Advanced Life Sciences lowers IPO price talk to $8 to $9 per share

By Ted A. Knutson

Washington, July 28 - Advanced Life Sciences Holdings, Inc. lowered the price talk for its planned initial public offering of common stock to $8 to $9 per share from $11 to $13 per share.

At the same time, the developer of drugs in the areas of infectious disease, inflammation and oncology lifted the number of common shares the company is selling to 4.88 million shares from 4.50 million shares.

In addition, the company will be concurrently offering about 118,000 shares in exchange for the reduction of obligations of $1 million to Abbott Laboratories, an existing shareholder.

The greenshoe has been raised to 732,000 shares from 675,000 shares.

The moves by the Woodridge, Ill.-based firm lowers the prospective IPO net proceeds to $37.3 million to $43.1 million from $49.0 million to $56.5 million.

C.E. Unterberg, Towbin, Thinkequity Partners and Merriman Curhan Ford & Co. continue to be the underwriters.

The company is scheduled to be listed on the Nasdaq under the ticker symbol "ADLS."

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