Champions Oncology Reports

Champions Oncology Reports

Results for the First Quarter Ended July 31, 2015

September 10, 2015 - Champions Oncology, Inc. (CSBR), engaged in the development of advanced technology solutions and services

to personalize the development and use of oncology drugs, today announced its financial results for the first quarter ended July

First Quarter and Recent

Business Highlights:

Joel Ackerman, Champions

Oncology CEO, stated, "We continue to make progress in building the company. As the recognition of the value of patient

derived xenografts grows, we are being presented with many opportunities to expand our platform into new areas. We are pursuing

many of these opportunities in areas including immune oncology and clinical applications for our TOS customers."

For the first quarter

of 2015, revenue was $2.8 million, as compared to $1.9 million for the three months ended July 31, 2014, an increase of $892,000

or 47.6%. Total operating expenses for the first quarter 2015 were $5.7 million, as compared to $5.6 million for the three months

ended July 31, 2014, an increase of $78,000 or 1.4%.

For the first quarter

of 2015, Champions reported a loss from operations of $2.9 million as compared to a loss from operations of $3.7 million for the

three months ended July 31, 2014. Excluding stock-based compensation of $775,000 and $808,000 for the three months ended July

31, 2015 and 2014, Champions recognized a net loss of $2.1 million and $2.7 million respectively.

Personalized Oncology

was $485,000 and $341,000 for the three months ended July 31, 2015 and 2014, respectively, an increase of $144,000 or 42.2%. Core

revenue from its Champions TumorGraft technology platform decreased $16,000 or (4.9%). This decrease is due to a 21.6% decline

in implant revenue offset by a 6.3% increase in panel revenue. Non-core revenue increased $160,000.

POS cost of sales was

$661,000 and $757,000 for the three months ended July 31, 2015 and 2014, respectively, a decrease of $96,000 or (12.7%). For the

three months ended July 31, 2015 and 2014, gross margins for POS were (36.3%) and (122%), respectively. The improvement in gross

margin is attributed to the increase in higher margin, non-core revenue and cost reductions in the core business.

Translational Oncology

TOS revenue was $2.3 million

and $1.6 million for the three months ended July 31, 2015 and 2014, respectively, an increase of $700,000, or 48.8%. The increase

is the result of increased bookings in prior quarters due to the expansion of the TOS sales team and the growth of the platform.

TOS cost of sales was

$1.6 million and $965,000 for the three months ended July 31, 2015 and 2014, respectively, an increase of $647,000, or 67%. For

the three months ended July 31, 2015 and 2014, gross margin for TOS was 31% and 38.6%, respectively.

and development expense was $1.1 million and $1.4 million for three months ended July 31, 2015 and 2014, respectively, a decrease

of $300,000, or (22.7%). The decrease is due to lower one-time expenses in genomic characterization

of our Champions TumorGraft Bank. Sales and marketing expense for both the three months ended July

31, 2015 and 2014 was $1 million. General and administrative expense for the three months July 31, 2015 and 2014 was $1.3 million

and $1.46 million, respectively a decrease of $145,000, or (9.9%). The decline is mainly due to a decrease in stock based compensation

expense of $105,000.

Conference Call Information

The Company will host

a conference call today at 4:00 p.m. EDT (1:00 p.m. PDT) to discuss its first quarter 2016 financial results. To access the conference

call, domestic participants should dial 800-875-3456, Canadian participants should dial 800-648-0973, and international participants

should dial 302-607-2001. The participant passcode is "Champions Oncology."

of the Company's financial results will be available Friday, September 11, 2015 in the Company's Form 10-Q at

www.championsoncology.com.

* Non-GAAP Financial

See the attached Reconciliation

of GAAP net loss to non-GAAP net loss for an explanation of the amounts excluded to arrive at non-GAAP net loss and related non-GAAP

net loss per share amounts for the three months ended July 31, 2015 and 2014. Non-GAAP financial measures provide investors and

management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and

after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management

does not believe affect the Company's basic operations do not meet the GAAP definition of unusual or non-recurring items.

Non-GAAP net loss and non-GAAP net loss per share are not, and should not be viewed as a substitute for similar GAAP items. Champions'

defines non-GAAP dilutive loss per share amounts as non-GAAP net loss divided by the weighted average number of diluted shares

outstanding. Champions' definition of non-GAAP net loss and non-GAAP diluted loss per share may differ from similarly named

measures used by others.

About Champions Oncology, Inc.

Champions Oncology, Inc. is engaged in

the development of advanced technology solutions and services to personalize the development and use of oncology drugs. The Champions

TumorGraft technology platform is a novel approach to personalizing cancer care based upon the implantation of primary human tumors

in immune deficient mice followed by propagation of the resulting engraftments, or Champions TumorGrafts, in a manner that preserves

the biological characteristics of the original human tumor in order to determine the efficacy of a treatment regimen. The Company

uses this technology in conjunction with related services to offer solutions for two customer groups: Personalized Oncology Solutions,

in which results help guide the development of personalized treatment plans, and Translational Oncology Solutions, in which pharmaceutical

and biotechnology companies seeking personalized approaches to drug development can lower the cost and increase the speed of developing

new drugs. TumorGrafts are procured through agreements with a number of institutions in the U.S. and overseas as well as through

Champions' Personalized Oncology Solutions business. For more information, please visit www.championsoncology.com.

This press release may contain "forward-looking

statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risk and uncertainties.

Champions Oncology 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 Oncology's Form 10-K for the

fiscal year ended April 30, 2015 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 Oncology'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 Oncology's expectations, except as required by law.

(Dollars in thousands

except per share amounts)

GAAP to Non-GAAP Net Loss (Unaudited):

GAAP EPS to Non-GAAP EPS (Unaudited):

Condensed Consolidated

Statements of Operations (Unaudited):

Condensed Consolidated

Balance Sheets as of (Unaudited):

Condensed Consolidated

Statements of Cash Flows (Unaudited):