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Alfacell Reports Financial Results for Third Quarter of Fiscal 2008
Date:6/9/2008

SOMERSET, N.J., June 9 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) today reported its financial results for the third quarter of fiscal 2008.

The company recorded a net loss of approximately $5.0 million, or $0.11 per basic and diluted common share, for the third fiscal quarter ended April 30, compared to a net loss of approximately $2.0 million, or $0.04 per basic and diluted common share, for the third quarter of fiscal 2007. Research and development expenses increased by approximately $1.4 million during the third quarter of fiscal 2008 as compared to the same quarter a year ago primarily due to expenses incurred related to the company's preparations for the completion of its ONCONASE(R) rolling New Drug Application ("NDA") submission. Increased general and administrative expenses of approximately $1.5 million for the third quarter of fiscal 2008 were primarily the result of the accrual of compensation expense related to entering a retirement agreement with the company's CEO in April 2008.

Net loss for the nine-month period ended April 30, 2008 of approximately $9.4 million, or $0.20 per basic and diluted common share, represents an increase of approximately $3.1 million, compared to the $6.3 million net loss, or $0.14 per basic and diluted common share, for the same period in fiscal 2007.

Cash and Liquidity

As of April 30, the company had cash and cash equivalents of approximately $7.8 million, a decrease of approximately $2.4 million, compared to cash and cash equivalents of approximately $10.2 million on Jan. 31. The company believes that this level of liquidity is sufficient to support its activities into the fourth quarter of fiscal year 2009, based on current expectations for the plan
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SOURCE Alfacell Corporation
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