Alfacell Reports Financial Results for First Quarter of F...( SOMERSET N.J. Dec. 10 /- Alfacell...),Health

SOMERSET, N.J., Dec. 10 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) today reported its financial results for the first quarter of fiscal 2008.

The company recorded a net loss of approximately $2.7 million, or $0.06 per basic and diluted common share, for the fiscal quarter ended Oct. 31, compared to a net loss of $2.4 million, or $0.05 per basic and diluted common share, for the first quarter of fiscal 2007. General and administrative expenses increased by approximately $0.2 million, and investment income decreased by approximately $0.1 million, during the first quarter of fiscal 2008 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 $5.4 million, a decrease of approximately $1.6 million from cash and cash equivalents of approximately $7.0 million at July 31. The company believes that this level of cash and cash equivalents is sufficient to support its activities through the first quarter of fiscal 2009 based on the current expected level of receipts and expenditures.

"Fiscal 2008 is off to a promising start," said Kuslima Shogen, Alfacell's chairman and chief executive officer. "Upon reaching the necessary number of evaluable events in our confirmatory Phase IIIb clinical trial for ONCONASE(R), we will begin the required statistical analysis. Our rolling NDA submission for ONCONASE continues as planned and is our primary focus in fiscal 2008."

Clinical Trials Update

Alfacell has completed patient enrollment in the confirmatory Phase IIIb clinical trial for ONCONASE (ranpirnase) in patients suffering from unresectable malignant mesothelioma. A total of 428 patients were enr
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