Full Press Release Details
Champions Biotechnology,
855 N. Wolfe Street, Suite 619, Baltimore, Maryland
Champions Biotechnology Reports
Fiscal 2011 Second Quarter Financial Results
Baltimore, MD, December 13,
2010 - Champions Biotechnology, Inc. (OTC Bulletin Board: CSBR), a
company engaged in the development of advanced preclinical platforms and tumor
specific data to enhance the value of oncology drugs, today announced its
financial results for the fiscal 2011 second quarter ended October 31,
2010. Full details of the Company's financial results will be available
in the Company's Form 10-Q at www.championsbiotechnology.com.
Total revenues for the second
quarter of fiscal 2011 were $933,000 compared to $1,289,000 in the second
quarter of fiscal 2010, a decrease of 28%. Revenues from Personalized Oncology
were $288,000 compared to $589,000 in the corresponding quarter of the prior
year, a decrease of 51%. The overall reduction of Personalized Oncology
revenues resulted mainly from a drop in panel revenues during the quarter.
Revenues from Preclinical eValuation were $645,000 for the quarter compared to
$700,000 in the corresponding quarter of the prior year, a decrease of 8%.
Cost of Personalized Oncology
services for the three months ended October 31, 2010 and 2009 were
$159,000 and ($13,000), respectively, an increase of $172,000. The increase was
primarily attributable to a one-time $125,000 credit taken in the 2009 period.
Cost of Preclinical eValuation
services for the three months ended October 31, 2010 and 2009 were
$288,000 and $350,000, respectively, a decrease of $62,000, or 18%. For the
three months ended October 31, 2010 and 2009, gross margins for
Preclinical eValuation services were 55% and 50%, respectively.
Research and development
("R&D") expenses for the three months ended October 31,
2010 and 2009 were $725,000 and $645,000, respectively, an increase of $80,000,
or 12%. The increase in R&D expenses was mainly due to costs associated
with the development and testing of the Company's four drug compounds.
General and administrative expenses
for the three months ended October 31, 2010 and 2009 were $776,000 and
$891,000, respectively, a decrease of $115,000, or 13%. The decrease was
primarily attributable to the Company's consolidation of its operations
to Baltimore, Maryland.
Interest and other income for the
second quarter of fiscal 2011 was $961,000 compared to zero in fiscal 2010. The
increase related to a cash grant awarded to the Company (cash was received in
November 2010) for expenses previously incurred under the Qualifying
Therapeutic Discovery Project Program.
For the second quarter of fiscal
2011, the Company reported a net loss of $54,000, or ($0.00) per share,
compared to a net loss of $584,000, or ($0.02) per share, in the corresponding
quarter of fiscal 2010. In addition to the factors described above, the
Company's net losses reflect non-cash expenses, i.e., share-based
compensation and depreciation, of $207,000 or ($0.01) per share, in the second
quarter of 2011 compared to $142,000, or ($0.00) per share, in the second
The Company's cash position on
October 31, 2010 was $1.3 million compared to $2.6 million on
April 30, 2010. The October 31, 2010 cash balance does not include
the $960,000 received in November 2010 related to the Therapeutic
Discovery Grant discussed below.
For the six-month period ended
October 31, 2010, revenues were $2.5 million compared to
$2.3 million for the comparable period last year, an increase of $282,000,
or 13%. Total operating expenses which include costs of services, research and
development and general and administrative were $4.2 million compared to
$3.8 million for the comparable period last year, an increase of 8%. The
Company reported a net loss of $645,000 or $0.02 per share, as compared to a
net loss of $1.6 million or $0.05 per share for the comparable period in
Second Quarter Highlights:
David Sidransky, M.D., Chairman of
the Board of Champions Biotechnology, Inc., noted, "The Company was very
fortunate to bring on two very talented individuals in Joel and Ronnie who
bring a wealth of knowledge with respect to both the sciences and the
entrepreneurial acumen of running a biotechnology company."
For more information regarding
Champions Biotechnology's growing business and recent news, please visit
About Champions Biotechnology,
Champions Biotechnology, Inc. is engaged in the development of
advanced preclinical platforms and predictive tumor specific data to enhance
and accelerate the value of oncology drugs. The Company's Preclinical
Platform is a novel approach based upon the implantation of primary human
tumors in immune deficient mice followed by propagation of the resulting
xenografts (Biomerk Tumorgrafts ) in a manner that preserves the
biological characteristics of the original human tumor. The Company believes
that these Tumorgrafts closely reflect human cancer biology and their response
to drugs is more predictive of clinical outcomes in cancer patients.
Champions Biotechnology leverages
its preclinical platform to evaluate drug candidates and to develop a portfolio
of novel therapeutic candidates through pre-clinical trials. As drugs progress
through this early stage of development, the Company plans to sell, partner or
license them to pharmaceutical and/or biotechnology companies, as appropriate.
The Company also offers its predictive preclinical platform and tumor specific
data to physicians for personalized patient care and to Companies for
evaluation of oncology drugs and drug candidates in models that integrate
prognostic testing with biomarker discovery.
Champions Biotechnology is dedicated
to enhancing preclinical development tools, accelerating development and
valuation of oncology drugs, and advancing personalized treatment with a goal
to improve the lives of cancer patients globally.
This press release contains
"forward-looking statements" (within the meaning of the Private
Securities Litigation Act of 1995) that inherently involve risk and
uncertainties. Champions Biotechnology generally uses words such as
"believe," "may," "could,"