Document:

Exhibit 4.4

                          REGISTRATION RIGHTS AGREEMENT

            This Registration Rights Agreement (this "Agreement") is made and
entered into as of May 11, 2003, by and among Alfacell Corporation, a Delaware
corporation (the "Company"), and the investors signatory hereto (each a
"Purchaser" and collectively, the "Purchasers").

            This Agreement is made pursuant to the Securities Purchase
Agreement, dated as of the date hereof among the Company and the Purchasers (the
"Purchase Agreement").

            The Company and the Purchasers hereby agree as follows:

      1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the respective meanings set forth in this Section 1:

            "Commission" means the Securities and Exchange Commission.

            "Effective Date" means the date that the Registration Statement is
first declared effective by the Commission.

            "Effectiveness Date" means: (a) with respect to the Registration
Statement required to be filed to cover the resale by the Holders of the
Registrable Securities, the earlier of: (i) the 120th day following the Closing
Date and (ii) the fifth Trading Day following the date on which the Company is
notified by the Commission that the Registration Statement will not be reviewed
or is no longer subject to further review and comments, provided however, that
in the event that such notification is received by the Company within 10 days
prior to or after the date that the Company files an annual or quarterly report
with the Commission, then the Effectiveness Date shall be the 15th Trading Day
following such notification by the Commission, (b) with respect to any
additional Registration Statements that may be required pursuant to Section 2(b)
hereof, the earlier of: (i) the 120th day following the date on which the
Company first knows, or reasonably should have known, that such additional
Registration Statement is required under such Section and (ii) the fifth Trading
Day following the date on which the Company is notified by the Commission that
such additional Registration Statement will not be reviewed or is no longer
subject to further review and comments, provided however, that in the event that
such notification is received by the Company within 10 days prior to or after
the date that the Company files an annual or quarterly report with the
Commission, then the Effectiveness Date shall be the 15th Trading Day following
such notification by the Commission.

            "Effectiveness Period" shall have the meaning set forth in Section
2(a).

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                                                   Registration Rights Agreement
<PAGE>

            "Filing Date" means: (a) with respect to the Registration Statement
required to be filed to cover the resale by the Holders of the Registrable
Securities, the 30th day following the Closing Date, provided, however, that in
the event that the Company's Registration Statement on Form S-1, Registration
No. 333-112865 (the "Pending S-1") (i) is not declared effective by the
Commission by such 30th day or is withdrawn after such 30th day, then the Filing
Date shall be the 10th Trading Day after the Pending S-1 is declared effective
by the Commission or is withdrawn, or (ii) is declared effective within 10 days
prior to or after the date that the Company files an annual or quarterly report
with the Commission, then the Filing Date shall be the 20th Trading Day after
such annual or quarterly report is filed with the Commission; or (b) with
respect to any additional Registration Statements that may be required pursuant
to Section 2(b) hereof, the 30th day following the date on which the Borrower
first knows, or reasonably should have known, that such additional Registration
Statement is required under such Section.

            "Holder" or "Holders" means the holder or holders, as the case may
be, from time to time of Registrable Securities.

            "Indemnified Party" shall have the meaning set forth in Section
5(c).

            "Indemnifying Party" shall have the meaning set forth in Section
5(c).

            "Losses" shall have the meaning set forth in Section 5(a).

            "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

            "Prospectus" means the prospectus included in a Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

            "Registrable Securities" means, collectively, the shares of Common
Stock issued pursuant to the Purchase Agreement, together with the shares of
Common Stock issuable upon the exercise of the Warrants including any adjustment
to that number of shares pursuant to Section 6 of the Warrant.

            "Registration Statement" means each of the following: (i) a
registration statement which is required to register the resale of the
Registrable Securities, (ii) each additional registration statement, if any,
contemplated by Section 2(b), and (iii) including, in each case, the Prospectus,
amendments and supplements to each such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all
material incorporated by reference or deemed to be incorporated by reference in
such registration statements.

                                      -2-          Registration Rights Agreement
<PAGE>

            "Rule 144" means Rule 144 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 415" means Rule 415 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 424" means Rule 424 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Securities Act" means the Securities Act of 1933, as amended.

            "Shares" means the shares of Common Stock issued or issuable to the
Purchasers pursuant to the Purchase Agreement.

            "Trading Day" shall have the meaning set forth in the Purchase
Agreement.

            "Warrants" shall have the meaning set forth in the Purchase
Agreement.

      2. Registration.

            (a) The Company shall use its best efforts to prepare and file with
the Commission, on or prior to the Filing Date, a Registration Statement
covering the resale of all applicable Registrable Securities not already covered
by an existing and effective Registration Statement for an offering to be made
on a continuous basis pursuant to Rule 415. Each Registration Statement shall be
on Form S-1 (except if the Company is then eligible to register for resale the
applicable Registrable Securities on Form S-3, in which case such registration
shall be on Form S-3) and shall contain (except if otherwise required pursuant
to written comments received from the Commission upon a review of such
Registration Statement) the "Plan of Distribution" attached hereto as Annex A.
The Company shall cause the Registration Statement to be declared effective
under the Securities Act as soon as possible but, in any event, no later than
the applicable Effectiveness Date, and shall use its best efforts to keep each
Registration Statement continuously effective under the Securities Act until the
date when all Registrable Securities covered by such Registration Statement
(assuming for such purpose that all Warrants will be exercised for cash) have
been sold or may be sold without volume restrictions pursuant to Rule 144(k) as
determined by the counsel to the Company pursuant to a written opinion letter to
such effect, addressed and acceptable to the Company's transfer agent and the
affected Holders (the "Effectiveness Period").

            (b) If following the date that a Registration Statement is filed the
Company becomes eligible to utilize Form S-3 to register the resale of the
Registrable Securities, then the Company shall take such action as is reasonably
necessary to as soon as possible convert the then effective Registration
Statements to Form S-3, without causing the then effective Registration
Statements to lapse prior to the effectiveness of such conversion. The Company
will not cause the existing Registration Statements to lapse without the
approval of the affected Holders.

                                      -3-          Registration Rights Agreement
<PAGE>

            (c) In the event that the Company fails to use its best efforts in
having a Registration Statement is filed with the SEC on or before the Filing
Date, or the Company fails to use its best efforts to respond to any comments of
the SEC in respect of the Registration Statement within twenty (20) Trading Days
following receipt thereof, or in the case of a full SEC review, within thirty
(30) Trading Days following receipt thereof, the Company will issue to all
Purchasers, for no additional consideration, one percent (.5%) of the Shares
sold to each Purchaser pursuant to the Purchase Agreement. At the end of every
additional thirty (30) Trading Days that the Company continues to be delayed
from filing the Registration Statement with the SEC or continues to fail to use
its best efforts to respond to any comments of the SEC in respect of the
Registration Statement, the Company will issue to all Holders, for no additional
consideration, one percent (.5%) of the Shares sold to each Purchaser pursuant
to the Purchase Agreement.

      3. Registration Procedures

            In connection with the Company's registration obligations hereunder,
the Company shall:

            (a) Not less than two Trading Days prior to the filing of a
Registration Statement or any related Prospectus or any amendment or supplement
thereto, the Company shall furnish to the Holders draft copies of all such
documents proposed to be filed which documents will be subject to the review of
such Holders. The Company shall not file a Registration Statement or any such
Prospectus or any amendments or supplements thereto to which the Holders of a
majority of the Registrable Securities shall reasonably object in good faith.

            (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to each Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such
Registration Statement continuously effective as to the applicable Registrable
Securities for its Effectiveness Period and prepare and file with the Commission
such additional Registration Statements in order to register for resale under
the Securities Act all of the Registrable Securities; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement,
and as so supplemented or amended to be filed pursuant to Rule 424; (iii)
respond as promptly as reasonably possible to any comments received from the
Commission with respect to each Registration Statement or any amendment thereto
and, as promptly as reasonably possible provide the Holders true and complete
copies of all correspondence from and to the Commission relating to such
Registration Statement that would not result in the disclosure to the Holders of
material and non-public information concerning the Company; and (iv) comply in
all material respects with the provisions of the Securities Act and the Exchange
Act with respect to the Registration Statements and the disposition of all
Registrable Securities covered by each Registration Statement.

            (c) Notify the Holders as promptly as reasonably possible (and, in
the case of (i)(A) below, not less than three Trading Days prior to such filing)
and (if requested by any such Person) confirm such notice in writing no later
than one Trading Day following the day (i)(A) when a Prospectus or any
Prospectus supplement or post-effective amendment to a Registration

                                      -4-          Registration Rights Agreement
<PAGE>

Statement is proposed to be filed; (B) when the Commission notifies the Company
whether there will be a "review" of such Registration Statement and whenever the
Commission comments in writing on such Registration Statement (the Company shall
provide true and complete copies thereof and all written responses thereto to
each of the Holders that pertain to the Holders as a Selling Stockholder or to
the Plan of Distribution, but not information which the Company believes would
constitute material and non-public information); and (C) with respect to each
Registration Statement or any post-effective amendment, when the same has become
effective; (ii) of any request by the Commission or any other Federal or state
governmental authority for amendments or supplements to a Registration Statement
or Prospectus or for additional information; (iii) of the issuance by the
Commission of any stop order suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or the initiation of
any Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; (v) of the occurrence of any event or passage of time that makes the
financial statements included in a Registration Statement ineligible for
inclusion therein or any statement made in such Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to such
Registration Statement, Prospectus or other documents so that, in the case of
such Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading and
(vi) when a stop transfer order has been placed on any resales of the
Registrable Securities made pursuant to the Registration Statement in order to
amend the Registration Statement for events then current.

            (d) Use its best efforts to avoid the issuance of, or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of a
Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

            (e) Furnish to each Holder, without charge, at least one conformed
copy of each Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference, and all exhibits to the extent requested by
such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission.

            (f) Promptly deliver to each Holder, without charge, as many copies
of each Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request. The
Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the
offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto.

            (g) Prior to any public offering of Registrable Securities, use its
best efforts to register or qualify or cooperate with the selling Holders in
connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities

                                      -5-          Registration Rights Agreement
<PAGE>

for offer and sale under the securities or Blue Sky laws of New York, to keep
each such registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdiction of the
Registrable Securities covered by the Registration Statements; provided, that
the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or subject the Company to any
material tax in any such jurisdiction where it is not then so subject.

            (h) Cooperate with the Holders to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be delivered
to a transferee pursuant to the Registration Statements, which certificates
shall be free, to the extent permitted by the Purchase Agreement, of all
restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as any such Holders may reasonably
request.

            (i) Upon the occurrence of any event contemplated by Section 3(c),
(ii), (v) or (vi), as promptly as reasonably possible, prepare a supplement or
amendment, including a post-effective amendment, to the affected Registration
Statements or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, no Registration
Statement nor any Prospectus will contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

            (j) The Company may require each selling Holder to furnish to the
Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder, any other information required under Item 507
under Regulation S-K under the Securities Act and, if requested by the
Commission, the controlling person thereof.

      4. Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a
Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with any Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder.

                                      -6-          Registration Rights Agreement
<PAGE>

      5. Indemnification.

            (a) Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, investment advisors and employees
of each of them, each Person who controls any such Holder (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
officers, directors, agents and employees of each such controlling Person, to
the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation,
reasonable costs of preparation and reasonable attorneys' fees) and expenses
(collectively, "Losses"), as incurred, arising out of or relating to any untrue
or alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any
Prospectus or form of prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading, except to the extent,
but only to the extent, that (1) such untrue statements or omissions are based
solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder's proposed method of
distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in the Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto
(it being understood that the Holder has approved Annex A hereto for this
purpose) or (2) in the case of an occurrence of an event of the type specified
in Section 3(c)(ii)-(vi), the use by such Holder of an outdated or defective
Prospectus or the use by the Holder of the Prospectus after a stop transfer
order has been issued after the Company has notified such Holder in writing that
the Prospectus is outdated or defective or being updated and prior to the
receipt by such Holder of an Advice or an amended or supplemented Prospectus,
but only if and to the extent that following the receipt of the Advice or the
amended or supplemented Prospectus the misstatement or omission giving rise to
such Loss would have been corrected. The Company shall notify the Holders
promptly of the institution, threat or assertion of any Proceeding of which the
Company is aware in connection with the transactions contemplated by this
Agreement.

            (b) Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as
incurred, arising solely out of or based solely upon: (x) such Holder's failure
to comply with the prospectus delivery requirements of the Securities Act or (y)
any untrue statement of a material fact contained in any Registration Statement,
any Prospectus, or any form of prospectus, or in any amendment or supplement
thereto, or arising solely out of or based solely upon any omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent, but only to the extent that, (1) such
untrue statements or omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such
Holder's proposed method of distribution of

                                      -7-          Registration Rights Agreement
<PAGE>

Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in the Registration Statement (it being understood
that the Holder has approved Annex A hereto for this purpose), such Prospectus
or such form of Prospectus or in any amendment or supplement thereto or (2) in
the case of an occurrence of an event of the type specified in Section
3(c)(ii)-(vi), the use by such Holder of an outdated or defective Prospectus or
the use by the Holder of the Prospectus after a stop transfer order has been
issued after the Company has notified such Holder in writing that the Prospectus
is outdated or defective or being updated and prior to the receipt by such
Holder of an Advice or an amended or supplemented Prospectus, but only if and to
the extent that following the receipt of the Advice or the amended or
supplemented Prospectus the misstatement or omission giving rise to such Loss
would have been corrected. In no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise
to such indemnification obligation.

            (c) Conduct of Indemnification Proceedings. If any Proceeding shall
be brought or asserted against any Person entitled to indemnity hereunder (an
"Indemnified Party"), such Indemnified Party shall promptly notify the Person
from whom indemnity is sought (the "Indemnifying Party") in writing, and the
Indemnifying Party shall assume the defense thereof, including the employment of
counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses incurred in connection with defense thereof; provided, that
the failure of any Indemnified Party to give such notice shall not relieve the
Indemnifying Party of its obligations or liabilities pursuant to this Agreement,
except (and only) to the extent that it shall be finally determined by a court
of competent jurisdiction (which determination is not subject to appeal or
further review) that such failure shall have proximately and materially
adversely prejudiced the Indemnifying Party.

            An Indemnified Party shall have the right to employ separate counsel
in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party
or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel that a conflict of interest is likely to
exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and such counsel shall be at the expense of
the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

                                      -8-          Registration Rights Agreement
<PAGE>

            All fees and expenses of the Indemnified Party (including reasonable
fees and expenses to the extent incurred in connection with investigating or
preparing to defend such Proceeding in a manner not inconsistent with this
Section) shall be paid to the Indemnified Party, as incurred, within ten Trading
Days of written notice thereof to the Indemnifying Party (regardless of whether
it is ultimately determined that an Indemnified Party is not entitled to
indemnification hereunder; provided, that the Indemnifying Party may require
such Indemnified Party to undertake to reimburse all such fees and expenses to
the extent it is finally judicially determined that such Indemnified Party is
not entitled to indemnification hereunder).

            (d) Contribution. If a claim for indemnification under Section 5(a)
or 5(b) is unavailable to an Indemnified Party (by reason of public policy or
otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys' or other
reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this Section was available to
such party in accordance with its terms.

            The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission.

            The indemnity and contribution agreements contained in this Section
are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

      6. Reports Under the Exchange Act. With respect to each Holder, from the
date of Closing until the date on which all of the Registrable Securities that
such Holder owns or has the right to acquire become freely transferable under
Rule 144(k) promulgated under the Securities Act (assuming for such purpose that
all Warrants will be exercised for cash), the Company agrees to use its best
efforts: (i) to make and keep public information available, as those terms are
understood and defined in the General Instructions to Form S-3, or any successor
or substitute form, and in Rule 144, (ii) to file with the SEC all reports and
other documents

                                      -9-          Registration Rights Agreement
<PAGE>

required to be filed by an issuer of securities registered under Sections 13 or
15(d) of the Exchange Act, and (iii) if such filings are not available via
EDGAR, to furnish to such Holder as long as the Holder owns or has the right to
acquire any Registrable Securities prior to the applicable termination date
described above, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company under
Sections 13 or 15(d) of the Exchange Act as may be reasonably requested by such
Holder in availing such Holder of any rule or regulation of the SEC permitting
the selling of any such Registrable Securities without registration.

      7. Miscellaneous.

            (a) Remedies. In the event of a breach by the Company or by a
Holder, of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

            (b) No Piggyback on Registrations. Except as and to the extent
specified hereto, neither the Company nor any of its security holders (other
than the Holders in such capacity pursuant hereto) may include securities of the
Company in the Registration Statement other than the Registrable Securities, and
the Company shall not after the date hereof enter into any agreement providing
any such right to any of its security holders.

            (c) Compliance. Each Holder covenants and agrees that it will comply
with the prospectus delivery requirements of the Securities Act as applicable to
it in connection with sales of Registrable Securities pursuant to the
Registration Statement.

            (d) Discontinued Disposition. Each Holder agrees by its acquisition
of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c), such
Holder will forthwith discontinue disposition of such Registrable Securities
under the Registration Statement until such Holder's receipt of the copies of
the supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the "Advice") by the Company that the use of the applicable
Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement. The
Company may provide appropriate stop orders to enforce the provisions of this
paragraph.

            (e) Piggy-Back Registrations. If at any time during the
Effectiveness Period there is not an effective Registration Statement covering
all of the Registrable Securities and the Company shall determine to prepare and
file with the Commission a registration statement relating to an offering for
its own account or the account of others under the Securities Act of

                                      -10-         Registration Rights Agreement
<PAGE>

any of its equity securities, other than on Form S-4 or Form S-8 (each as
promulgated under the Securities Act) or their then equivalents relating to
equity securities to be issued solely in connection with any acquisition of any
entity or business or equity securities issuable in connection with stock option
or other employee benefit plans, then the Company shall send to each Holder
written notice of such determination and, if within fifteen days after receipt
of such notice, any such Holder shall so request in writing, the Company shall
include in such registration statement all or any part of such Registrable
Securities such holder requests to be registered, subject to customary
underwriter cutbacks applicable to all holders of registration rights.

            (f) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and the Holders of all of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
certain Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of at least a majority of the Registrable
Securities to which such waiver or consent relates, provided, that the
provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the immediately preceding sentence.

            (g) Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 5:00 p.m. (New
York City time) on a Trading Day, (ii) the Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Agreement later than 5:00 p.m. (New
York City time) on any date and earlier than 11:59 p.m. (New York City time) on
such date, (iii) the Trading Day following the date of mailing, if sent by
nationally recognized overnight courier service, or (iv) upon actual receipt by
the party to whom such notice is required to be given. The address for such
notices and communications shall be as follows:

        If to the Company:   Alfacell Corporation
                             225 Belleville Avenue,
                             Bloomfield, NJ 07003
                             Attn: Chief Financial Officer
                             Facsimile No.: 973-748-1355

        With a copy to:      Dorsey & Whitney, LLP
                             250 Park Avenue
                             New York, NY 10177
                             Attn: Kevin T. Collins
                             Facsimile No.: (212) 953-7201

                                      -11-         Registration Rights Agreement
<PAGE>

      If to a Purchaser:  To the address set forth under such Purchaser's name
                          on the signature pages hereto.

      If to any other Person who is then the registered Holder:

                          To the address of such Holder as it appears in the
                          stock transfer books of the Company

or such other address as may be designated in writing hereafter, in the same
manner, by such Person.

            (h) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not
assign its rights or obligations hereunder without the prior written consent of
each Holder. Each Holder may assign their respective rights hereunder in the
manner and to the Persons as permitted under the Purchase Agreement.

            (i) Execution and Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be
an original and, all of which taken together shall constitute one and the same
Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with
the same force and effect as if such facsimile signature were the original
thereof.

            (j) Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of
New York, without regard to the principles of conflicts of law thereof. Each
party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought
against a party hereto or its respective Affiliates, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the City of
New York, Borough of Manhattan (the "New York Courts"). Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any New York Court, or that such
Proceeding has been commenced in an improper or inconvenient forum. Each party
hereto hereby irrevocably waives personal service of process and consents to
process being served in any such Proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any Proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby. If either
party shall commence a Proceeding to enforce any provisions of this Agreement,
then the prevailing party in

                                      -12-         Registration Rights Agreement
<PAGE>

such Proceeding shall be reimbursed by the other party for its attorney's fees
and other costs and expenses incurred with the investigation, preparation and
prosecution of such Proceeding.

            (k) Cumulative Remedies. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.

            (l) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

            (m) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

            (n) Independent Nature of Purchasers' Obligations and Rights. The
obligations of each Purchaser hereunder is several and not joint with the
obligations of any other Purchaser hereunder, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser hereunder. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Purchaser pursuant
hereto or thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert with
respect to such obligations or the transactions contemplated by this Agreement.
Each Purchaser shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                           SIGNATURE PAGES TO FOLLOW]

                                      -13-         Registration Rights Agreement
<PAGE>

            IN WITNESS WHEREOF, the parties have executed this Registration
Rights Agreement as of the date first written above.

                                    ALFACELL CORPORATION

                                    By:
                                       ------------------------------
                                    Name:  Kuslima Shogen
                                    Title: Chief Executive Officer

                                    KNOLL CAPITAL FUND II
                                    200 Park Avenue, Suite 3900
                                    New York, NY 10166
                                    Attn: Fred Knoll

                                    By:
                                        ------------------------------
                                    Name:
                                    Title:

                                                   Registration Rights Agreement
<PAGE>

            IN WITNESS WHEREOF, the parties have executed this Registration
Rights Agreement as of the date first written above.

                                    ALFACELL CORPORATION

                                    By:
                                        ------------------------------
                                    Name:  Kuslima Shogen
                                    Title:    Chief Executive Officer

                                    EUROPA INTERNATIONAL, INC.
                                    200 Park Avenue, Suite 3900
                                    New York, NY 10166
                                    Attn: Fred Knoll

                                    By:
                                        ------------------------------
                                    Name:
                                    Title:

                                      -15-         Registration Rights Agreement
<PAGE>

                                                                         Annex A

                              Plan of Distribution

      The Selling Stockholders and any of their pledgees, donees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares
of Common Stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The Selling Stockholders may use any one or more of the
following methods when selling shares:

o     ordinary brokerage transactions and transactions in which the
      broker-dealer solicits purchasers;

o     block trades in which the broker-dealer will attempt to sell the shares as
      agent but may position and resell a portion of the block as principal to
      facilitate the transaction;

o     purchases by a broker-dealer as principal and resale by the broker-dealer
      for its account;

o     an exchange distribution in accordance with the rules of the applicable
      exchange;

o     privately negotiated transactions;

o     broker-dealers may agree with the Selling Stockholders to sell a specified
      number of such shares at a stipulated price per share;

o     a combination of any such methods of sale; and

o     any other method permitted pursuant to applicable law.

      The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus.

      Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as
agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

      The Selling Stockholders may from time to time pledge or grant a security
interest in some or all of the Shares or Warrant Shares owned by them and, if
they default in the performance of their secured obligations, the pledgees or
secured parties may offer and sell shares of Common Stock from time to time
under this prospectus, or under an amendment to this prospectus under Rule
424(b)(3) or other applicable provision of the Securities Act of 1933 amending
the list of selling stockholders to include the pledgee, transferee or other
successors in interest as selling stockholders under this prospectus.

                                      -16-         Registration Rights Agreement
<PAGE>

      Upon the Company being notified in writing by a Selling Stockholder that
any material arrangement has been entered into with a broker-dealer for the sale
of Common Stock through a block trade, special offering, exchange distribution
or secondary distribution or a purchase by a broker or dealer, a supplement to
this prospectus will be filed, if required, pursuant to Rule 424(b) under the
Securities Act, disclosing (i) the name of each such Selling Stockholder and of
the participating broker-dealer(s), (ii) the number of shares involved, (iii)
the price at which such the shares of Common Stock were sold, (iv)the
commissions paid or discounts or concessions allowed to such broker-dealer(s),
where applicable, (v) that such broker-dealer(s) did not conduct any
investigation to verify the information set out or incorporated by reference in
this prospectus, and (vi) other facts material to the transaction. In addition,
upon the Company being notified in writing by a Selling Stockholder that a donee
or pledge intends to sell more than 500 shares of Common Stock, a supplement to
this prospectus will be filed if then required in accordance with applicable
securities law.

      The Selling Stockholders also may transfer the shares of common stock in
other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this
prospectus.

      The Selling Stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each Selling Stockholders has
represented and warranted to the Company that it does not have any agreement or
understanding, directly or indirectly, with any person to distribute the Common
Stock.

      The Company is required to pay all fees and expenses incident to the
registration of the shares. The Company has agreed to indemnify the Selling
Stockholders against certain losses, claims, damages and liabilities, including
liabilities under the Securities Act.

                                      -17-         Registration Rights AgreementExhibit 4.5

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW. NO
TRANSFER OF THESE SECURITIES SHALL BE VALID OR EFFECTIVE UNLESS (A) SUCH
TRANSFER IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR
(B) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE COMPANY THAT SUCH TRANSFER QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE
SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

Warrant No. ___                                               Date: May 11, 2004

                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                              ALFACELL CORPORATION

                Void after 5:00 P.M. (United States Eastern Time)
                       on May 9, 2009, as provided herein.

      This certifies that, for value received, receipt and sufficiency of which
are hereby acknowledged, KNOLL CAPITAL FUND II, or its registered assigns (the
"Holder"), is entitled, subject to the terms and conditions set forth below, to
purchase from ALFACELL CORPORATION, a Delaware corporation (the "Company"),
592,500 (the "Warrant Number") validly issued, fully paid and nonassessable
shares (the "Warrant Shares") of Common Stock of the Company, par value $0.001
per share (the "Common Stock"), subject to adjustment as provided herein, at a
purchase price equal to $12.39 per share (the "Exercise Price"), subject to
adjustment as provided herein.

      The term "Warrant" as used herein shall mean this Warrant, and any
warrants delivered in substitution or exchange therefor as provided herein.

      1. Definitions. In addition to the terms defined elsewhere in this
Warrant, capitalized terms that are not otherwise defined herein shall have the
meanings given to such terms in the Securities Purchase Agreement of even date
herewith to which the Company and the original Holder are parties.

      2. Term of Warrant. Subject to the terms and conditions set forth herein,
this Warrant shall be exercisable, in whole or in part, during the term
commencing on May 10, 2004 and ending at 5:00 P.M. (United States Eastern Time)
on May 9, 2009 (the "Exercise Period").

<PAGE>

      3. Exercise of Warrant.

            (a) This Warrant may be exercised by the Holder, in whole or in
part, by (i) the surrender of this Warrant to the Company, with the Notice of
Exercise annexed hereto duly completed and executed on behalf of the Holder, at
the office of the Company (or such other office or agency of the Company as it
may designate by notice in writing to the Holder at the address of the Holder
appearing on the books of the Company) during the Exercise Period and (ii) the
delivery of payment to the Company of the Exercise Price for the number of
Warrant Shares specified in the Notice of Exercise in cash or its equivalent,
payable by wire transfer of immediately available funds to a bank account
specified by the Company or by certified or bank cashiers' check in lawful money
of the United States of America.

            (b) Cashless Exercise. In the event a registration statement
covering the resale of the Warrant Shares has not been declared effective or has
been suspended by the Securities and Exchange Commission or the prospectus
forming a part thereof is not then available to the Holder for the resale of the
Warrant Shares, then the Holder may notify the Company in an Exercise Notice of
its election to utilize cashless exercise, in which event the Company shall
issue to the Holder the number of Warrant Shares determined as follows:

                  X = Y [(A-B)/A]

                where:

                  X = the number of Warrant Shares to be issued to the Holder.

                  Y = the number of Warrant Shares with respect to which this
                  Warrant is being exercised.

                  A = the average of the closing prices for the five Trading
                  Days immediately prior to (but not including) the Exercise
                  Date.

                  B = the Exercise Price.

For purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued.

            (c) The Company agrees that such Warrant Shares shall be deemed to
be issued to the Holder as the record holder of such Warrant Shares as of the
close of business on the date on which this Warrant shall have been surrendered
and payment made for the Warrant Shares as aforesaid. A stock certificate or
certificates for the Warrant Shares specified in the Notice of Exercise shall be
delivered to the Holder as promptly as practicable, and in any event within ten
Business Days thereafter. If this Warrant shall have been exercised only in
part, the Company shall, at the time of delivery of the stock certificate or
certificates, deliver to the Holder a new Warrant evidencing the rights to
purchase the remaining Warrant Shares, which new Warrant shall in all other
respects be identical with this Warrant. No adjustments shall be made

                                     - 2 -
<PAGE>

on Warrant Shares issuable on the exercise of this Warrant for any cash
dividends paid or payable to holders of record of Common Stock prior to the date
as of which the Holder shall be deemed to be the record holder of such Warrant
Shares. For purposes of this Warrant, the term "Business Day" shall mean any day
except a Saturday, Sunday or any day on which banking institutions are
authorized or required to close in the city of New York, New York.

      4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. In lieu of any fractional share to which the Holder would otherwise be
entitled, the Company shall make a cash payment equal to the Current Market
Price multiplied by such fraction. For the purpose of this Section 3, the
"Current Market Price" per share of Common Stock on any day shall be deemed to
be the average of the closing price per share reported for the five Business
Days immediately preceding the day in question, where the closing price for each
day shall be the reported last sale price regular way or, in case no such
reported sale takes place on such day, the average of the reported closing bid
and asked prices regular way, in either case on the New York Stock Exchange or,
if the Common Stock is not listed or admitted to trading on such Exchange, on
the principal national securities exchange on which the Common Stock is listed
or admitted to trading or, if not listed or admitted to trading on any national
securities exchange, on the Nasdaq National Market System or, if the Common
Stock is not listed or admitted to trading on any national securities exchange
or quoted on the Nasdaq National Market System, the average of the closing bid
and asked prices in the over-the-counter market as furnished by any New York
Stock Exchange member firm reasonably selected from time to time by the board of
directors of the Company for that purpose.

      5. Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction, on delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Company or, in
the case of mutilation, on surrender and cancellation of this Warrant, the
Company at its expense shall execute and deliver, in lieu of this Warrant, a new
warrant of like tenor and amount.

      6. Rights of Stockholders. Subject to the provisions of Sections 6 and 8
hereof, the Holder shall not be entitled to vote or receive dividends or be
deemed the holder of Common Stock or any other securities of the Company that
may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the Holder, as such, any
of the rights of a stockholder of the Company or any right to vote for the
election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action (whether
upon any recapitalization, issuance of stock, reclassification of stock, change
of par value, or change of stock to no par value, consolidation, merger,
conveyance or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been
exercised, and the Exercise Price shall have been paid, as provided herein.

                                     - 3 -
<PAGE>

      7. Antidilution Provisions. The Exercise Price and the Warrant Number
shall be subject to adjustment from time to time as provided in this Section 6.

            (a) In case the Company shall pay or make a dividend or other
distribution on the Common Stock of the Company in Common Stock (other than any
distributions specifically provided for in subsection (c) of this Section 6),
the Exercise Price in effect immediately prior to the opening of business on the
next Business Day following the date fixed for determination of stockholders
entitled to receive such dividend or other distribution shall be reduced by
multiplying such Exercise Price by a fraction of which (i) the numerator shall
be the number of shares of Common Stock outstanding at the close of business on
the date fixed for such determination and (ii) the denominator shall be the sum
of (A) such number of shares referred to in clause (i) and (B) the total number
of shares of Common Stock constituting such dividend or other distribution, such
reduction to become effective immediately prior to the opening of business on
the next Business Day following the date fixed for such determination. For the
purposes of this subsection (a), the number of shares of Common Stock at any
time outstanding shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock.

            (b) In case the outstanding shares of Common Stock shall be
subdivided into a greater number of shares of Common Stock, the Exercise Price
in effect immediately prior to the opening of business on the next Business Day
following the day upon which such subdivision becomes effective shall be
proportionately reduced, and, conversely, in case the outstanding shares of
Common Stock shall each be combined into a smaller number of shares of Common
Stock, the Exercise Price in effect immediately prior to the opening of business
on the next Business Day following the day upon which such combination becomes
effective shall be proportionately increased.

            (c) In case the Company shall, by dividend or otherwise, distribute
to all holders of its Common Stock any securities (including any security
convertible into or exchangeable for shares of Common Stock and any right,
option or warrant to subscribe for or purchase shares of Common Stock or any
other security convertible into or exchangeable for shares of Common Stock, but
not including any dividend referred to in subsection (a) of this Section 6),
evidences of its indebtedness or other assets, then, in each such event and as a
condition precedent to the taking of any such action, lawful and adequate
provision (satisfactory in form and substance to the Holder and without payment
of any additional consideration therefor) shall be made whereby the Holder shall
thereafter have the right to receive, upon exercise of this Warrant, in addition
to the number of shares of Common Stock receivable thereupon, the amount of such
securities, evidences of indebtedness or other assets as the Holder would have
received had the Holder been the record owner, at the time the Company made or
issued such dividend or other distribution or on the record date fixed therefor,
as the case may be, of that number of shares of Common Stock receivable upon
exercise of this Warrant in full, and had the Holder thereafter, during the
period from the date of such event to and including the date(s) on which the
Holder exercises this Warrant, retained such securities, evidences of
indebtedness or other assets, giving application to all other adjustments called
for during such period under this Section 6. The above provisions of this
subsection (c) shall similarly apply to

                                     - 4 -
<PAGE>

successive dividends and other distributions to the holders of Common Stock of
securities, evidences of indebtedness and other assets.

            (d) In case of any reclassification, recapitalization or other
change in the outstanding securities of the class issuable upon exercise of this
Warrant (including any such reclassification, recapitalization or other change
upon a merger or consolidation in which the Company is the surviving
corporation, but not including any transactions for which an adjustment is
provided in subsection (a), (b), (c) or (e) of this Section 6), the Company
shall execute and deliver to the Holder a new warrant certificate, satisfactory
in form and substance to the Holder and without payment of any additional
consideration therefor, providing that the Holder shall have the right
thereafter, during the period such Warrant shall be outstanding, to exercise
such Warrant into the kind and amount of securities, cash and other property
receivable upon such reclassification, recapitalization or other change by a
holder of the number of shares of Common Stock issuable upon exercise of this
Warrant had it been exercised immediately prior to such reclassification,
recapitalization or other change. Such new Warrant shall provide for adjustments
that, for events subsequent to the effective date of such new Warrant, shall be
as nearly equivalent as may be practicable to the adjustments provided for in
this Section 6. The above provisions of this subsection (d) shall similarly
apply to successive reclassifications, recapitalizations and other changes in
the outstanding securities of the class issuable upon exercise of this Warrant.

            (e) In case of any merger or consolidation of the Company with or
into, or sale or transfer of all or substantially all of the assets of the
Company to, any other person or entity, the person or entity surviving such
merger or consolidation or acquiring such assets, as the case may be, shall
execute and deliver to the Holder a new warrant certificate, satisfactory in
form and substance to the Holder and without payment of any additional
consideration therefor, providing that the Holder shall have the right
thereafter, during the period such Warrant shall be outstanding, to exercise
such Warrant into the kind and amount of securities, cash and other property
receivable upon such merger, consolidation, sale or transfer by a holder of the
number of shares of Common Stock issuable upon exercise of this Warrant had it
been exercised immediately prior to such merger, consolidation, sale or
transfer. If the holders of the Common Stock may elect from choices the kind or
amount of securities, cash and other property receivable upon such merger,
consolidation, sale or transfer, then for the purpose of this Section 6 the kind
and amount of securities, cash and other property receivable upon such merger,
consolidation, sale or transfer shall be deemed to be the choice specified by
the Holder, which specification shall be made by the Holder by the later of (i)
the lesser of (A) the number of days given to holders of Common Stock to make
their specification known to the Company after such holders are provided with a
final version of all information that was furnished to such holders concerning
such choice or (B) ten Business Days after the Holder is provided with a final
version of all information that was furnished to the holders of Common Stock
concerning such choice, and (ii) the last time at which holders of Common Stock
are permitted to make their specification known to the Company. If the Holder
fails to make any specification, the Holder's choice shall be deemed to be
whatever choice is made by a plurality of holders of Common Stock not affiliated
with the Company or the other person to the merger, consolidation, sale or
transfer. Such new Warrant shall provide for adjustments that, for events
subsequent to the effective date of such new Warrant, shall be as nearly
equivalent as may be practicable to the adjustments provided for

                                     - 5 -
<PAGE>

in this Section 6. The above provisions of this subsection (e) shall similarly
apply to successive mergers, consolidations, sales or transfers.

            (f) Whenever there shall be any change in the Exercise Price under
this Section 6, then there shall be an adjustment (to the nearest thousandth of
a share) in the Warrant Number, which adjustment shall become effective at the
time such change in the Exercise Price becomes effective and shall be made by
multiplying the Warrant Number in effect immediately before such change in the
Exercise Price by a fraction the numerator of which is the Exercise Price
immediately before such change and the denominator of which is the Exercise
Price immediately after such change.

            (g) No adjustment in the Exercise Price shall be required unless
such adjustment (plus any adjustments not previously made by reason of this
subsection (g)) would require an increase or decrease of at least 1% in such
Exercise Price; provided, however, that any adjustments that by reason of this
subsection (g) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this
subsection (g) shall be made to the nearest cent or to the nearest 1/100 of a
share of Common Stock, as the case may be. Notwithstanding the foregoing, any
adjustment required by this subsection (g) shall be made no later than the
expiration of the right to exercise the Warrant or a portion thereof.

            (h) Whenever the Exercise Price is adjusted as herein provided:

                  (i) the Company shall compute the adjusted Exercise Price in
accordance with Section 6 and shall prepare a certificate signed by the Chief
Financial Officer of the Company setting forth the adjusted Exercise Price and
showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed with any transfer agent; and

                  (ii) a notice stating that the Exercise Price has been
adjusted and setting forth the adjusted Exercise Price shall forthwith be
required, and as soon as practicable after it is required, such notice (together
with a copy of the certificate prepared under Section 6(h)(i) hereof) shall be
mailed by the Company to the Holder of the Warrant at its last address as shall
appear in the Warrant Register (as defined in Section 7(a)).

                                     - 6 -
<PAGE>

                  (i) In case the Company shall declare a dividend (other than a
cash dividend) or other distribution on its Common Stock, or shall take a record
of the holders of Common Stock for the purpose of determining the holders
thereof who are entitled to receive any such dividend or other distribution, the
Company shall cause to be filed with any warrant agent, and shall cause to be
mailed to the Holder of this Warrant at its last address as shall appear in the
Warrant Register, at least ten days prior to the effective date hereinafter
specified, a notice stating the date on which a record has been taken for the
purpose of such dividend or other distribution or, if record is not to be taken,
the date as of which the identity of the holders of Common Stock of record
entitled to such dividend or other distribution is to be determined. Neither the
failure to give such notice nor any defect therein shall affect the legality or
validity of the proceedings described in this subsection (i).

      8. Transfer of Warrant.

            (a) Warrant Register. The Company will maintain a register (the
"Warrant Register") containing the names and addresses of the Holder or Holders.
Any Holder of this Warrant or any portion thereof may change his, her or its
address as shown on the Warrant Register or transfer this Warrant in accordance
with the terms of this Warrant by written notice to the Company requesting such
change. Any notice or written communication required or permitted to be given to
the Holder may be delivered or given by mail to such Holder as shown on the
Warrant Register and at the address shown on the Warrant Register. Until receipt
by the Company of written notice from the Holder requesting a change of address
or the transfer of this Warrant, the Company may treat the Holder as shown on
the Warrant Register as the absolute owner of this Warrant for all purposes.

            (b) Warrant Agent. The Company may, by written notice to the Holder,
appoint an agent for the purpose of maintaining the Warrant Register referred to
in subsection (a) of this Section 7, issuing the Common Stock or other
securities then issuable upon the exercise of this Warrant, exchanging this
Warrant, replacing this Warrant, or any or all of the foregoing. Thereafter, any
such registration, issuance, exchange, or replacement, as the case may be, shall
be made at the office of such agent.

            (c) Transferability. Subject to the restrictions on transfer set
forth in subsection (d) of this Section 7, title to this Warrant may be
transferred, in whole or in part, by endorsement (by the Holder and the
transferee executing the Assignment Form annexed hereto) and delivery in the
same manner as a negotiable instrument transferred by endorsement and delivery.
Upon surrender of this Warrant for transfer, properly endorsed on the Assignment
Form, the Company at its expense shall issue, on the order of the Holder, a new
warrant or warrants of like tenor, in such name or names as the Holder (on
payment by the Holder of any applicable transfer taxes) may direct, for the
number of shares issuable upon exercise hereof. Each Holder of this Warrant, by
holding it, agrees that this Warrant, when endorsed in blank, may be deemed
negotiable, and that, when this Warrant shall have been so endorsed, the Holder
of this Warrant may be treated by the Company and all other persons dealing with
this Warrant as the absolute owner of this Warrant for any purpose and as the
person entitled to exercise the rights represented by this Warrant, or to the
transfer of this Warrant on the books of the Company, any notice to the contrary
notwithstanding.

                                     - 7 -
<PAGE>

            (d) Compliance with Securities Laws.

                  (i) The Holder of this Warrant, by acceptance hereof,
acknowledges that the transfer of this Warrant and the Warrant Shares is subject
to the Holder's compliance with the provisions of the Securities Act and any
applicable state securities laws in respect of any such transfer.

                  (ii) The certificate or certificates representing any Warrant
Shares acquired upon exercise of this Warrant, and any Common Stock or other
securities issued in respect of such Warrant Shares upon any stock split, stock
dividend, recapitalization, merger, consolidation or similar event, shall be
stamped or otherwise imprinted with the following legend (unless such a legend
is no longer required under the Securities Act):

      THE TRANSACTION IN WHICH THE SHARES REPRESENTED BY THIS CERTIFICATE WERE
      ACQUIRED WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW. NO TRANSFER OF THE
      SHARES REPRESENTED BY THIS CERTIFICATE SHALL BE VALID OR EFFECTIVE UNLESS
      (A) SUCH TRANSFER IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE
      SECURITIES LAWS, OR (B) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
      REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER QUALIFIES AS AN
      EXEMPT TRANSACTION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS.

                  (iii) The Company shall not be required to register the
transfer of this Warrant or the Warrant Shares on the books of the Company
unless the Company shall have been provided with an opinion of counsel in form
and substance reasonably satisfactory to the Company that this Warrant or the
Warrant Shares, as applicable, are eligible for transfer without registration
under the Securities Act; provided, however, that no such opinion of counsel
shall be necessary in order to effectuate a transfer of this Warrant or any of
the Warrant Shares (A) in accordance with the provisions of Rule 144(k)
promulgated under the Securities Act after removal of the legend set forth in
Section 7(d)(ii) or (B) with respect to the Warrant Shares, in accordance with
the intended method of disposition set forth in the registration statement to be
filed by the Company pursuant to that certain Registration Rights Agreement
dated as of May 10, 2004 by and among the Company, the initial holder of this
Warrant and certain other purchasers of the Company's Common Stock (the
"Registration Rights Agreement") or any other registration statement filed by
the Company and covering the Warrant Shares.

                  (iv) The conditions precedent imposed by this subsection (d)
upon the transferability of this Warrant and the Warrant Shares shall cease and
terminate as to this Warrant and any of the Warrant Shares (A) when such
securities shall have been registered under the Securities Act and sold or
otherwise disposed of in accordance with the intended method of disposition by
the seller or sellers thereof set forth in the registration statement covering
such securities, (B) at such time as the Company shall have been provided with
an opinion of counsel in form and substance reasonably satisfactory to the
Company to the effect that the restrictive

                                     - 8 -
<PAGE>

legend on such securities is no longer required in order to establish compliance
with the provisions of the Securities Act, or (C) when such securities are
transferred pursuant to Rule 144 or in accordance with the provisions of Rule
144(k) promulgated under the Securities Act. Whenever the conditions imposed by
this subsection (d) shall terminate as hereinabove provided with respect to any
of the Warrant Shares, the holder of any such securities bearing the legend set
forth in Section 7(d)(ii) shall be entitled to receive from the Company, without
expense (except for the payment of any applicable transfer taxes) and as
expeditiously as practicable, new stock certificates not bearing such legend.

            (e) Investment Representations. The Holder of this Warrant, by
acceptance hereof, acknowledges that this Warrant is being issued by the Company
in reliance upon the following representations:

                  (i) the Holder is an "accredited investor" within the meaning
of Rule 501 of Regulation D under the Securities Act as presently in effect;

                  (ii) this Warrant is being acquired, and upon exercise hereof
the Warrant Shares will be acquired, for investment, for the Holder's own
account and not with a view to the sale or distribution thereof other than in
accordance with the Securities Act and all applicable state securities laws, and
the Holder has no present intention of selling or engaging in any public
distribution of the same except pursuant to a registration under the Securities
Act or an exemption therefrom; and

                  (iii) the Holder has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of its investment and has the ability to bear the economic risks of its
investment.

      9. Covenants of the Company. The Company hereby covenants and agrees that:

            (a) during the term of this Warrant, the Company will reserve a
sufficient number of shares of authorized and unissued Common Stock to provide
for the issuance of Common Stock upon the exercise of this Warrant and the
payment of the Exercise Price, which shares shall be duly authorized, fully paid
and non-assessable, and, from time to time, will take all steps necessary to
amend its Certificate of Incorporation to provide sufficient reserves of shares
of Common Stock issuable upon exercise of the Warrant;

            (b) the Company will not, by amendment of its Certificate of
Incorporation or through reorganization, consolidation, merger, dissolution or
sale of assets, or by any other voluntary act, avoid or seek to avoid the
observance or performance of any of the covenants, stipulations or conditions to
be observed or performed hereunder by the Company;

            (c) all Warrant Shares shall, upon exercise of this Warrant and
payment of the Exercise Price as set forth herein, be free from all taxes, liens
and charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously or otherwise specified herein); and

                                     - 9 -
<PAGE>

            (d) all Warrant Shares shall, upon issuance, be listed on the
securities exchange or quotation system on which the Common Stock is then listed
or quoted.

      10. Registration Rights.

The initial Holder of this Warrant (and certain assignees thereof) is entitled
to the benefit of such registration rights in respect of the Warrant Shares as
are set forth in the Registration Rights Agreement, including the right to
assign such rights to certain assignees, as set forth therein.

      11. Amendments. Neither this Warrant nor any term hereof may be amended,
waived, discharged or terminated other than by a written instrument signed by
the party against whom enforcement of any such amendment, waiver, discharge or
termination is sought.

      12. Governing Law. This Warrant shall be governed in all respects by the
internal laws of the State of Delaware as applied to contracts entered into
solely between residents of, and to be performed entirely within, such state,
and without reference to principles of conflicts of laws or choice of laws.

      13. Successors and Assigns. This Warrant shall be binding upon the
Company's successors and assigns and shall inure to the benefit of the Holder's
successors, legal representatives and permitted assigns.

      14. Attorney's Fees. In the event of a dispute with regard to the
interpretation of this Warrant, the prevailing party may collect the cost of
reasonable attorney's fees, litigation expenses or such other expenses as may be
incurred in the enforcement of the prevailing party's rights hereunder.

                                     - 10 -
<PAGE>

      IN WITNESS WHEREOF, ALFACELL CORPORATION has caused this Warrant to be
executed by its authorized officer.

      Dated: May 11, 2004

                                         ALFACELL CORPORATION

                                         By:
                                             -----------------------------------
                                         Name:
                                         Title:

<PAGE>

                               NOTICE OF EXERCISE

To: ALFACELL CORPORATION

      (1) The undersigned hereby elects to purchase _______________ shares of
Common Stock of Alfacell Corporation, pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price for such shares in
full, or, in the alternative, has indicated below an intention to exercise this
warrant through a cashless exercise in accordance with Section 2(b), and has
indicated below the related exercise calculations in accordance with Section
2(b):__________________________________________________________

      (2) In exercising this Warrant, the undersigned hereby confirms and
acknowledges that the shares of Common Stock to be issued upon exercise are
being acquired solely for the account of the undersigned, and not as a nominee
for any other party, and for investment purposes, and that the undersigned will
not offer, sell or otherwise dispose of any such shares of Common Stock except
under circumstances that will not result in a violation of the registration
provisions of the Securities Act of 1933, as amended, or any applicable state
securities laws.

      (3) Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                                             --------------------------------
                                                          (Name)

                                             --------------------------------
                                                          (Name)

(4) Please issue a new Warrant for the unexercised portion of the attached
Warrant in the name of the undersigned or in such other name as is specified
below:

                                             --------------------------------
                                                          (Name)

-----------------                            --------------------------------
           (Date)                                      (Signature)

<PAGE>

                                 ASSIGNMENT FORM

      FOR VALUE RECEIVED, the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under the within Warrant, with respect to the number
of shares of Common Stock set forth below:

                                                                 No of
        Name of Assignee              Address                    Shares
        ----------------              -------                    ------

and does hereby irrevocably constitute and appoint as Attorney
__________________to make such transfer on the books of ALFACELL CORPORATION,
maintained for the purpose, with full power of substitution in the premises.

      The undersigned Assignee represents that, by acceptance hereof, the
Assignee acknowledges and agrees that (i) this Warrant and the shares of stock
to be issued upon exercise hereof are being acquired for investment, (ii) the
Assignee will not offer, sell or otherwise dispose of this Warrant or any shares
of stock to be issued upon exercise hereof except under circumstances that will
not result in a violation of the registration provisions of the Securities Act
of 1933, as amended, or any applicable state securities laws, and (iii) the
Assignee agrees to be bound by all of the provisions of this Warrant.

      Dated:
            -----------------------

                                             -----------------------------------
                                                      Signature of Holder

                                             -----------------------------------
                                                     Signature of Assignee

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