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.
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.
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
Media Contact: Investor Contact:
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Russo Partners Russo Partners
|SOURCE Alfacell Corporation|
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