Beasley, Allen, Crow, Methvin, Portis & Miles, P.C.

Alfacell, manufacturer of the leading mesothelioma drug ONCONASE, has announced that it has hired financial advisor Oppenheimer & Co. to assist in the company’s “pursuit of available strategic alternatives to enhance shareholder value,” including a possible sale of the company.

In a news release dated Sept. 17, Alfacell President Lawrence A. Kenyon says, “We continue to make progress on the completion of our rolling new drug application (NDA) and have undertaken this project in an effort to accelerate the recognition of the value of ONCONASE (R) as a potential treatment for cancer indications in addition to mesothelioma.”

The company’s website describes ONCONASE as a first-in-class therapeutic product candidate based on Alfacell’s proprietary ribonuclease (RNase) technology. A natural protein isolated from the leopard frog, ONCONASE has been shown in the laboratory and clinic to target cancer cells while sparing normal cells. ONCONASE triggers apoptosis, the natural death of cells.

According to the news release, Alfacell has completed Phase III clinical trials of ONCONASE in unresectable malignant mesothelioma and, in addition to ongoing efforts to complete the related rolling New Drug Application, Alfacell is currently planning for Phase II clinical trials in other oncology indications.

ONOCONASE has been granted fast-track status and orphan-drug status in the treatment of malignant mesothelioma by the FDA, and also has been designated as an orphan-drug in Eurpore and Australia. In the United States, Alfacell has licensed commercial rights for the drug to Strativa Pharmaceuticals. The company also has secured agreements with other companies to market the product in Korea, Taiwan, Hong Kong, Eastern Europe, Southeastern Europe, and Israel.

Alfacell officials say there is no guarantee that the review of its financial strategies will result in a sale of the company, and there are no current negotiations with any buyers. The company says it will not reveal plans for development of ONCONASE beyond the treatment of mesothelioma, or any other product, until its board of directors has approved a specific transaction.

For more information, visit Alfacell online.

Related posts:

1. Mesothelioma Drug Fails Trial
2. Alimta now approved for lung cancer
3. Mesothelioma victim’s $20M verdict

Tags: Alfacell, mesothelioma, Onconase

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