Champions Biotechnology, Inc. Completes $2,500,000 Private Financing at $1.75 per Share
April 23 2008 - 9:30AM
PR Newswire (US)
ARLINGTON, Va., April 23 /PRNewswire-FirstCall/ -- Champions
Biotechnology, Inc. (OTC:CSBR) (BULLETIN BOARD: CSBR) , a company
engaged in the development of advanced preclinical platforms and
tumor specific data to enhance the value of oncology drugs,
announced today the completion of a $2,500,000 private financing.
Under the terms of the private investment, Champions Biotechnology
issued 1,428,572 restricted shares of the Company's common stock at
$1.75 per share. There were no fees or other expenses related to
the funding. "Dr. David Sidransky, Champions Biotechnology's
Chairman, has established a compelling vision and a high potential
business. We are very pleased to have successfully completed this
early strategic financing on favorable terms" said Doug Burkett,
Ph.D., President of Champions Biotechnology, Inc. "In addition to
the cash reserve that we have generated from operations this fiscal
year, this investment is expected to enable us to accelerate the
development of the Company's preclinical platform, advance the
development of our chemotherapeutic drug candidate and accelerate
growth of our Personalized Oncology and Preclinical EValuation
businesses." After the investment, Champions Biotechnology has a
total of 33,247,717 issued and outstanding common shares. For more
information regarding Champions Biotechnology's growing business
and recent news, please visit
http://www.championsbiotechnology.com/ . About Champions
Biotechnology, Inc. 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. Our 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(TM)) 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. We leverage our 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. In the course of this process, this permits us to
evaluate oncology drugs for companies by using 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," "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-KSB for the fiscal year ended
April 30, 2007 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.
CHAMPIONS BIOTECHNOLOGY, INC. WEB SITE:
http://www.championsbiotechnology.com/ DATASOURCE: Champions
Biotechnology, Inc. CONTACT: Jim Martell of Champions
Biotechnology, Inc., +1-410-630-1313, Web site:
http://www.championsbiotechnology.com/
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