FORM 4
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
<square>Check this box if no longer
subject to Section 16. Form 4 Filed pursuant to Section 16(a) of the
or Form 5 obligations Securities Act of 1934, Section 17(a) of the
may continue. Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company
Act of 1940
SEE Instruction 1(b).
<TABLE>
<CAPTION>
1. Name and Address of Reporting Person 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person
to Issuer
BELL, ALAN ALFACELL CORPORATION (ACEL) (Check all applicable)
X Director______ 10% Owner
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(Last) (First) (Middle) 3. IRS or Social 4. Statement for ________ Officer ______ Other
Security Number of Month/Year (give title below)
137 WODEN WAY, S.E. Reporting Person (specify below)
(Voluntary) FEBRUARY 1996
__________________________________________
(Street) 5. If Amendment,
Date of Original
WINTER HAVEN, FL 33884 (Month/Year)
(City) (State) (Zip)
TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action (A) or Disposed of Securities ship of In-
Date Code (D) Beneficially Form: direct
(Month/ (Instr. (Instr. 3, 4 and 5) Owned at (D) or Bene-
Day/ 8) End of Indirect ficial
Year) Month (I) Owner-
(Instr. 3 (Instr. ship
and 4) 4) (Instr.
4)
Code V Amount (A) or Price
(D)
Common Stock 2/2/96 S 10,000 D $4 3/8 20,429 D -------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
<PAGE>
FORM 4 (CONTINUED)
TABLE II - DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of Derivative 2.Conver3.Trans-4.Transac-5.Number of6.Date 7.Title and Amount 8.Price9.Number 10. Owner- 11. Na-
Security sion action tion Deriv- Exercisableof Under-lying of of ship ture
(Instr. 3) or Date Code ative and Securities (Instr. 3 Deriv- Deriv- Form of In-
Exercise (Month/Day/(Instr.SecuritiesExpirationand 4) ative ative of De- direct
Price Year)8) Ac- Date Secur- Secur- rivative Bene-
of quired (A) (Month/Day/ ity ities Secur- ficial
Deriv- or Dis- Year) (Instr.Bene- ity: Own-
ative posed of 5) ficially (D) or ership
Security (D) Owned Indi- (Instr. 4)
(Instr. 3, at End rect (I)
4, and 5) of (Instr.
Month 4)
(Instr.
4)
<S> <C> <C> <C><C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CodeV (A) (D) Date Expira- Title Amount
Exer- tion or
cisableDate Number
of
Shares
Stock Option (right to 10,0005/5/937/31/96Common Stock 10,000 $2.68 0 D ---
buy) $2.68 2/2/96 x
Stock Option+ (right 12/31/95 ++ 12/31/01Common Stock 15,000 $4.66 15,000 D ---
to buy) $4.66 A V 15,000
</TABLE>
Explanation of Responses:
+ Granted under the Company's 1993 Stock Option Plan, a Rule 16b-3 Plan.
++ The option shall become exercisable on December 30, 1996, provided that
the reporting person serves continuously on the Board until such time.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations .
/S/ ALAN W. BELL 03/06/96
SEE 18 U.S.C. 1001 and
15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, SEE Instruction 6 for procedure.
SEC 1474 (8-92)
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