The Republican presidential field lost another candidate as Elizabeth H. Dole announced earlier this week that she was dropping out of the race.

Dole, who graduated Harvard Law School in 1958 as a member of the first class to include women, cited her lack of campaign funds as the major reason for abandoning her history-making bid for the White House.

Dole had raised $4.7 million in the last year since resigning her post as president of the American Red Cross to run for the Republican nomination.

In comparison, Republican front-runner and Texas governor George W. Bush, a Harvard Business School graduate, has amassed over $56 million, far more than the rest of Republican field.

"Inadequate funding limits the number of staff at headquarters and in key states," Dole said during her news conference.

"It restricts your ability to communicate with voters. Over time, it becomes nearly impossible to sustain an effective campaign," she added.

Alan K. Simpson, director of the Institute of Politics (IOP) and a former Republican senator from Wyoming, said Dole began the race with an advantage because of her connections in politics.

"It all comes down to money," Simpson said. "She and her husband were part of a big network. If she was still having trouble raising money, then it was probably time to get out."