Alfacell hires Oppenheimer to study strategic options

New Jersey, USA-based biopharmaceutical firm Alfacell Corp says that its board of directors has approved the engagement of Oppenheimer as a financial advisor in connection with the company's pursuit of available strategic alternatives to enhance shareholder value, including a possible sale of the firm. These alternatives will focus on, but not be limited to, strategic partnership transactions.

"Alfacell is currently considering a range of options to enhance shareholder value," said Lawrence Kenyon, its president. "We continue to make progress on the completion of our rolling New Drug Application and have undertaken this project in an effort to accelerate the recognition of the value of Onconase [a natural protein isolated from the leopard frog] as a potential treatment for cancer indications in addition to mesothelioma."

However, Alfacell says it provides no assurance that the initiation of a process to explore strategic alternatives will result in a transaction. The company does not currently intend to disclose developments with respect to the exploration of strategic alternatives unless and until its board has` approved a specific transaction.