Advanced Life Sci makes $36M placement

Advanced Life Sciences Holdings, a USA-based biopharmaceutical company focused on the therapeutic areas of infection, cancer and inflammation, has completed a private placement of approximately 10.2 million shares of common stock, together with warrants to purchase approximately 5.1 million shares of common stock, to a group of new and existing institutional investors for approximately $36.0 million in gross proceeds.

The company intends to use the cash to advance its lead product cethromycin, a novel ketolide antibiotic for the treatment of respiratory tract infections currently in pivotal Phase III clinical trials. Lazard Capital Markets acted as the sole placement agent.