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                                                                     Exhibit 4.7

                        PARTNERSHIP DISSOLUTION AGREEMENT

          THIS PARTNERSHIP DISSOLUTION AGREEMENT (this "Agreement") is made as
of December 13, 2004, by and between Advanced Life Sciences Holdings, Inc., a
Delaware corporation ("Holdings"), and Advanced Life Sciences, Inc., an Illinois
corporation and a wholly-owned subsidiary of Holdings ("ALS").

                                   WITNESSETH:

          WHEREAS, ALS and Michael T. Flavin ("Flavin") entered into that
certain Amended and Restated Partnership Agreement, dated as of December 22,
2001 (the "Partnership Agreement"), relating to Advanced Life Sciences General
Partnership (the "Partnership"); and

          WHEREAS, under the terms of the Partnership Agreement, Flavin made
capital contributions to the Partnership in the amount of $7,793,968 from
December 1999 through September 2002; and

          WHEREAS, Flavin contributed and assigned his entire interest in the
Partnership to Ventures pursuant to that certain Contribution, Assignment and
Assumption Agreement dated as of September 30, 2002; and

          WHEREAS, from October 2002 through and including the date hereof,
Ventures has made capital contributions to the Partnership in the amount of
$3,717,509; and

          WHEREAS, ALS is undergoing a recapitalization and reorganization (the
"Recapitalization") as of the date hereof pursuant to which, among other things,
(i) ALS has become a wholly-owned subsidiary of Holdings pursuant to that
certain ALS Exchange Agreement dated as of the date hereof among Holdings, the
Michael T. Flavin Revocable Trust and Karen Stec, and (ii) Ventures has
transferred its entire Interest (as defined in the Partnership Agreement) in the
Partnership to Holdings (the "Exchange") pursuant to that certain Partnership
Exchange Agreement dated as of the date hereof between Ventures and Holdings
(the "Exchange Agreement"); and

          WHEREAS, pursuant to the Recapitalization, Holdings and ALS desire to
dissolve and terminate the Partnership under the terms and conditions set forth
herein.

          NOW, THEREFORE, in consideration of the covenants, agreements,
representations and warranties contained in this Agreement, the parties hereto
agree as follows:

     SECTION 1.  TERMINATION OF PARTNERSHIP

          1.01   DISSOLUTION. ALS and Holdings hereby agree that, effective
immediately upon the Exchange, the Partnership shall dissolve in accordance with
Section 8.1(c) and 8.1(e) of the Partnership Agreement.

          1.02   WINDING UP. Immediately upon the dissolution of the
Partnership, ALS shall (a) succeed to all assets, rights and properties owned by
Partnership on the Closing Date, whether tangible or intangible, real, personal
or mixed, wherever located, and whether or not carried and reflected on the
books of the Partnership, including, without limitation, all accounts
receivable, inventory, equipment and improvements, contract rights, claims and
causes of action or rights of recovery or set-off of every kind and character,
all business records and the business of the Partnership as a going concern
(collectively, the "Partnership Assets"); and (b) assume all obligations and
liabilities of the Partnership, whether known or

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unknown, whether asserted or unasserted, whether absolute or contingent, whether
accrued or unaccrued, whether liquidated or unliquidated and whether due or to
become due (collectively, the "Partnership Liabilities").

          1.03   TERMINATION. Effective immediately upon the dissolution and
winding up of the Partnership pursuant to Sections 6.01 and 6.02 hereof, the
Partnership and the Partnership Agreement shall terminate consistent with Part
VI of the Illinois Revised Uniform Partnership Act.

          1.04   THE CLOSING. The closing of the Exchange (the "Closing") will
take place at the offices of Winston & Strawn LLP, 35 West Wacker Drive,
Chicago, Illinois 60601, at such date and time and as may be agreeable to the
parties.

     SECTION 2.  CONDITIONS PRECEDENT. The obligations of ALS and Holdings under
Section 1 hereof on the Closing Date are subject to the satisfaction as of the
date of the Closing of the following conditions:

          (a)    EXCHANGE. The Exchange shall have occurred on the date hereof
     under the terms and conditions of the Exchange Agreement.

          (b)    PROCEEDINGS. All corporate, legal and other proceedings taken
     or required to be taken in connection with the transactions contemplated
     hereby to be consummated at or prior to the Closing and all documents
     incident thereto shall be satisfactory in form and substance to ALS and
     Holdings.

          (c)    CLOSING DOCUMENTS. On or prior to the Closing, each party will
     have delivered to the other party such documents relating to the
     transactions contemplated by this Agreement as may be reasonably requested.

     SECTION 3.  MISCELLANEOUS

          3.01   EXPENSES. Holdings shall pay all of the expenses incurred by
all parties to this Agreement in connection with this Agreement, including
without limitation, all legal fees.

          3.02   SUCCESSORS AND ASSIGNS. All terms and conditions contained in
this Agreement shall bind and inure to the benefit of the respective successors
and assigns of the parties hereto.

          3.03   SEVERABILITY. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision will be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

          3.04   COUNTERPARTS. This Agreement may be executed simultaneously in
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
agreement.

          3.05   DESCRIPTIVE HEADINGS. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

          3.06   GOVERNING LAW. This Agreement shall be governed by and
construed and enforced in accordance with, the laws of the State of Illinois,
without regard to conflicts of laws principles.

                                       -2-
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          3.07   ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement of the parties in respect of the subject matter hereof and supersedes
any and all prior understandings (whether written or oral) in respect of such
subject matter.

                            [signature page follows]

                                       -3-
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          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                         ADVANCED LIFE SCIENCES HOLDINGS, INC.

                                         /s/ John L. Flavin
                                         ---------------------------------------
                                         By:    John L. Flavin
                                         Title: President

                                         ADVANCED LIFE SCIENCES, INC.

                                         /s/ John L. Flavin
                                         ---------------------------------------
                                         By:    John L. Flavin
                                         Title: President

                        PARTNERSHIP DISSOLUTION AGREEMENT<Page>

                                                                     Exhibit 4.8

                             CONTRIBUTION AGREEMENT

          This CONTRIBUTION AGREEMENT (as the same may be amended, restated,
supplemented or otherwise modified from time to time, this "Agreement") dated as
of December 13, 2004 is by and between Flavin Ventures, LLC, a Delaware limited
liability company ("Flavin Ventures"), and the Michael T. Flavin Revocable
Trust, an Illinois trust (the "Trust").

                                   WITNESSETH:

          WHEREAS, Advanced Life Sciences, Inc., an Illinois corporation
("ALS"), is undergoing a recapitalization and reorganization as of the date
hereof (the "Recapitalization"); and

          WHEREAS, in connection with the Recapitalization, the Trust
transferred to Holdings 400,000 shares of common stock, no par value, of ALS
and, in exchange, Holdings delivered to the Trust 400,000 shares of common
stock, $.01 par value per share, of Holdings (the "Holdings Shares"), pursuant
to that certain ALS Exchange Agreement dated as of the date hereof among
Holdings, the Trust and Karen Stec (the "Exchange Agreement"); and

          WHEREAS, the Trust desires to contribute the Holdings Shares to Flavin
Ventures as a Capital Contribution (as defined in the Limited Liability Company
of Flavin Ventures, LLC dated as of September 30, 2002, referred to herein as
the "LLC Agreement").

          NOW, THEREFORE, in consideration of such benefits and for other good
and valuable consideration, the receipt and sufficiency are hereby acknowledged,
Flavin Ventures and the Trust hereby agree as follows:

     Section 1.   CONTRIBUTED ASSETS. The Trust hereby conveys, grants, assigns
and transfers the Holdings Shares to Flavin Ventures as a Capital Contribution,
which Capital Contribution shall be governed by the terms of the LLC Agreement.

     Section 2.   FURTHER ASSURANCES. If at any time the members of Flavin
Ventures determine that any further deeds, bills of sale, assignments or
assurances in law or any other things are necessary or desirable to vest,
perfect or confirm, of record or otherwise, in Flavin Ventures, the right, title
or interest in the Holdings Shares, the Trust shall execute and deliver all such
proper deeds, bills of sale, assignments and assurances in law and do any and
all things necessary or proper to vest, perfect or confirm the right, title or
interest in such property and rights in Flavin Ventures and otherwise to carry
out the purposes of this Agreement, which determination shall be conclusively
evidenced by the execution and delivery of such documents or the doing of such
things.

     Section 3.   WAIVER OR AMENDMENT. No waiver and no modification or
amendment of any provision of this Agreement shall be effective unless
specifically made in writing and duly signed by the party to be bound thereby.

     Section 4.   HEADINGS. Article and section headings contained in this
Agreement are for reference purposes only and are not intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any
provision hereof.

     Section 5.   VARIATION OF PRONOUNS. All pronouns and any variations thereof
shall be deemed to refer to masculine, feminine or neuter, singular or plural,
as the identity of the person or persons may require.

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     Section 6.   COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which,
together, shall constitute one and the same instrument.

     Section 7.   SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their permitted successors
and assigns.

     Section 8.   SAVINGS CLAUSE. If any provision hereof shall be held invalid
or unenforceable by any court of competent jurisdiction or as a result of future
legislative action, such holding or action shall be strictly construed and shall
not affect the validity or effect of any other provision hereof.

     Section 9.   GOVERNING LAW. The validity, interpretation and effect of this
Agreement shall be governed exclusively by the laws of the State of Delaware,
without regard to provisions concerning conflicts of laws.

     Section 10.  NOTICES. Any notices or communications permitted or required
hereunder shall be deemed sufficiently given if hand-delivered, or sent by (i)
registered or certified mail return receipt requested, (ii) telecopy or other
electronic transmission service (to the extent receipt is confirmed) or (iii) by
overnight courier, in each case to the parties at their current respective
addresses and telecopy numbers, or to such other address of which any party may
notify the other party in writing.

     Section 11.  NO THIRD PARTY BENEFICIARY. This Agreement is being entered
into solely for the benefit of the parties hereto, and the parties do not intend
that any employee or any other person shall be a third-party beneficiary of the
covenants by any party contained in this Agreement.

                            [signature page follows]

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          IN WITNESS WHEREOF, the undersigned have executed this Agreement on
the date first specified above.

                                         THE MICHAEL T. FLAVIN REVOCABLE
                                         TRUST

                                         /s/ Michael T. Flavin
                                         ---------------------------------------
                                         By:    Michael T. Flavin
                                                Trustee

                                         FLAVIN VENTURES, LLC

                                         /s/ John L. Flavin
                                         ---------------------------------------
                                         By:    John L. Flavin
                                                Member

                             CONTRIBUTION AGREEMENT

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