

The Company also announced that it has engaged a market maker that has filed a Form 211 application to quote the Company's common stock on the OTC Bulletin Board (OTCBB). The application is pending with Financial Industry Regulatory Authority (FINRA). Listing on the OTCBB will allow the Company to sell shares of common stock under its Standby Equity Distribution Agreement (SEDA) with YA Global Investments, L.P., an affiliate of Yorkville Advisors, which provides for the sale of up to $15.0 million of shares of the Company's common stock over a two-year commitment period. The Company's common stock will also be eligible for trading on the Pink Sheets beginning on Tuesday, May 5, 2009.

"While we are disappointed by Nasdaq's determination, we will continue to appeal the decision as the OTCBB begins quotat
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SOURCE Advanced Life Sciences Holdings, Inc.
Copyright©2009 PR Newswire.
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