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Alfacell Reports Fiscal Fourth Quarter and Full Year 2008 Financial Results
Date:10/14/2008

2007

Revenues $ -- $ -- $ -- $ --

Expenses:

Research and

development 2,148,839 1,247,601 8,503,110 5,543,175

General and

administrative 765,112 1,248,385 5,797,355 4,092,990

Total expenses 2,913,951 2,495,986 14,300,465 9,636,165

Loss from

operations (2,913,951) (2,495,986) (14,300,465) (9,636,165)

Interest income, net 32,838 66,586 223,984 370,554

State tax benefit -- -- 1,755,380 510,467

Net loss $(2,881,113) $(2,429,400) $(12,321,101) $(8,755,144)

Net loss per

share - basic

and diluted $ (0.06) $ (0.05) $ (0.26) $ (0.19)

Shares used in

computation of net

loss per share:

Basic and

diluted 47,266,000 45,489,000 46,919,000 44,958,000

Balance Sheet Data:

July 31, July 31,

2008 2007

Cash and cash equivalents $ 4,661,656 $ 6,968,172

Total assets $ 5,320,036 $ 7,820,499

Current liabilities $ 2,882,034 $ 1,829,900

Accumulated deficit $(104,392,856) $(92,071,755)

Total stockholders' equity (deficiency) $ (3,556,606) $ 5,778,480

Media and Investor Contact:
David Schull or Wendy Lau

Russo Partners

212-845-4271

David.Schull@russopartnersllc.com

Wendy.Lau@russopartnersllc.com


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SOURCE Alfacell Corporation
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