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Alfacell Reports Financial Results for Second Quarter of Fiscal 2008
Date:3/7/2008

SOMERSET, N.J., March 7 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) today reported its financial results for the second quarter of fiscal 2008.

The company recorded a net loss of approximately $1.7 million, or $0.04 per basic and diluted common share, for the second fiscal quarter ended Jan. 31, compared to a net loss of $1.9 million, or $0.04 per basic and diluted common share, for the second quarter of fiscal 2007. The increased research and development expenses of approximately $0.6 million and general and administrative expenses of approximately $0.4 million were offset by an increase in the company's state tax benefit of approximately $1.2 million, during the second quarter of fiscal 2008 as compared to the same quarter a year ago.

Net loss for the first half of fiscal 2008 of approximately $4.4 million, or $0.10 per basic and diluted common share, represents an increase of approximately $0.1 million, compared to the $4.3 million net loss, or $0.10 per basic and diluted common share, for the first half of fiscal 2007. The increased net loss in the first half of fiscal 2008 is comprised of increased research and development expenses of approximately $0.6 million and increased general and administrative expenses of approximately $0.7 million, which were offset by increased proceeds from the sale of state tax benefit of approximately $1.2 million versus the same period in fiscal 2007.

Cash and Liquidity

As of Jan. 31, the company had cash and cash equivalents of approximately $10.2 million, an increase of approximately $4.8 million, compared to cash and cash equivalents of approximately $5.4 million on Oct. 31, 2007. The company believes that this level of cash and cash equivalents is suffic
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SOURCE Alfacell Corporation
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