ARTICLE | Finance

Taking stock

Advanced Life CEO takes stock as payment for $2M loan to biotech

August 2, 2010 7:00 AM UTC

Rather than take money out of a biotech already strapped for cash, Michael Flavin, chairman and CEO of Advanced Life Sciences Holdings Inc. (OTCBB:ADLS), is taking stock as repayment for a loan to the company.

In 2001, Flavin lent $2 million to the infectious disease, oncology and respiratory company. In its 1Q10 earnings, the company reported Flavin was owed the principal plus $39,000 in interest covering 2009 and 1Q10...