July 26, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Advanced Life Sciences Holdings, Inc. (OTCBB: ADLS) said it has entered into a debt for equity exchange agreement with its chairman and CEO, Michael T. Flavin. Under the terms of the agreement, a $2 million promissory note the company had with Flavin will be exchanged for 47,619,047 shares of Advanced Life common stock.

The price of $0.042 per share used in the exchange was the same price per share used in the company's recently completed public equity offering.  As a result of the exchange, the promissory note will be cancelled and retired.

Illinois-based Advanced Life Sciences is a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, cancer and respiratory diseases.

The company's lead candidate, Restanza, is a novel once-a-day oral antibiotic in late-stage development for the treatment of respiratory tract infections including community acquired bacterial pneumonia and biodefense pathogens including anthrax, plague and tularemia.

In June 2010, Advanced Life submitted a Special Protocol Assessment with the FDA for the proposed Phase III clinical program of Restanza in the treatment of patients with CABP.

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