Alfacell's loss for 1st-qtr fiscal up 12.5%

US biopharmaceutical company Alfacell says that, for the first quarter of its 2008 fiscal year, its net loss was $2.7 million, or $0.06 per basic share, up $300,000 on the comparable year-earlier period. The New Jersey-headquartered firm said that the moderate increase was due to higher general and administrative expenses and a drop in investment income.

Alfacell also reported that, as of October 31, it had cash and cash equivalents of approximately $5.4 million, down around $1.6 million from the start of fiscal 2008. The company added that it believes this is sufficient to fund its activities through the first quarter of fiscal 2009, based on current spending rates.

Oncanase development remains on track