Alfacell has cash to last until FDA decision

US biopharmaceutical firm Alfacell's net loss was almost flat for the fiscal quarter ended October 31, 2008, at $2.8 million versus a loss of $2.7 million in the same period of the year before. Loss per share remained at $0.06. R&D expense increased by around $100,000 and was offset by decreases in general and administrative costs and investment income. As of the end of the period, the company had cash and cash equivalents totaling $2.0 million vs $4.7 million on July 31, 2008.

The firm says it received proceeds of approximately $1.1 million from the sale of its state tax loss carryforwards in New Jersey in December. Based on the current expected level of expenditures, Alfacell says that its cash reserves are sufficient to support its activities until the end of fiscal 2009.

The company has also completed a confirmatory Phase IIIb clinical trial for its Onconase (ranpirnase) in patients suffering from unresectable malignant mesothelioma. The results did not meet statistical significance for the primary endpoint of survival in UMM. However, a statistically-significant improvement in survival was seen in the treatment of UMM patients who failed one prior chemotherapy regimen. Alfacell has been granted a pre-New Drug Application meeting with the Food and Drug Administration in January to discuss the submission.