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Alfacell Reports Financial Results for First Quarter of Fiscal 2009
Date:12/10/2008

SOMERSET, N.J., Dec. 10 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) today reported its financial results for the first quarter of fiscal 2009.

The company recorded a net loss of approximately $2.8 million, or $0.06 per basic and diluted common share, for the fiscal quarter ended Oct. 31., compared to a net loss of $2.7 million, or $0.06 per basic and diluted common share, for the first quarter of fiscal 2008. Research and development expenses increased by approximately $0.1 million and were offset by decreases in general and administrative expenses and investment income during the first quarter of fiscal 2009 as compared to the same quarter a year ago.

Cash and Liquidity

As of Oct. 31, the company had cash and cash equivalents of approximately $2.0 million, a decrease of approximately $2.7 million, compared to cash and cash equivalents of approximately $4.7 million on July 31, 2008. In addition to its cash reserves on Oct. 31, the company received proceeds of approximately $1.1 million from the sale of its state tax loss carryforwards in New Jersey in December 2008. Based on the current expected level of expenditures, the company believes that its cash reserves are sufficient to support its activities into the fourth quarter of fiscal year 2009.

Clinical/Regulatory Update

Alfacell has completed a confirmatory Phase IIIb clinical trial for ONCONASE in patients suffering from unresectable malignant mesothelioma (UMM) and reached the required number of evaluable events to conduct the formal statistical analyses required to complete the final sections of the ONCONASE(R) rolling New Drug Application (NDA). As the company has previously reported, the results of the preliminary statistical analysis of the data did not meet statistical significance for the primary endpoint of
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SOURCE Alfacell Corporation
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