Alliance facing forced liquidation, unable to repay senior notes

By Lisa Kerner

Charlotte, N.C., Sept. 28 - Alliance Pharmaceutical Corp. said it does not have the means to repay the $11.3 million in principal and accrued interest when its senior notes come due in April 2007. As a result, the note holders may force the company's liquidation, the company warned in a 10-K filing with the Securities and Exchange Commission.

The filing also details Alliance's lack of profitability and the fact the company has no current revenue from product sales. Since its inception, Alliance has had net operating losses, a trend that is expected to continue.

At June 30, the San Diego-based pharmaceutical company had an accumulated deficit of $493.7 million.

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