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Alfacell Hires Advisors to Advance Strategic Alternatives
Date:9/17/2008

SOMERSET, N.J., Sept. 17 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) announced today that its board of directors has approved the engagement of Oppenheimer & Co. as a financial advisor in connection with the company's pursuit of available strategic alternatives to enhance shareholder value, including a possible sale of the company. These alternatives will focus on, but not be limited to, strategic partnership transactions.

"Alfacell is currently considering a range of options to enhance shareholder value," said Lawrence A. Kenyon, Alfacell's president. "We continue to make progress on the completion of our rolling new drug application (NDA) and have undertaken this project in an effort to accelerate the recognition of the value of ONCONASE(R) as a potential treatment for cancer indications in addition to mesothelioma."

Alfacell provides no assurance that the initiation of a process to explore strategic alternatives will result in a transaction. No decision has been made to enter into any transaction at this time. The company does not currently intend to disclose developments with respect to the exploration of strategic alternatives unless and until its board of directors has approved a specific transaction.

About ONCONASE(R)

ONCONASE is a first-in-class therapeutic product candidate based on Alfacell's proprietary ribonuclease (RNase) technology. A natural protein isolated from the leopard frog, ONCONASE has been shown in the laboratory and clinic to target cancer cells while sparing normal cells. ONCONASE triggers apoptosis, the natural death of cells, via multiple molecular mechanisms of action.

Alfacell has licensed the U.S. commercial rights for ONCONASE to Strativa Pharmaceuticals,
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SOURCE Alfacell Corporation
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