UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 39710 ADMINISTRATIVE PROCEEDING File No. 3-9550 : : In the Matter of : ORDER INSTITUTING CEASE- : AND-DESIST PROCEEDINGS : PURSUANT TO SECTION 21C KUSLIMA SHOGEN, : OF THE SECURITIES STANISLAW MIKULSKI, : EXCHANGE ACT OF 1934 AND ALLEN SIEGEL, : AND FINDINGS AND ORDER : OF THE COMMISSION Respondents. : : : I. The Commission deems it appropriate and in the public interest that public administrative proceedings be, and they hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 ("Exchange Act") to determine whether (a) Kuslima Shogen ("Shogen") did not comply with Sections 13(d), 13(g) and 16(a) of the Exchange Act, and Rules 13d-1, 13d-2, 16a- 2, 16a-3 and former Rule 16a-1 promulgated thereunder, (b) Stanislaw Mikulski ("Mikulski") did not comply with Sections 13(d) and 16(a) of the Exchange Act, and Rules 13d-1, 13d-2, 16a- 2, 16a-3 and former Rule 16a-1 promulgated thereunder, and (c) Allen Siegel ("Siegel") did not comply with Section 16(a) of the Exchange Act, and Rules 16a-2, 16a-3 and former Rule 16a-1 promulgated thereunder. II. In anticipation of the institution of these administrative proceedings, Shogen, Mikulski, and Siegel ("the Respondents") have submitted Offers of Settlement which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceeding brought by or on behalf of the Commission or to which the Commission is a party, the Respondents, without admitting or denying the matters set forth herein, consent to the issuance of this Order Instituting Cease- and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934 and Findings and Order of the Commission ("the Order"), and to the entry of the findings, and imposition of the remedial sanctions set forth below.[1] III. On the basis of this Order and the Respondents' Offer of Settlement, the Commission finds the following:[2] A. FACTS 1. Respondents a. Kuslima Shogen Kuslima Shogen, age 51, the founder of Alfacell Corporation ("Alfacell"), has been the Chief Executive Officer since 1986, Chairman of the Board of Directors since August 1996 and a director since 1981. Ms. Shogen was the Chief Financial Officer of Alfacell from September 1986 until July 14,1994, President from September 1986 through July 31, 1996, and Executive Vice President from 1984 until 1986 when she became President. At relevant times, Shogen beneficially owned more than 10% of Alfacell's common stock. b. Stanislaw Mikulski Stanislaw Mikulski, age 53, has been the Executive Vice President and Medical Director of Alfacell since 1987, and a director since 1986. At relevant times, Mikulski beneficially owned more than 5% of Alfacell's common stock. c. Allen Siegel Allen Siegel, age 62, was a director of Alfacell at all relevant times. 2. Issuer Alfacell Corporation is incorporated in Delaware with its principal offices in Bloomfield, New Jersey. Alfacell is engaged in the discovery, investigation and development of a new class of anti-cancer drugs. According to Alfacell's most recent Annual Report on Form 10-K for its fiscal year ended July 31, 1997, it had total assets of over $8 million and stockholders' equity of over $5.5 million. As of October 10, 1997, Alfacell had 14,847,793 shares of common stock outstanding. Alfacell reported a loss of net income of over $5 million or $.34 per share for its 1997 fiscal year. Alfacell's common stock has been registered with the Commission pursuant to Section 12(g) of the Exchange Act since June 25, 1983, and is currently quoted on the Nasdaq SmallCap Market. B. APPLICABLE LAW Section 13(g) of the Exchange Act and Rule 13d-1(c) thereunder, in relevant part, require any person who, as of December 31, 1978 or as of the end of any calendar year thereafter, beneficially owns more than 5 percent of any equity security of a company registered pursuant to Section 12 of the Exchange Act, and who is not otherwise required to file a Schedule 13D, to file a Schedule 13G with the Commission within 45 days of the end of the calendar year in which the obligation arises. Rule 13d-2(b) provides that yearly amendments shall be filed to Schedule 13G reporting changes in the information previously reported. Section 13(d) of the Exchange Act and Rule 13d-1 thereunder, in relevant part, provide that any person who, after acquiring directly or indirectly the beneficial ownership of any equity security of a company registered pursuant to Section 12 of the Exchange Act, is directly or indirectly the beneficial owner of more than 5 percent of such security, shall, within 10 days after such acquisition, file a Schedule 13D with the Commission and the appropriate Exchange.[3] Rule 13d-2(a) requires that amendments to Schedule 13D be promptly filed if any material change to the facts set forth in the Schedule 13D occurs. Section 16(a) of the Exchange Act[4] requires that beneficial owners of more than ten percent of any class of any equity security registered pursuant to Section 12 of the Exchange Act and the officers and directors of the issuer of any such security (hereinafter "insider") file a statement with the Commission by the effective date of a registration statement filed pursuant to Section 12 of the Exchange Act, or within ten days of becoming such officer, director or beneficial owner, reporting the amount of all equity securities of such issuer of which they are a beneficial owner. Section 16(a) also requires an insider to file with the Commission within ten days after the close of each calendar month, if there has been a change in the insider's ownership of the issuer's equity securities during such month, a statement indicating such changes. The rules enacted pursuant to Section 16(a) provide that an initial statement by an insider is to be made on a Form 3 and subsequent statements of changes in beneficial ownership are to be made on a Form 4 or a Form 5. C. RESPONDENTS' VIOLATIONS OF SECTIONS 13(d), 13(g) and 16(a) AND THE RULES THEREUNDER As shown in the Schedule attached hereto, Shogen has failed to file for ten years and fourteen years respectively, a Schedule 13D and 13G, and has failed to file for periods ranging from nine months to twelve years thirty-six amendments, reporting acquisition or ownership, and changes thereto, in the securities of Alfacell. As shown in the Schedule attached hereto, Mikulski has failed to file for ten years a Schedule 13D, and has failed to file for periods ranging from seven months to more than eight years and nine months fifteen amendments thereto, reporting acquisition or ownership, and changes thereto, in the securities of Alfacell. As shown in the Table attached hereto, Shogen did not timely file for two weeks a Form 3, reporting her holdings of Alfacell, did not timely file for periods ranging from two weeks to ten years and four months sixty-seven Forms 4, and did not timely file for periods ranging from two months to two years and one month three Forms 5. The combined value of Shogen's securities transactions in late Form 4 and 5 filings is in excess of $25.5 million. As shown in the Table attached hereto, Mikulski did not timely file for two weeks a Form 3, reporting his holdings of Alfacell, did not timely file for periods ranging from one month to ten years and seven months twenty-six Forms 4, and did not timely file for periods ranging from two years and two months to five years three Forms 5. The combined value of Mikulski's securities transactions in late Form 4 and 5 filings is in excess of $6.9 million. As shown in the Table attached hereto, Siegel did not timely file for two weeks a Form 3, reporting his holdings of Alfacell, did not timely file for periods ranging from five months to thirteen years and one month forty-two Forms 4, and did not timely file for periods ranging from three months to five years four Forms 5. The combined value of Siegel's securities transactions in late Form 4 and 5 filings is in excess of $5.6 million. Respondents' history of untimely filings, compiled from the ownership reports they have filed with the Commission, is set forth below: **FOOTNOTES** [1]: Simultaneous with the entry of this Order, the Commission filed a civil action against Shogen, Mikulski, and Siegel in the United States District Court for the District of Columbia, alleging violations of Sections 13(d), 13(g) and16(a) of the Exchange Act and Rules 13d-1, 13d-2, 16a-2,16a-3, and former Rule 16a-1, thereunder, and seeking entryof an Order requiring Shogen to pay a civil penalty in theamount of $20,000, and Mikulski and Siegel each to pay civil penalties in the amount of $10,000, respectively. Shogen consented to the entry of the Order and payment of a $20,000 penalty, and Mikulski and Siegel each consented to the entry of the Order and payment of a $10,000 penalty, respectively. [2]: The findings herein are made pursuant to the Respondents' Offers of Settlement and are not binding on any other person or entity named as a respondent or defendant in this or any other proceeding. [3]: The Commission recently adopted amendments to Regulation 13D-G under the Exchange Act, permitting certain large shareholders to use short form Schedule 13G, rather than long form Schedule 13D, to report accumulations and changesin stock holdings. The shareholders that will be permittedto use Schedule 13G under these amendments are ones that ownless than 20% and that do not have the purpose or effect ofchanging or influencing control of the issuer. SeeRelease No. 34- 39538, January 12, 1998 (63 Fed. Reg. 2854, January 16, 1998]. [4]: Until May 1, 1991, the statutory filing requirements under Section 16 of the Exchange Act were implemented by Rule 16a- 1. On January 10, 1991, the Commission adopted a comprehensive revision of the rules under Section 16 whichbecame effective on May 1, 1991. See Rel. 34-28869, 56 Fed.Reg. 7242 (Feb. 21, 1991). Among other things, theseamendments place the implementation of the former Rule 16a- 1filing requirements in new Rules 16a-2 and 16a-3.Accordingly, this Order, at paragraph VI below, orders that Respondents cease and desist from violating Rules 16a-2 and 16a-3. KUSLIMA SHOGEN ALFACELL CORPORATION June 25, 1983 through September 11, 1997 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late Form 3 06-83 Form 3 663,750 06-25-83 2w 07/12/83- 08/10/83** Forms 4, 5 01-87 Stk 150,000 N/A N/A 02-10-87 2y9m Grant 11-15-89 04-87 Sale 4,000 8.25 33,000 05-10-87 10y4m 09-11-97 05-87 Sale 28,000 7.86 220,080 06-10-87 10y3m 09-11-97 08-87 Sale 10,000 7.50 75,000 09-10-87 2y2m 2,000 7.00 14,000 11-15-89 6,000 7.00 42,000 1,000 7.00 7,000 11,000 7.00 77,000 215,000 09-87 Grant 500,000 N/A N/A 10-10-87 2y1m of bonus 11-15-89 stk per contract 09-87 Conv 100,000 5.00 500,000 10-10-87 2y1m SubDeb 11-15-89 09-87 Other 500,000 3.00 1,500,000 10-10-87 9y11m Acq (opt to buy c/s pursuant to 09-11-97 employment agreemnt) 11-87 Sale 2,000 6.50 13,000 12-10-87 1y11m 2,000 6.50 13,000 11-15-89 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 11-87 4,000 6.13 24,520 (cont) 8,000 6.00 48,000 2,000 6.50 13,000 500 6.00 3,000 500 6.00 3,000 2,000 5.75 11,500 2,000 5.63 11,260 2,000 5.25 10,500 150,780 12-87 Sale 2,000 4.50 9,000 01-11-88 1y10m1w 2,000 4.50 9,000 11-20-89 1,000 4.00 4,000 22,000 07-88 Sale 5,000 8.50 42,500 08-10-88 1y3m 2,500 8.50 21,250 11-15-89 63,750 07-88 Sale 26,770 8.50 227,545 08-10-88 9y1m 09-11-97 08-88 Sale 10,000 7.50 75,000 09-12-88 1y2m 1,500 8.00 12,000 11-13-89 1,000 8.25 8,250 2,500 8.00 20,000 3,000 8.75 26,250 770 10.00 7,700 4,730 12.75 60,308 209,508 10-88 Sale 5,000 8.00 40,000 11-10-88 1y 3,000 8.00 24,000 11-13-89 400 8.00 3,200 900 8.00 7,200 100 8.25 8,250 1,250 8.00 10,000 92,650 11-88 Sale 2,000 8.00 16,000 12-10-88 11m 2,250 8.00 18,000 11-13-89 150 8.00 1,200 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 11-88 5,000 8.00 40,000 (cont) 500 7.50 3,750 78,950 12-88 Sale 5,000 6.50 32,500 01-10-89 10m 2,000 6.63 13,260 11-14-89 5,000 6.63 33,150 5,000 7.00 35,000 1,450 7.13 10,339 4,000 9.25 37,000 161,249 12-88 Disp 40,000 N/A N/A 01-10-89 8y8m by gift 09-11-97 02-89 Sale 3,000 6.00 18,000 03-10-89 8m 2,000 6.50 13,000 11-14-89 5,000 5.75 28,750 5,000 5.75 28,750 88,500 02-89 Right 100,000 5.00 500,000 03-10-89 8m to Buy 11-14-89 c/s 02-89 Other 500,000 N/A N/A 03-10-89 8y6m Acq (issued c/s 09-11-97 pursuant to employment agreemnt) 03-89 Sale 2,500 6.25 15,625 04-10-89 7m 5,500 6.50 35,750 11-13-89 2,585 6.50 16,803 3,500 7.00 24,500 915 7.75 7,091 99,769 04-89 Sale 3,500 9.75 34,125 05-10-89 6m 500 11.00 5,500 11-13-89 500 11.25 5,625 500 11.50 5,750 175 12.50 2,188 3,000 10.25 30,750 2,500 12.50 31,250 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 04-89 2,000 13.00 26,000 (cont) 500 12.25 6,125 1,825 12.25 22,356 2,000 12.00 24,000 193,669 05-89 Sale 1,500 10.75 16,125 06-12-89 5m 1,500 9.75 14,625 11-13-89 2,000 10.00 20,000 1,000 10.00 10,000 5,200 9.75 50,700 3,800 10.00 38,000 149,450 06-89 Sale 1,000 9.25 9,250 07-10-89 4m 1,000 9.00 9,000 11-13-89 2,000 9.00 18,000 3,000 9.00 27,000 1,000 9.25 9,250 2,000 9.25 18,500 2,000 9.00 18,000 109,000 07-89 Sale 3,000 9.00 27,000 08-10-89 3m 1,000 8.25 8,250 11-14-89 1,000 8.50 8,500 2,000 8.25 16,500 3,000 8.25 24,750 6,100 8.25 50,325 900 8.25 7,425 142,750 08-89 Sale 2,000 8.25 16,500 09-11-89 2m 2,000 8.25 16,500 11-14-89 500 8.00 4,000 1,000 7.75 7,750 1,000 7.75 7,750 1,000 7.75 7,750 2,000 7.50 15,000 1,000 7.50 7,750 1,000 7.25 7,250 1,500 7.75 11,625 101,875 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 08-89 Conv 50,000 6.00 300,000 09-11-89 2m SubDeb 11-14-89 09-89 Sale 1,000 7.00 7,000 10-10-89 1m 1,000 7.00 7,000 11-14-89 1,000 6.75 6,750 2,000 6.75 13,500 1,500 6.75 10,125 6,500 9.25 60,125 104,500 09-89 Disp 40,000 N/A N/A 10-10-89 7y11m by gift 09-11-97 10-89 Sale 2,000 7.00 14,000 11-13-89 T 3,000 6.75 20,250 11-13-89 2,000 6.25 12,500 3,000 6.00 18,000 3,000 7.00 21,000 11-89 Sale 2,000 6.75 13,500 12-11-89 T 2,000 6.75 13,500 12-08-89 4,000 6.75 27,000 2,000 6.50 13,000 2,000 6.00 12,000 2,000 5.50 11,000 2,000 5.25 10,500 3,500 5.50 19,250 3,000 5.75 17,250 12-89 Sale 8,000 5.13 41,040 01-10-90 T 2,000 5.50 11,000 01-09-90 01-90 Sale 3,000 5.75 17,250 02-12-90 T 1,000 5.50 5,500 02-12-90 2,000 5.75 11,500 3,000 5.50 16,500 4,000 5.75 23,000 1,400 7.50 10,500 1,000 7.75 7,750 2,600 7.37 19,162 4,000 7.37 29,480 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 02-90 Sale 5,000 6.25 31,250 03-12-90 2w 5,000 6.50 32,500 03-26-90 5,000 6.15 30,750 2,000 6.00 12,000 2,000 6.25 12,500 1,400 6.00 8,400 400 6.00 2,400 5,500 6.00 33,000 162,800 02-90 Sale 1,200 6.25 7,500 03-12-90 7y6m 09-11-97 03-90 Opt acq 100,000 5.00 500,000 04-10-90 6m3w under EBP 11-02-90 other than pursuant to Rule 16b-3 03-90 Other 50,000 5.00 250,000 04-10-90 6m3w Acq (ConvDeb) 11-02-90 03-90 Sale 1,000 6.00 6,000 04-10-90 7y5m 09-11-97 05-90 Sale 4,000 7.88 31,520 06-11-90 7y3m 09-11-97 07-90 Sale 6,500 7.75 50,375 08-10-90 7y1m 5,000 7.75 38,750 09-11-97 7,500 7.75 58,125 12,500 7.75 96,875 1,500 10.50 15,750 259,875 07-90 Other 500,000 5.00 2,500,000 08-10-90 1m3w Acq (issued c/s pursuant 11-02-90 to employment agreemnt) 10-90 Disp 1,000 N/A N/A 11-10-90 6y10m by gift 09-11-97 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 10-90 Expir 15,000 15.00 225,000 11-10-90 6y10m of SDP 09-11-97 11-90 Opt acq 100,000 5.00 500,000 12-10-90 2y10m3w under EBP 11-02-93 other than pursuant to Rule 16b-3 11-90 Sale 8,000 7.00 56,000 12-10-90 6y9m 15,000 8.00 120,000 09-11-97 176,000 12-90 Sale 1,000 8.25 8,250 01-10-91 6y8m 4,000 8.25 33,000 09-11-97 1,000 8.25 8,250 5,000 8.00 40,000 1,000 8.00 8,000 1,000 8.13 8,130 2,000 8.00 16,000 121,630 01-91 Disp 35,000 N/A N/A 02-11-91 6y7m by gift 09-11-97 01-91 Sale 2,000 7.50 15,000 02-11-91 6y7m 2,000 7.50 15,000 09-11-97 30,000 02-91 Expir. 100,000 5.00 500,000 09-16-91 2y1m2w of LDP 11-02-93 02-91 Sale 3,000 7.00 21,000 03-11-91 6y6m 3,000 7.75 23,250 09-11-97 44,250 03-91 Sale 2,000 7.00 14,000 04-10-91 6y5m 3,000 7.00 21,000 09-11-97 2,000 7.00 14,000 3,000 7.00 21,000 2,000 8.00 16,000 4,000 7.75 31,000 2,000 8.00 16,000 2,000 8.50 17,000 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 03-91 2,000 8.50 17,000 (cont) 2,000 8.38 16,760 2,000 8.25 16,500 4,000 7.50 30,000 230,260 03-91 Disp 30,000 N/A N/A 04-10-91 6y5m by gift 09-11-97 04-91 Opt acq 500,000 5.00 2,500,000 05-10-91 2y5m3w under EBP 11-02-93 other than pursuant to Rule 16b-3 04-91 Sale 2,000 6.25 12,500 05-10-91 6y4m 2,000 6.00 12,000 09-11-97 2,000 6.00 12,000 1,000 6.00 6,000 42,500 05-91 Sale 3,000 6.00 18,000 06-10-91 6y3m 2,000 6.00 12,000 09-11-97 5,000 6.00 30,000 2,000 5.63 11,260 3,000 5.50 16,500 6,000 5.75 34,500 2,000 5.00 10,000 2,000 5.00 10,000 142,260 06-91 Sale 5,000 5.25 26,250 07-10-91 6y2m 1,000 5.50 5,500 09-11-97 3,000 5.50 16,500 2,000 5.00 10,000 3,000 4.75 14,250 1,000 5.00 5,000 2,000 5.75 11,500 1,000 5.75 5,750 1,000 5.75 5,750 2,000 5.50 11,000 1,000 5.50 5,500 1,000 5.50 5,500 2,000 5.25 10,500 133,000 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 07-91 Other 125,000 4.00 500,000 08-12-91 2y2m3w Acq (ConvDeb) 11-02-93 07-91 Sale 1,000 5.38 5,380 08-12-91 6y1m 1,000 5.38 5,380 09-11-97 1,000 5.50 5,500 1,000 5.50 5,500 5,000 5.25 26,250 2,000 5.25 10,500 2,000 5.25 10,500 1,000 4.50 4,500 2,500 4.50 11,250 84,760 FY-91 Form 5 09-16-91 2y1m2w 11-02-93 08-91 Sale 2,000 4.63 9,260 09-10-91 6y 2,000 5.25 10,500 09-11-97 3,000 5.50 16,500 3,000 5.25 15,750 3,000 5.50 16,500 3,000 6.00 18,000 2,000 6.00 12,000 2,000 5.75 11,500 1,000 5.75 5,750 2,000 5.50 11,000 2,000 5.50 11,000 2,000 5.50 11,000 148,760 09-91 Sale 4,500 5.00 22,500 10-10-91 5y11m 2,000 5.00 10,000 09-11-97 4,000 5.50 22,000 5,000 6.00 30,000 2,000 6.00 12,000 3,000 6.75 20,250 116,750 10-91 Sale 3,000 5.50 16,500 11-12-91 5y10m 2,000 5.50 11,000 09-11-97 3,000 5.00 15,000 2,000 5.25 10,500 2,000 5.00 10,000 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 10-91 1,300 5.25 6,825 (cont) 3,700 5.00 18,500 2,000 4.50 9,000 5,500 4.63 25,465 122,790 12-91 Sale 2,000 5.38 10,760 01-10-92 5y8m 2,000 5.25 10,500 09-11-97 1,000 5.38 5,380 5,000 5.00 25,000 4,500 4.75 21,375 5,000 4.75 23,750 5,000 4.50 22,500 1,000 4.75 4,750 124,015 01-92 Sale 2,000 4.75 9,500 02-10-92 5y7m 3,000 4.75 14,250 09-11-97 3,000 4.50 13,500 2,000 5.25 10,500 2,000 5.13 10,260 1,000 5.25 5,250 1,000 5.00 5,000 1,000 4.75 4,750 2,000 5.25 10,500 3,000 5.63 16,890 100,400 02-92 Sale 3,000 6.25 18,750 03-10-92 5y6m 2,000 7.50 15,000 09-11-97 2,500 7.50 18,750 5,000 6.00 30,000 2,000 5.63 11,260 93,760 03-92 Expir. 100,000 5.00 500,000 09-14-92 1y2m of LDP 11-12-93 03-92 Sale 2,000 5.75 11,500 04-10-92 5y5m 2,000 6.00 12,000 09-11-97 2,000 5.50 11,000 1,000 5.63 5,630 4,000 5.50 22,000 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 03-92 1,000 5.75 5,750 (cont) 4,500 5.00 22,500 90,380 04-92 Other 125,000 4.00 500,000 05-11-92 1y6m Acq (ConvDeb) 11-12-93 04-92 Sale 5,000 4.75 23,750 05-11-92 5y4m 2,000 4.75 9,500 09-11-97 2,000 4.88 9,760 2,000 5.25 10,500 3,500 5.50 19,250 1,500 5.63 8,445 2,000 4.38 8,760 3,000 4.38 13,140 103,105 04-92 Exer 50,000 5.00 250,000 05-11-92 5y4m of ITM 50,000 5.00 250,000 09-11-97 ATM deriv sec. 500,000 05-92 Sale 2,000 4.38 8,760 06-10-92 5y3m 2,000 4.38 8,760 09-11-97 2,000 4.38 8,760 3,000 4.50 13,500 2,000 4.50 9,000 2,000 4.50 9,000 2,000 4.50 9,000 3,000 4.50 13,500 2,000 4.50 9,000 89,280 06-92 Sale 2,000 4.13 8,260 07-10-92 5y2m 500 4.13 2,065 09-11-97 3,000 4.00 12,000 22,325 07-92 Sale 8,000 4.00 32,000 08-10-92 5y1m 2,000 4.50 9,000 09-11-97 9,500 4.75 45,125 86,125 FY-92 Form 5 09-14-92 1y2m 11-12-93 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 08-92 Sale 1,000 4.50 4,500 09-10-92 1y2m 1,000 4.25 4,250 11-12-93 1,000 4.13 4,130 12,880 09-92 Sale 6,000 4.00 24,000 10-13-92 1y1m 3,500 3.75 13,125 11-12-93 2,000 3.50 7,000 2,000 2.75 5,500 2,000 2.75 5,500 4,000 2.75 11,000 66,125 09-92 Opt acq 500,000 3.50 1,750,000 10-13-92 1y1m under EBP 11-12-93 other than pursuant to Rule 16b-3 09-92 Expir. 375,000 3.00 1,125,000 09-14-93 2m of LDP 11-12-93 10-92 Other 100,000 2.75 275,000 11-10-92 1y Acq (ConvDeb) 11-12-93 10-92 Sale 2,000 2.75 5,500 11-10-92 4y10m 2,000 2.25 4,500 09-11-97 2,000 2.25 4,500 4,000 2.25 9,000 4,000 2.25 9,000 32,500 11-92 Expir. 100,000 5.00 500,000 09-14-93 2m of LDP 11-12-93 11-92 Sale 1,000 2.63 2,630 12-10-92 4y9m 09-11-97 12-92 Sale 2,000 2.19 4,380 01-11-93 4y8m 2,000 2.06 4,120 09-11-97 1,500 2.00 3,000 11,500 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 01-93 Opt acq 100,000 3.50 350,000 02-10-93 9m under EBP 11-12-93 other than pursuant to Rule 16b-3 05-93 Other 500,000 5.00 2,500,000 06-10-93 4y3m Acq 09-11-97 07-93 Sale 6,000 5.06 30,360 08-10-93 4y1m 09-11-97 FY-93 Form 5 09-14-93 2m 11-12-93 08-93 Sale 5,000 4.75 23,750 09-10-93 2m 5,000 4.75 23,750 11-08-93 4,000 4.13 16,520 12,000 4.00 48,000 4,000 3.87 15,480 7,000 3.87 27,090 5,000 3.87 19,350 5,000 4.00 20,000 193,940 08-93 Conv of 50,000 6.00 300,000 09-10-93 2m ConvDeb 11-08-93 into shrs 09-93 Conv of 50,000 5.00 250,000 11-10-93 T ConvDeb 11-08-93 into shrs 09-93 Sale 5,000 4.00 20,000 10-12-93 3y11m 2,000 4.00 8,000 09-11-97 2,000 3.50 7,000 2,000 3.75 7,500 3,000 3.88 11,640 3,000 4.25 12,750 66,890 10-93 Sale 5,000 3.50 17,500 11-10-93 4m3w 2,000 3.50 7,000 04-04-94 3,000 3.50 10,500 35,000 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 11-93 Sale 4,000 3.00 12,000 12-10-93 3m2w 2,000 2.87 5,740 04-04-94 2,000 2.87 5,740 2,000 2.62 5,240 4,000 2.62 10,480 39,200 12-93 Sale 2,000 2.62 5,240 01-10-94 3m 2,000 2.50 5,000 04-14-94 2,000 3.00 6,000 3,000 3.12 9,360 2,000 3.12 6,240 4,000 3.00 12,000 10,000 3.00 30,000 2,000 3.31 6,620 2,000 3.37 6,740 2,000 3.50 7,000 3,000 3.62 10,860 105,060 01-94 Sale 2,000 3.50 7,000 02-10-94 2m 2,000 3.25 6,500 04-12-94 2,000 3.00 6,000 1,000 3.12 3,120 2,000 3.00 6,000 3,000 2.50 7,500 36,120 02-94 Sale 2,000 3.62 7,240 03-10-94 1m 2,000 3.50 7,000 04-14-94 1,000 3.37 3,370 1,000 3.25 3,250 2,000 3.00 6,000 2,000 3.00 6,000 2,000 3.12 6,240 3,000 3.12 9,360 48,460 03-94 Conv of 300,000 3.58 1,074,000 04-11-94 5m ConvDeb 09-15-94 into shrs Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 03-94 Sale 4,000 2.80 11,200 04-11-94 5m 2,000 2.75 5,500 09-15-94 2,000 3.50 7,000 4,000 3.25 13,000 2,000 3.13 6,260 5,000 3.19 15,950 6,000 3.13 18,780 2,000 3.00 6,000 3,000 3.00 9,000 3,000 3.00 9,000 101,690 03-94 Sale 2,000 3.00 9,000 04-11-94 3y5m 09-11-97 03-94 Opt 465,000 3.12 1,450,800 09-14-94 T Grant pursuant 09-14-94 to 16b-3 05-94 Sale 2,000 2.75 5,500 06-10-94 3y3m 2,000 2.63 5,260 09-11-97 1,000 2.75 2,750 2,000 2.75 5,500 4,000 2.75 11,000 2,000 2.75 5,500 1,000 2.75 2,750 2,000 2.88 5,760 44,020 06-94 Sale 6,000 3.00 18,000 07-11-94 3y2m 09-11-97 FY-94 Form 5 09-14-94 T 09-14-94 11-94 Sale 1,000 2.63 2,630 12-12-94 T 2,000 2.19 4,380 12-12-94 2,000 2.38 4,760 12-94 Sale 2,000 2.19 4,380 01-10-95 T 3,000 2.13 6,390 01-10-95 01-95 Sale 5,000 2.25 11,250 02-10-95 T 02-10-95 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 01-95 Expir 100,000 3.50 350,000 09-14-95 T of LDP 02-10-95 02-95 Sale 3,000 4.00 12,000 03-10-95 T 5,000 4.00 20,000 03-10-95 2,000 3.94 7,880 3,000 3.63 10,890 2,000 3.69 7,380 2,000 3.56 7,120 03-95 Sale 1,000 3.44 3,440 04-10-95 T 2,000 3.44 6,880 04-06-95 06-96 Sale 12,500 5.63 70,375 07-10-96 T 07-10-96 06-96 Exer of 12,500 3.87 48,375 07-10-96 T ITM or ATM 07-10-96 deriv sec. 07-96 Sale 13,000 4.75 61,750 08-12-96 T 11,400 4.63 52,782 08-08-96 8,600 4.69 40,334 10,000 4.69 46,900 5,000 4.88 24,400 7,000 4.63 32,410 5,000 4.56 22,800 10,000 4.63 46,300 07-96 Exer of 13,000 3.87 50,310 08-12-96 T ITM or 11,400 3.87 44,118 08-08-96 ATM deriv 18,600 3.87 71,982 sec. 12,000 3.87 46,440 5,000 3.87 19,350 10,000 3.87 38,700 07-96 Sale 5,000 4.63 23,150 08-12-96 1m 09-10-96 07-96 Exer of 5,000 3.87 19,350 08-12-96 1m ITM or ATM 09-10-96 deriv sec. Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 08-96 Sale 5,000 4.68 23,400 09-10-96 T 5,000 4.75 23,750 09-10-96 10,000 4.87 48,700 5,000 4.75 23,750 15,000 4.87 73,050 2,000 4.56 9,120 5,000 4.37 21,850 5,000 4.37 21,850 10,000 4.44 44,400 15,000 4.56 68,400 10,000 4.50 45,000 7,000 4.43 31,010 7,000 4.43 31,010 3,000 4.38 13,140 4,000 4.50 18,000 50,000 4.75 237,500 3,000 4.69 14,070 9,000 4.69 42,210 15,000 4.63 69,450 20,000 4.75 95,000 10,000 4.69 46,900 14,000 4.81 67,340 7,500 4.88 36,600 23,800 4.94 117,572 08-96 Exer 5,000 3.87 19,350 09-10-96 T of ITM 5,000 3.87 19,350 09-10-96 or ATM 15,000 3.87 58,050 deriv sec. 15,000 3.87 58,050 2,000 3.87 7,740 5,000 3.87 19,350 5,000 3.87 19,350 10,000 3.87 38,700 25,000 3.87 96,750 7,000 3.87 27,090 7,000 3.87 27,090 3,000 3.87 11,610 54,000 3.87 208,980 27,000 3.87 104,490 30,000 3.87 116,100 45,300 3.87 175,311 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 09-96 Sale 10,000 4.63 46,300 10-10-96 T 7,000 4.63 32,410 10-09-96 6,700 4.63 31,021 27,000 4.50 121,500 26,000 4.50 117,000 4,750 4.38 20,805 5,000 4.00 20,000 10,900 4.25 46,325 54,850 4.25 233,113 09-96 Exer 10,000 3.87 38,700 10-10-96 T of ITM 7,000 3.87 27,090 10-09-96 or ATM 6,700 3.87 25,929 deriv sec. 27,000 3.87 104,490 26,000 3.87 100,620 9,750 3.87 37,733 10,900 3.87 42,183 54,850 3.87 212,270 12-96 Sale 10,000 7.88 78,800 01-10-97 T 01-10-97 12-96 Exer of 10,000 3.12 31,200 01-10-97 T ITM or ATM 01-10-97 deriv sec. pursuant to Rule 16b-3 Total value late reported transactions: $25,578,945 * = Price per share rounded off ** = As reported in the Official Summary of Security Transactions and Holdings N/A = Not applicable T = Timely stk = stock Conv SubDeb = Convertible Subordinated Debentures c/s = common stock EBP = Employee Benefit Plan Opt = Option Conv of ConvDeb = Conversion of Convertible Debentures Exer = Exercise Expir = Expiration LDP = Long derivative position ITM = In-the-Money ATM = At-the-Money deriv = derivative sec = security 16b-3 = Rule 16b-3 of the Securities Exchange Act of 1934 Trans = Transfer KUSLIMA SHOGEN Schedules 13G and 13D and Amendments Alfacell Corporation September 14, 1983 through September 11, 1997 Date Date Event Due/ Apprx. of No. of Triggering Date Yrs/Mos/ Trans. Type Shares Amendment Rec'd Wks.Late 1983 13G 663,750 09-14-83 14y Not rec'd** 1985 13G Amendment Change in 09-16-85* 12y Information Not rec'd 1986 13G Amendment " 09-15-86 11y Not rec'd 09-01-87 13D 1,461,750 09-11-87 10y Not rec'd 07-19-88 13D Amendment Change in 07-19-88 9y1m2w Ownership Not rec'd 08-24-88 13D Amendment " 08-24-88 9y1m Not rec'd 12-06-88 13D Amendment " 12-06-88 8y9m Not rec'd 02-13-89 13D Amendment " 02-13-89 8y6m3w Not rec'd 02-14-89 13D Amendment " 02-14-89 8y6m3w Not rec'd 03-06-89 13D Amendment " 03-06-89 8y6m Not rec'd 04-07-89 13D Amendment " 04-07-89 8y5m Not rec'd 07-19-89 13D Amendment " 07-19-89 8y1m2w Not rec'd Date Date Event Due/ Apprx. of No. of Triggering Date Yrs/Mos/ Trans. Type Shares Amendment Rec'd Wks.Late 10-19-89 13D Amendment " 10-19-89 7y10m2w Not rec'd 01-08-90 13D Amendment " 01-08-90 7y8m Not rec'd 07-11-90 13D Amendment " 07-11-90 7y2m Not rec'd 07-27-90 13D Amendment " 07-27-90 7y1m1w Not rec'd 11-08-90 13D Amendment " 11-08-90 6y10m Not rec'd 02-15-91 13D Amendment " 02-15-91 6y6m3w Not rec'd 04-24-91 13D Amendment " 04-24-91 6y4m1w Not rec'd 05-28-91 13D Amendment " 05-28-91 6y3m1w Not rec'd 06-25-91 13D Amendment " 06-25-91 6y2m2w Not rec'd 10-04-91 13D Amendment " 10-04-91 5y11m Not rec'd 12-03-91 13D Amendment " 12-03-91 5y9m Not rec'd 05-05-92 13D Amendment " 05-05-92 5y4m Not rec'd 06-22-92 13D Amendment " 06-22-92 5y2m2w Not rec'd 09-01-92 13D Amendment " 09-01-92 5y1w Not rec'd 09-16-92 13D Amendment " 09-16-92 4y11m2w Not rec'd Date Date Event Due/ Apprx. of No. of Triggering Date Yrs/Mos/ Trans. Type Shares Amendment Rec'd Wks.Late 05-05-93 13D Amendment Change in 05-05-93 4y4m Ownership Not rec'd 08-11-93 13D Amendment " 08-11-93 4y3w Not rec'd 11-22-93 13D Amendment " 11-22-93 3y9m2w Not rec'd 08-30-94 13D Amendment " 08-30-94 3y1w Not rec'd 11-21-94 13D Amendment " 11-21-94 2y8m2w Not rec'd 01-30-96 13D Amendment " 01-30-96 1y7m1w Not rec'd 07-17-96 13D Amendment " 07-17-96 1y1m2w Not rec'd 08-20-96 13D Amendment " 08-20-96 1y2w Not rec'd 08-28-96 13D Amendment " 08-28-96 1y1w Not rec'd 09-12-96 13D Amendment " 09-12-96 11m3w Not rec'd 12-03-96 13D Amendment " 12-03-96 9m Not rec'd 12-31-97 13G 1/ 2,544,587 02-17-98 T 02-17-98 01-31-98 13D 1/ 2,881,827 01-31-98 T 02-17-98 1/ = On February 17, 1998, Shogen filed: (1) a Schedule 13G showing beneficial ownership of 15.8% of the common stock as of December 31, 1997 and 17.5% of the common stock as of January 31, 1998; and (2) a Schedule 13D showing beneficial ownership of 17.5% of the common stock as of January 31, 1998. * = For the purpose of this table, the due date for amendments reflects the date the obligation to file the amendment arose. ** = Lateness calculated through September 11, 1997. STANISLAW MIKULSKI ALFACELL CORPORATION March 24, 1986 through September 11, 1997 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late Form 3 03-86 Form 3 17,500 03-24-86 2w 04-11-86- 05-12-86** Forms 4, 5 01-87 Other 50,000 N/A N/A 02-10-87 10y7m Acq 09-11-97 09-87 Other 100,000 N/A N/A 10-13-87 9y11m Acq (pursuant to employment) 09-11-97 09-87 Other 250,000 3.00 750,000 10-13-87 9y11m Acq (opt to buy c/s pursuant 09-11-97 to employment) 11-88 Sale 16,250 8.58 139,425 12-12-88 8y9m 09-11-97 02-89 Other 250,000 N/A N/A 03-10-89 8y6m Acq (pursuant to employment) 09-11-97 02-89 Other 50,000 5.00 250,000 03-10-89 8y6m Acq (opt to buy c/s) 09-11-97 03-89 Sale 2,500 7.80 19,500 04-10-89 8y5m 2,200 8.30 18,260 09-11-97 6,000 8.55 51,300 2,000 9.05 18,100 500 9.30 4,650 500 9.77 4,885 500 10.43 5,215 800 10.55 8,440 2,000 10.55 21,100 151,450 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 04-89 Sale 2,000 9.80 19,600 05-10-89 8y4m 500 10.05 5,025 09-11-97 1,000 10.05 10,050 500 10.30 5,150 800 11.30 9,040 2,600 10.05 26,130 1,400 10.05 14,070 1,000 10.30 10,300 800 11.05 8,840 2,000 11.55 23,100 2,000 12.80 25,600 2,500 11.80 29,500 186,405 05-89 Sale 2,500 11.30 28,250 06-12-89 8y3m 2,000 11.05 22,100 09-11-97 8,400 10.05 84,420 134,770 06-89 Sale 5,500 8.80 48,400 07-10-89 8y2m 09-11-97 10-89 Sale 2,500 6.80 17,000 11-13-89 7y10m 1,500 6.30 9,450 09-11-97 2,000 6.05 12,100 3,000 5.80 17,400 8,000 6.24 49,920 5,000 5.55 27,750 2,000 5.80 11,600 5,000 6.80 34,000 179,220 11-89 Sale 3,000 6.55 19,650 12-11-89 7y9m 2,000 6.55 13,100 09-11-97 4,000 6.55 26,200 2,000 5.55 11,100 70,050 02-90 Sale 2,400 6.25 15,000 03-12-90 7y6m 2,100 6.25 13,125 09-11-97 4,500 6.25 28,125 8,500 6.25 53,125 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 02-90 8,500 6.25 53,125 (cont) 1,200 6.25 7,500 1,300 6.25 8,125 178,125 03-90 Sale 200 6.25 1,250 04-10-90 7y5m 300 6.25 1,875 09-11-97 800 6.25 5,000 1,200 6.25 7,500 9,000 6.00 54,000 7,700 6.00 46,200 200 6.00 1,200 400 6.00 2,400 1,700 6.00 10,200 129,625 03-90 Other 100,000 5.00 500,000 04-10-90 7y5m Acq (opt to buy c/s) 09-11-97 07-90 Sale 5,000 9.25 46,250 08-10-90 7y1m 3,000 10.00 30,000 09-11-97 3,000 9.75 29,250 105,500 07-90 Other 250,000 N/A N/A 08-10-90 7y1m Acq (pursuant to employment) 09-11-97 08-90 Sale 3,000 9.75 29,250 09-10-90 7y 09-11-97 11-90 Other 50,000 5.00 250,000 12-10-90 6y9m Acq (opt to buy c/s) 09-11-97 02-91 Expir. 50,000 5.00 250,000 03-11-91 2y8m3w of SDP 12-06-93 04-91 Opt acq 100,000 5.00 500,000 05-10-91 2y6m3w under EBP 12-06-93 other than pursuant to Rule 16b-3 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late FY-91 Form 5 09-16-91 2y2m3w 12-06-93 03-92 Expir. 100,000 5.00 500,000 04-10-92 1y7m3w of SDP 12-06-93 FY-92 Form 5 09-14-92 5y 09-11-97 09-92 Expir. 250,000 3.00 750,000 10-13-92 1y1m3w of SDP 12-06-93 09-92 Opt acq 250,000 3.50 875,000 10-13-92 1y1m3w under EBP 12-06-93 other than pursuant to Rule 16b-3 11-92 Expir. 50,000 5.00 250,000 12-10-92 11m3w of SDP 12-06-93 05-93 Opt acq 100,000 5.00 500,000 06-10-93 5m3w under EBP 12-06-93 other than pursuant to Rule 16b-3 FY-93 Form 5 09-14-93 4y 09-11-97 09-93 Sale 20,000 3.16 63,200 10-12-93 1m3w 12-09-93 10-93 Sale 3,000 3.25 9,750 11-10-93 1m 2,000 3.25 6,500 12-09-93 3,000 3.13 9,390 25,640 12-93 Sale 2,000 2.63 5,260 01-10-94 3y8m 2,000 3.00 6,000 09-11-97 3,000 2.88 8,640 19,900 01-94 Sale 5,000 3.00 15,000 02-10-94 3y7m 5,000 3.00 15,000 09-11-97 5,000 3.00 15,000 45,000 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 02-94 Sale 3,000 3.38 10,140 03-10-94 3y6m 4,000 3.38 13,520 09-11-97 3,000 3.25 9,750 2,000 3.25 6,500 3,000 3.00 9,000 3,000 3.00 9,000 2,000 3.13 6,260 64,170 03-94 Opt 100,000 3.12 312,000 09-14-94 T Grant pursuant 09-14-94 to 16b-3 FY-94 Form 5 09-14-94 T 09-14-94 10-94 Sale 500 3.00 1,500 11-10-94 T 500 2.88 1,440 11-10-94 500 2.88 1,440 1,000 2.88 2,880 500 2.88 1,440 3,500 2.56 8,960 1,000 2.63 2,630 11-94 Sale 1,000 2.63 2,630 12-12-94 T 1,500 2.75 4,125 12-12-94 01-95 Sale 5,000 2.25 11,250 02-10-95 T 5,000 3.00 15,000 02-15-95 5,000 3.13 15,650 5,000 3.63 18,150 03-95 Sale 8,000 2.94 23,520 04-10-95 T 2,000 3.00 6,000 04-10-95 05-96 Sale 15,000 4.29 64,350 06-10-96 T 15,000 4.88 73,200 06-10-96 05-96 Exer 25,000 3.87 96,750 06-10-96 T of ITM or 15,000 3.87 58,050 06-10-96 ATM deriv sec. Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 06-96 Sale 12,500 5.63 70,375 07-10-96 T 4,000 5.13 20,520 07-10-96 10,000 5.81 58,100 06-96 Exer 12,500 3.87 48,375 07-10-96 T of ITM or 4,000 3.87 15,480 07-10-96 ATM deriv sec. 07-96 Sale 15,000 4.88 73,200 08-12-96 T 10,000 4.75 47,500 08-08-96 5,000 4.63 23,150 07-96 Exer 30,000 3.87 116,100 08-12-96 T of ITM or 08-08-96 ATM deriv sec. 08-96 Sale 5,000 4.68 23,400 09-10-96 T 5,000 4.62 23,100 09-10-96 5,000 4.87 24,350 5,000 4.44 22,200 5,000 4.56 22,800 2,500 4.62 11,550 5,000 4.50 22,500 6,000 4.43 26,580 5,000 4.43 22,150 3,000 4.38 13,140 8,000 4.50 36,000 20,000 4.75 95,000 2,000 4.69 9,380 5,000 4.69 23,450 8,000 4.63 37,040 5,000 4.69 23,450 12,000 4.75 57,000 10,000 4.81 48,100 2,500 4.88 12,200 8,000 4.94 39,520 08-96 Exer 127,000 3.87 491,490 09-10-96 T of ITM or 09-10-96 ATM deriv sec. Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 09-96 Sale 6,000 4.63 27,780 10-10-96 T 1,400 4.63 6,482 10-10-96 6,600 4.50 29,700 9,000 4.50 40,500 13,500 4.25 57,375 09-96 Exer 36,500 3.87 141,255 10-10-96 T of ITM or 10-10-96 ATM deriv sec. Total value late reported transactions: $ 6,945,130 * = Price per share rounded off ** = As reported in the Official Summary of Security Transactions and Holdings T = Timely EBP = Employee Benefit Plan Opt = Option Expir = Expiration Exer = Exercise SDP = Short Derivative Position ITM = In-the-Money ATM = At-the-Money deriv = derivative sec = security 16b-3 = Rule 16b-3 of the Securities Exchange Act of 1934 STANISLAW MIKULSKI Schedule 13D and Amendments Alfacell Corporation September 1, 1987 through September 11, 1997 Date Date Event Due/ Apprx. of No. of Triggering Date Yrs/Mos/ Trans. Type Shares Amendment Rec'd Wks.Late 09-01-87 13D 417,500 09-01-87 10y Not rec'd** 11-22-88 13D Amendment Change in 11-22-88* 8y9m2w Ownership Not rec'd 02-14-89 13D Amendment " 02-14-89 8y6m2w Not rec'd 10-09-89 13D Amendment " 10-09-89 7y11m Not rec'd 02-14-90 13D Amendment " 02-14-90 7y6m3w Not rec'd 07-27-90 13D Amendment " 07-27-90 7y2m1w Not rec'd 02-15-91 13D Amendment " 02-15-91 6y6m3w Not rec'd 09-01-92 13D Amendment " 09-01-92 5y1w Not rec'd 09-16-92 13D Amendment " 09-16-92 4y11m3w Not rec'd 01-10-94 13D Amendment " 01-10-94 3y8m Not rec'd 10-04-94 13D Amendment " 10-04-94 2y11m Not rec'd 01-19-95 13D Amendment " 01-19-95 2y7m2w Not rec'd 01-30-96 13D Amendment " 01-30-96 1y7m1w Not rec'd Date Date Event Due/ Apprx. of No. of Triggering Date Yrs/Mos/ Trans. Type Shares Amendment Rec'd Wks.Late 8-06-96 13D Amendment " 08-06-96 1y1m Not rec'd 09-11-96 13D Amendment " 09-11-96 11m3w Not rec'd 01-30-97 13D Amendment " 01-30-97 7m1w Not rec'd 01-31-98 13D 1/ 772,659 01-31-98 T 02-17-98 1/ = On February 17, 1998, Mikulski filed a Schedule 13D showing beneficial ownership of 5.1% of the common stock as of January 31, 1998. * = For the purpose of this table, the due date for amendments reflects the date the obligation to file the amendment arose. ** = Lateness calculated through September 11, 1997. ALLEN SIEGEL ALFACELL CORPORATION June 25, 1983 through September 11, 1997 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late Form 3 06-83 Form 3 14,694 06-25-83 2w 07-12-83- 08-10-83** Forms 4, 5 07-84 Wts 1,430 10.00 14,300 08-10-84 13y1m to buy c/s 09-11-97 07-86 Other 1,430 10.00 14,300 08-11-86 11y1m Disp (Wts) 09-11-97 07-86 Other 1,430 10.00 14,300 08-11-86 11y1m Acq (Wts) 09-11-97 10-86 Buy 1,500 9.75 14,625 11-10-86 10y10m 09-11-97 10-86 Exer of 1,430 10.00 14,300 11-10-86 10y10m ITM or 09-11-97 ATM deriv sec. 12-86 Buy 290 3.75 1,088 10-13-87 9y11m 09-11-97 09-87 Right to 40,000 3.50 140,000 10-13-87 2y3m3w buy c/s 02-05-90 09-87 Other 5,000 N/A N/A 10-13-87 9y11m Acq 09-11-97 09-87 Other 5,000 3.50 17,500 10-13-87 9y11m Acq (opt for c/s) 09-11-97 12-87 Buy 120 5.00 600 03-10-88 9y6m 09-11-97 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 02-88 Sale 10,300 8.25 84,975 03-10-88 9y6m 09-11-97 07-88 Sale 500 8.25 4,125 08-10-88 9y1m 09-11-97 08-88 Sale 500 8.00 4,000 09-12-88 1y4m3w 02-05-90 11-88 Sale 1,000 7.50 7,500 12-12-88 1y1m3w 02-08-90 12-88 Sale 1,000 9.50 9,500 01-10-89 1y1m 02-07-90 02-89 Other 20,000 N/A N/A 03-10-89 8y6m Acq 09-11-97 02-89 Other 20,000 5.00 100,000 03-10-89 8y6m Acq (opt for c/s) 09-11-97 02-89 Right to 50,000 5.00 250,000 03-10-89 11m buy c/s 02-07-90 03-89 Sale 1,000 9.50 9,500 04-10-89 10m 02-07-90 04-89 Sale 1,000 10.00 10,000 05-10-89 9m 1,000 9.88 9,880 02-08-90 19,880 05-89 Sale 1,000 10.75 10,750 06-12-89 7m3w 02-07-90 06-89 Sale 1,000 10.00 10,000 07-10-89 7m 02-07-90 07-89 Sale 1,000 9.00 9,000 08-10-89 6m 02-07-90 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 09-89 Sale 2,500 7.25 18,125 10-10-89 6m2w 1,500 8.50 12,750 04-27-90 3,500 8.50 29,750 5,000 8.75 43,750 104,375 10-89 Exer 28,989 3.50 101,462 11-13-89 5m2w of Opt 04-27-90 11-89 Expir 11,011 3.50 38,538 12-11-89 7y9m of SDP 09-11-97 01-90 Sale 400 7.25 2,900 02-12-90 7y7m 1,000 7.00 7,000 09-11-97 9,900 03-90 Other 100,000 5.00 500,000 04-10-90 7y5m Acq 50,000 5.00 250,000 09-11-97 (opt for c/s) 750,000 04-90 Sale 1,500 6.75 10,125 05-10-90 7y4m 3,500 6.50 22,750 09-11-97 1,000 6.25 6,250 1,000 6.00 6,000 45,125 05-90 Sale 1,000 7.63 7,630 06-11-90 7y3m 09-11-97 06-90 Sale 1,000 8.13 8,130 07-10-90 7y2m 09-11-97 11-90 Sale 1,000 7.25 7,250 12-10-90 6y9m 1,000 7.25 7,250 09-11-97 1,000 6.75 6,750 1,000 8.00 8,000 29,250 11-90 Disp 1,000 N/A N/A 12-10-90 6y9m by gift 09-11-97 11-90 Other 70,000 5.00 350,000 12-10-90 6y9m Acq (opt for c/s) 09-11-97 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 12-90 Sale 1,000 8.00 8,000 01-10-91 6y8m 09-11-97 01-91 Sale 1,000 8.75 8,750 02-11-91 6y7m 1,000 8.75 8,750 09-11-97 1,000 7.75 7,750 1,000 7.63 7,630 1,000 7.38 7,380 1,000 7.13 7,130 614 7.40 4,543 51,933 02-91 Disp 3,000 N/A N/A 03-11-91 6y6m by gift 09-11-97 02-91 Expir. 70,000 5.00 350,000 03-11-91 2y8m2w of SDP 11-29-93 04-91 Opt acq 70,000 5.00 350,000 05-10-91 2y6m2w under EBP 11-29-93 other than pursuant to Rule 16b-3 06-91 Sale 1,000 5.81 5,810 07-10-91 6y2m 09-11-97 FY-91 Form 5 09-16-91 2y2m2w 11-29-93 08-91 Sale 1,000 5.50 5,500 09-10-91 6y 09-11-97 09-91 Sale 1,000 5.40 5,400 10-10-91 5y11m 1,000 5.88 5,880 09-11-97 1,000 5.88 5,880 2,000 6.00 12,000 2,000 6.50 13,000 2,000 6.50 13,000 1,000 5.75 5,750 60,910 11-91 Sale 1,000 5.50 5,500 12-10-91 5y9m 1,000 5.38 5,380 09-11-97 10,880 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 12-91 Sale 1,000 5.38 5,380 01-10-92 5y8m 1,000 4.75 4,750 09-11-97 10,130 01-92 Sale 1,000 4.75 4,750 02-10-92 5y7m 09-11-97 02-92 Sale 1,000 6.13 6,130 03-10-92 5y6m 09-11-97 03-92 Expir. 150,000 5.00 750,000 04-10-92 1y7m2w of SDP 11-29-93 06-92 Opt acq 40,000 2.75 110,000 07-12-92 1y4m2w under EBP 11-29-93 other than pursuant to Rule 16b-3 FY-92 Form 5 09-14-92 5y 09-11-97 09-92 Expir. 5,000 3.50 17,500 10-13-92 1y1m2w of SDP 11-29-93 11-92 Expir. 70,000 5.00 350,000 12-10-92 11m3w of SDP 12-03-93 01-93 Opt acq 20,000 2.00 40,000 02-10-93 9m3w under EBP 70,000 3.50 245,000 12-02-93 other than 285,000 pursuant to Rule 16b-3 04-93 Expir. 70,000 5.00 350,000 05-10-93 6m3w of SDP 12-02-93 05-93 Opt acq 130,000 5.00 650,000 06-10-93 5m3w under EBP 12-02-93 other than pursuant to Rule 16b-3 FY-93 Form 5 09-14-93 1y 09-14-94 Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 12-93 Opt 15,000 3.25 48,750 09-14-94 T Grant pursuant 09-14-94 to 16b-3 03-94 Opt 20,000 3.12 62,400 09-14-94 3m Grant pursuant 12-12-94 to 16b-3 FY-94 Form 5 09-14-94 3m 12-12-94 12-94 Opt 15,000 2.27 34,050 09-14-95 T Grant pursuant 05-10-95 to 16b-3 04-95 Expir. 130,000 5.00 650,000 09-14-95 T of LDP 05-10-95 04-95 Opt acq 130,000 2.65 344,500 05-10-95 T under EBP 05-10-95 other than pursuant to Rule 16b-3 12-95 Opt 15,000 4.66 69,900 09-10-96 T Grant pursuant 04-10-96 to 16b-3 03-96 Sale 2,000 4.75 9,500 04-10-96 T 2,000 4.81 9,620 04-10-96 6,000 4.75 28,500 1,500 4.63 6,945 2,000 4.75 9,500 2,500 4.56 11,400 6,000 4.56 27,360 5,000 5.00 25,000 03-96 Exer 27,000 2.68 72,360 04-10-96 T of ITM or 04-10-96 ATM deriv sec. Date Month Price Due/ Apprx. of No. of Per Total Date Yrs/Mos/ Trans. Type Shares Share* $Value Rec'd Wks.Late 04-96 Sale 8,000 5.13 41,040 05-10-96 T 2,000 5.25 10,500 05-10-96 13,000 5.25 68,250 6,000 5.13 30,780 1,000 5.25 5,250 1,000 4.75 4,750 6,000 4.94 29,640 2,000 5.00 10,000 6,000 4.75 28,500 04-96 Exer 45,000 2.68 120,600 05-10-96 T of ITM or 05-10-96 ATM deriv sec. 05-96 Sale 4,000 4.56 18,240 06-10-96 T 6,000 4.63 27,780 06-10-96 05-96 Disp 10,000 4.10 41,000 09-16-96 T by gift 1,700 4.10 6,970 06-10-96 05-96 Exer 35,000 2.68 93,800 06-10-96 T of ITM or 06-10-96 ATM deriv sec. 06-96 Sale 10,000 5.58 55,800 07-10-96 T 3,000 5.63 16,890 07-10-96 2,000 5.50 11,000 06-96 Exer 23,000 2.68 61,640 07-10-96 T of ITM or 07-10-96 ATM deriv sec. Total value late reported transactions: $ 5,633,596 * = Price per share rounded off ** = As reported in the Official Summary of Security Transactions and Holdings T = Timely c/s = common stock EBP = Employee Benefit Plan Opt = Option Expir = Expiration Exer = Exercise SDP = Short Derivative Position LDP = Long Derivative Position ITM = In-The-Money ATM = At-The-Money deriv = derivative sec = security 16b-3 = Rule 16b-3 of the Securities Exchange Act of 1934 trans = Transfer cert = Certificate IV. FINDINGS Based on the above, the Commission finds that (1) Shogen violated Sections 13(d), 13(g) and 16(a) of the Exchange Act, and Rules 13d-1, 13d-2, 16a-2, 16a-3 and former Rule 16a-1 promulgated thereunder, (2) Mikulski violated Sections 13(d) and 16(a) of the Exchange Act, and Rules 13d-1, 13d-2, 16a-2, 16a-3 and former Rule 16a-1 promulgated thereunder, and (3) Siegel violated Section 16(a) of the Exchange Act, and Rules 16a-2, 16a- 3 and former Rule 16a-1 promulgated thereunder. V. OFFERS OF SETTLEMENT The Respondents' have submitted Offers in this proceeding which the Commission has determined to accept. The Respondents' in their Offers consent, without admitting or denying the matters set forth herein, to this Order making findings, as set forth above, and ordering (1) Shogen to cease and desist from committing or causing any violation of, and committing or causing any future violation of, Sections 13(d), 13(g) and 16(a) of the Exchange Act and Rules 13d-1, 13d-2, 16a-2 and 16a-3 thereunder, (2) Mikulski to cease and desist from committing or causing any violation of, and committing or causing any future violation of, Sections 13(d) and 16(a) of the Exchange Act and Rules 13d-1, 13d-2, 16a-2 and 16a-3 thereunder, and (3) Siegel to cease and desist from committing or causing any violation of, and committing or causing any future violation of, Section 16(a) of the Exchange Act and Rules 16a-2 and 16a-3 thereunder. VI. ORDER Accordingly, IT IS HEREBY ORDERED, pursuant to Section 21C of the Exchange Act, that (1) Shogen cease and desist from committing or causing any violation of, and committing or causing any future violation of, Sections 13(d), 13(g) and 16(a) of the Exchange Act and Rules 13d-1, 13d-2, 16a-2 and 16a-3 promulgated thereunder, (2) Mikulski cease and desist from committing or causing any violation of, and committing or causing any future violation of, Sections 13(d) and 16(a) of the Exchange Act and Rules 13d-1, 13d-2, 16a-2 and 16a-3 promulgated thereunder, and (3) Siegel cease and desist from committing or causing any violation of, and committing or causing any future violation of, Section 16(a) of the Exchange Act and Rules 16a-2 and 16a-3 promulgated thereunder. By the Commission. Jonathan G. Katz Secretary