Alfacell reports record cash reserves, sufficient funds to operate through July 2008

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Alfacell Corp. said private placements of common stock and warrants and exercises of stock options and warrants in fiscal 2006 resulted in net proceeds of $12.3 million.

The proceeds, plus the company's cash reserves, are sufficient to fund Alfacell's operations through July 31, 2008, according to a company news release.

Alfacell ended its fiscal year with cash, cash equivalents and investments of roughly $11.5 million.

The company had a net loss for the fiscal year ended July 31 of $7.8 million, compared with $6.5 million in fiscal 2005.

Research and development expenses for fiscal 2006 were up 3% at $5.2 million, from $5.1 million for the prior-year period.

"With the most significant cash reserves in the history of the company and the potential to have registration-quality data from our pivotal Onconase trial in the near term, we are poised for a very exciting year," chairman and chief executive officer Kuslima Shogen said in the release.

Alfacell is a biopharmaceutical company located in Bloomfield, N.J.

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