Alfacell Corporation Announces Extension of Warrants.

Business Editors, Health/Medical Writers

BLOOMFIELD, N.J.--(BUSINESS WIRE)--May 21, 2001

ALFACELL Corporation (OTCBB:ACEL), a Delaware corporation, announced that it has extended the expiration date of warrants to purchase an aggregate of 1,168,575 shares of common stock issued in a 1998 Private Placement from May 19, 2001 to August 17, 2001.

In addition, Alfacell has also extended the expiration date of 114,708 units to purchase (i) 229,416 shares of common stock and (ii) warrants to purchase an aggregate of 116,208 shares of common stock issued to the placement agent in the 1998 Private Placement from May 19, 2001 to August 17, 2001. The expiration date of the warrants underlying the units has also been extended from May 19, 2001 to August 17, 2001. Pursuant to the warrant agreements which govern the warrants and the unit purchase agreement which governs the units and the warrants underlying the units, the Company has the unilateral right to extend the exercise term of such securities. All other terms and conditions of the warrants and units will remain unchanged.

Statements contained in the news release that are not historical facts are forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which would cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.

Alfacell Corporation is a leader in the research and development of ribonucleases for therapeutic applications. Alfacell can be found on the world wide web at www.alfacell.com.