Full Press Release Details
Champions Biotechnology Reports Fiscal 2010 Second Quarter Financial
Baltimore, MD, December 15, 2009-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 second fiscal quarter ended October 31, 2009. Full details of Company's financial results are
available in the Company's Form 10-Q at www.championsbiotechnology.com.
Total revenues for the second quarter of 2010 were $1,289,000 as
compared to $1,044,000 in fiscal 2009, an increase of 23%. The overall increase was derived from the
Company's Preclinical eValuation business which generated revenues of $700,000 for the second fiscal quarter
of 2010 compared to $180,000 for the corresponding quarter a year ago, an increase of 289%. Revenues from
Personalized Oncology Services for the second fiscal quarter of 2010 were $589,000 as compared to $864,000 in
fiscal 2009, a decrease of 32%. The overall reduction resulted from a decrease in panel revenues during the
quarter partially offset by increases in Personalized Tumorgraft implantations and associated drug studies as well
as vaccine studies as the Company focused on growing this more strategic area of the Personalized Oncology
Costs of Preclinical eValuation services for the second fiscal quarter
of 2010 totaled $350,000 as compared to $90,000 in fiscal 2009. The cost of Preclinical eValuation expenses
increased proportionally with the additional revenues which were generated in the quarter.
Costs of Personalized Oncology Services for the second quarter totalled
($13,000) as compared to $369,000 in fiscal 2009. This reduction is due to the decrease in Personalized Oncology
panel services year over year. In addition, during the quarter the Company recognized a one-time $125,000 credit
and change in estimate for accrued costs of a personalized oncology study agreement.
Research and development
("R&D") expenses for the second quarter of fiscal 2010 were $645,000 as compared to $417,000 in
the comparable quarter of fiscal 2009, an increase of 55%. This increase is primarily due to licensing fees and
costs of $208,000 in connection with licensing our second oncology drug, TAR-1.
General and administrative expenses for the second fiscal quarter of
2010 were $891,000 as compared to $354,000 in the comparable quarter of 2008. This increase is primarily due to
our development of corporate infrastructure to support our effort to grow our Preclinical eValuation Services and
includes increased payroll, legal, accounting, marketing, and office rent expenses.
For the second quarter ended October 31, 2009 the Company reported
a net loss of $584,000 or ($0.02) per share compared to a net loss of $161,000 or $0.00 per share for the
corresponding quarter in fiscal 2009.
The Company's cash position on October 31, 2009 was $394,000
compared to $1,728,000 at April 30, 2009.
For the six-month period ended October 31, 2009, revenues were
$2,251,000 compared to $1,717,000 for the comparable period last year, an increase of 31%. Total operating
expenses which include research and development and general and administrative, were $2,838,000 compared to
$1,337,000 for the comparable period last year, an increase of 112% and the Company reported a net loss of
$1,587,000 or $0.05 per share, as compared to a net loss of $292,000 or $0.01 per share for the comparable period
Doug Burkett, Ph.D. President of Champions Biotechnology, Inc.
commented. "This past quarter we saw continued revenue growth and exceptional progress in our primary
objective to in-license a pipeline of high potential oncology drugs. The Company continued to make progress during
the quarter on the following fronts."
About Champions Biotechnology, Inc.
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 was co-founded by David Sidransky, M.D.
who with Manny Hidalgo, M.D., Ph.D. developed the Company's Preclinical Platform; a novel approach based
upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting
engraftments (Biomerk Tumorgrafts ) in a manner that preserves the biological characteristics of the
original human tumor. Early studies suggest that these Tumorgrafts closely reflect human cancer biology and their
response to drugs is 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 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. For more information regarding Champions Biotechnology's growing business and recent
news, please visit www.championsbiotechnology.com or www.personalizedcancertreatment.com.
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," "will," "intend," "expect," "anticipate,"
"plan," and similar expressions to identify forward-looking statements. One should not place undue
reliance on these forward-looking statements. The Company's actual results could differ materially from
those anticipated in the forward-looking statements for many unforeseen factors. See Champions
Biotechnology's Form 10-K for the fiscal year ended April 30, 2009 for a discussion of
such risks, uncertainties and other factors. Although the Company believes the expectations reflected in the
forward-looking statements are reasonable, they relate only to events as of the date on which the statements are
made, and Champions Biotechnology's future results, levels of activity, performance or achievements may not
meet these expectations. The Company does not intend to update any of the forward-looking statements after the
date of this press release to conform these statements to actual results or to changes in Champions
Biotechnology's expectations, except as required by law.
The Investor Relations Group, Inc.