Exhibit 10.24 Form Of Convertible Note $ This Convertible note is made on April 3, 2001. Between the Borrower Alfacell Corporation referred to as "I" and the Lender, ______________ whose address is ___________________________ Borrower's Promise to Lender. In return for the loan received I promise to repay this loan within ninety (90) days, unless the Lender has elected to exercise the Lender option to convert this loan into ____________ shares of Alfacell Common Stock. The conversion share price (90 (cent)) was determined by the 10 day marketplace moving average for Alfacell Common Stock. In addition, upon conversion, the Lender will receive a three (3) year warrant, for each share of Converted Alfacell Common Stock, at $2.50 per share. The expiration date of the warrant is July 7, 2004. Default. If I fail to make any payment required by this note when due or if I fail to keep any other promise I make in this note, the Lender may declare that I am in default on this note. Upon default, I must immediately pay the full amount and the Lender's costs of collection and reasonable attorney fees. Witness: Borrower: ALFACELL CORPORATION -------------------- Schedule of Parties To Convertible Note PARTY AMOUNT OF NOTE NUMBER OF SHARES CONVERTIBLE INTO Santiago Caasi $19,998 22,220 Delmer Dimzon $19.998 22,220 Janine Sitao $29,997 33,330 Kuslim Shogen $99,000 110,000 Martin Stadler $99,000 110,000 Donald Conklin $99,000 110,000