Advanced Life Sciences enters debt for equity exchange agreement with CEO

Advanced Life Sciences Holdings, Inc. (OTC Bulletin Board: ADLS), a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, oncology and respiratory diseases, today announced that the Company has entered into a debt for equity exchange agreement with its chairman and CEO Michael T. Flavin, Ph.D.  Under the terms of the agreement, the Company's $2 million promissory note with Dr. Flavin will be exchanged for 47,619,047 shares of the Company's 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.