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

SOMERSET, N.J., Oct. 14 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) today reported its financial results for the fourth quarter and fiscal year ended July 31, 2008.

The company recorded a net loss of approximately $2.9 million, or $0.06 per basic and diluted common share, for the fourth fiscal quarter ended July 31, compared to a net loss of approximately $2.4 million, or $0.05 per basic and diluted common share, for the fourth quarter of fiscal 2007. Research and development expenses increased by approximately $0.9 million during the fourth 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. Decreased general and administrative expenses of approximately $0.5 million for the fourth quarter of fiscal 2008 were primarily the result of reduced stock based compensation expenses.

Net loss for the fiscal year ended July 31, 2008 of approximately $12.3 million, or $0.26 per basic and diluted common share, represents an increase of approximately $3.5 million, compared to the $8.8 million net loss, or $0.19 per basic and diluted common share, for fiscal 2007.

Cash and Liquidity

As of July 31, 2008, the company had cash and cash equivalents of approximately $4.7 million, a decrease of approximately $3.1 million, compared to cash and cash equivalents of approximately $7.8 million on April 30, 2008. The company has received notification that it continues to qualify for the sale of its state tax loss carryforwards in New Jersey and is awaiting additional information on the proceeds it can expect to receive from this sale in late 2008
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SOURCE Alfacell Corporation
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