Is It The End For Alfacell (ACEL)
Alfacell (ACEL) is down 55% today and has traded as low as $.70. Its 52-week high is $2.88.
According tothe AP, “Alfacell Corp. said Wednesday its lead drug candidate failed to improve the survival rate of patients with a special type of cancer, though the biotechnology company plans on asking for approval based on positive results from a secondary goal.”
Alfacel’s market cap is now down to $38 million.
The company may not last through the year. According to the company’s 10-Q, Alfacell lost $3.5 million in the quarter ending January 31, up from $2.5 million the previous year. The firm had a modest $10.2 million in cash on its balance sheet.
If the company needs to raise money, it is hard to see what it can show investors in return with its premier product on the ropes.
Douglas A. McIntyre