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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, a division of Par Pharmaceutical, Inc. Strategic marketing and distribution agreements for ONCONASE have been secured with BL&H Co. Ltd. for Korea, Taiwan and Hong Kong, USP Pharma Spolka Z.O.O., an affiliate of US Pharmacia, for Eastern Europe, GENESIS Pharma, S.A. for Southeastern Europe, and Megapharm Ltd. for Israel.

ONCONASE has been granted fast track status and orphan-drug designation for the treatment of malignant mesothelioma by the FDA. Additionally, ONCONASE has been granted orphan-drug designation in the European Union and Australia.

About Alfacell Corporation

Alfacell Corporation is the first company to advance a biopharmaceutical product candidate that works in a manner similar to RNA interference (RNAi) through late-stage clinical trials. The product candidate, ONCONASE, is an RNase that overcomes the challenges of targeting RNA for therapeutic purposes while enabling the development of a new class of targeted therapies for cancer and other life-threatening diseases. Alfacell has completed Phase III clinical trials of ONCONASE in unresectable malignant mesothelioma and, in addition to ongoing efforts to complete the related rolling New Drug Application, Alfacell is currently planning for Phase II clinical trials in other oncology indications. For more information, visit http://www.alfacell.com.

Safe Harbor

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, uncertainty whether the clinical trial results will allow the company to complete submission of a New Drug Application and if a New Drug Application submission is completed, uncertainty whether FDA will file or approve such application, uncertainties involved in transitioning from concept to product, uncertainties involving the ability of the company to finance research and development activities, potential challenges to or violations of patents, uncertainties regarding the outcome of clinical trials or differences of opinion in interpreting the results of clinical trials, the company's ability to secure necessary approvals from regulatory agencies, dependence upon third-party vendors, the company's ability to timely regain its compliance with NASDAQ continued listing standards and maintain such compliance, and other risks discussed in the company's periodic filings with the Securities and Exchange Commission. By making these forward-looking statements, the company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Media Contact: Investor Contact:

David Schull or Wendy Lau Andreas Marathovouniotis

Russo Partners Russo Partners

212-845-4271 212-845-4253

david.schull@russopartnersllc.com andreas.marathis@russopartnersllc.com

wendy.lau@russopartnersllc.com


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SOURCE Alfacell Corporation
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