Alfacell Q1 Net Loss Widens On Higher Expenses; Provides Information On ONCONASE Clinical Trial - Update

(RTTNews) - Monday morning, Alfacell Corporation (ACEL | charts | news | PowerRating), a development stage pharmaceutical company, announced first quarter loss that widened year-over on higher general administrative expenses and lower investment income.

The company said net loss for the three month period ended October 31, 2007 widened to about $2.7 million, or $0.06 per share, from a net loss of $2.4 million, or $0.05 per share, for the first quarter of fiscal 2007 ended October 31, 2006.

Loss from operations for the quarter widened to $2.78 million from $2.49 million in the comparable period last year. General and administrative expenses advanced by about $0.2 million and investment income declined by about $0.1 million compared to the same period last year. The company did not report any revenue for three-month period ended October 31 2007 and 2006.

Alfacell said as of October 31, it had cash and cash equivalents of about $5.4 million, a decrease of about $1.6 million from cash and cash equivalents of about $7.0 million at July 31. The company said that the level of cash and cash equivalents might be sufficient through the first quarter of fiscal 2009 based on the current expected level of receipts and expenditures.

The company said it has completed patient enrollment in the confirmatory Phase IIIb clinical trial for ONCONASE in patients suffering from unresectable malignant mesothelioma. A total of 428 patients were enrolled in the trial. The company plans to begin the required statistical analysis of the data generated by the trial after 316 evaluable events have occurred. A total of 307 evaluable events have occurred to date.

Alfacell said the U.S. Food and Drug Administration has granted ONCONASE fast track status and orphan-drug designation for treatment of malignant mesothelioma. The rolling NDA submission for ONCONASE is in process, and Alfacell plans to submit the final clinical section within four months of reporting 316 evaluable events.

ACEL closed Monday's regular trading session at $1.72.

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