UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 4, 2011
ADVANCED LIFE SCIENCES HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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000-51436 |
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30-0296543 |
(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
1440 Davey Road |
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60517 |
(Address of principal executive offices) |
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(Zip Code) |
(630) 739-6744
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. |
Entry into a Material Definitive Agreement. |
Loan Amendment with Leaders Bank
On December 29, 2010, Advanced Life Sciences Holdings, Inc. (the Company) entered into an Omnibus Amendment (the Amendment) with The Leaders Bank (Leaders) relating to the Companys Second Amended and Restated Loan Agreement and Forbearance Agreement with Leaders. Under the terms of the Amendment, Leaders agreed to waive the existing defaults under the Loan Agreement and the Company agreed to make an interest reserve payment of $186,000 by January 10, 2011 (the Initial Reserve). The due date for the $1.1 million principal payment that is currently due shall be extended to April 1, 2011 upon payment of the Initial Reserve. This $1.1 million principal payment as well as an additional $1.0 million principal payment also due on April 1, 2011 can be further extended to January 1, 2012 if the Company pays $486,000 in additional interest reserve by April 1, 2011.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ADVANCED LIFE SCIENCES HOLDINGS, INC. | |
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Dated: January 4, 2011 |
By: |
/s/ Michael T. Flavin |
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Name: |
Michael T. Flavin, Ph.D. |
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Title: |
Chairman and Chief Executive Officer |