Alfacell widens losses
Shares of Alfacell Corp. (Nasdaq: ACEL) are flat following news that the Bloomfield, N.J.-based developer of therapeutic drugs increased its quarterly loss but remains upbeat about its cancer treatment.
The net loss for the fiscal third quarter ended April 30 was $2 million, or $0.04 per share, compared with a net loss of $1.7 million, or $0.05 per share, during the same period of 2006, the company announced before the opening bell. Analyst estimates were unavailable.
Alfacell reported also that researchers are optimistic about the drug ONCONASE, saying that it inhibits tumor growth of non-small cell lung cancer and breast cancer cells, and can be used as a chemo-preventive agent when taken by individuals who have been exposed to asbestos and are at risk for mesothelioma. The latter result, however, has yet to be clinically validated.
Mesothelioma is a form of cancer that is almost always caused by previous exposure to asbestos and is characterized by the development of malignant cell in the protective lining that covers most of the body’s internal organs.
“We are excited with the significant progress we are making at Alfacell as we move toward the completion of our Phase III clinical trial for ONCONASE in patients suffering from malignant mesothelioma,” CEO and Chairman Kuslima Shogen said.
For the nine months ended April 30, Alfacell had a loss of $6.3 million, or $0.14 per share, compared with a bet loss of $5.7 million, or $0.15 per share, for the same time frame a year earlier. The company blamed higher costs for research and development, as well as an increase in administrative expenses.
At 1:46 p.m. ET shares were up $0.03, or 1%, to $2.30. The 52-week high is $3.74, established on April 24. The 52-week low of $0.73 was set on Nov. 2, 2006.
