Champions Biotechnology Reports Fiscal 2008 Full-Year Financial Results
July 30 2008 - 8:30AM
PR Newswire (US)
ARLINGTON, VA., July 30 /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, today
announced its financial results for the fiscal year ended April 30,
2008. Full details of the Company's financial results are available
in the Company's Form 10-KSB available at
http://www.championsbiotechnology.com/. For the fiscal year ended
April 30, 2008 the Company's operating revenue was $1,399,940 as
compared to $0.00 for the fiscal year ended April 30, 2007. The
Company commenced its operations in the biotechnology business in
January 2007 and as a result only had four months of meaningful
operations in the fiscal year ended April 30, 2007. The Company
generated its revenue in FY 2008 from its Personalized Oncology
services which assists physicians by providing information that may
enhance personalized treatment options for their cancer patients.
For the fiscal year ended April 30, 2008 general and administrative
expenses of $703,176 were incurred compared to $170,058 in FY 2007.
The increase was due to the additional expenses associated with
beginning operations as a biotechnology company. The Company spent
$199,743 on research and development in FY 2008 to grow its Biomerk
Tumorgraft(TM) preclinical platform as compared to $0.00 in the
prior year period. For the year ended April 30, 2008 the Company
reported net income of $35,698 and earnings per share of $0.00
compared to a net loss of $170,058 and loss of $0.01 per share for
the comparable period one year ago. The Company's cash position on
April 30, 2008 was $3,709,136 compared to $3,758 on April 30, 2007.
In FY 2008, the net cash provided by operating activities was
$792,404. In FY 2007, the net cash used in operating activities was
$78,475. The Company's working capital as of April 30, 2008 was
$2,748,141 contrasted to a negative $441,065 on April 30, 2007. In
FY 2008 the Company received proceeds of $2,500,000 from a private
investment financing. Stockholders' equity on April 30, 2008 was
$3,637,515 compared to a negative $261,065 on April 30, 2007. As a
result of the diligence the Company's new management performed in
preparing the Form 10-KSB for the fiscal year ended April 30, 2008,
the Company reclassified certain revenue in the amount of $300,000
which it had previously recorded in the third fiscal quarter and
moved it to the fourth fiscal quarter. This change had no impact on
the annual results for the year ended April 30, 2008, as reflected
in the Company's Annual Report. FY 2008 Highlights: -- Dr. David
Sidransky, Director of the Head and Neck Cancer Research Division
at Johns Hopkins University School of Medicine, was named Chairman
of the Board in October 2007. -- Champions Biotechnology formed its
first Management Team and appointed new Board of Directors members
in late March 2008. -- The Company completed a $2.5 million private
financing in April 2008. -- The Company launched its Preclinical
eValuation business in the fourth quarter and signed an agreement
with ImClone Systems, Inc. to evaluate antibodies in their
preclinical development pipeline. -- The Company developed its
Biomerk Tumorgraft preclinical platform and its Preclinical
eValuation business while growing its Personalized Oncology
revenues and achieving profitability for the year. "We are greatly
encouraged by the Company's progress in our first full year of
operations," stated Douglas Burkett, Ph.D., President of Champions
Biotechnology, Inc. "In the coming year our new Management team
will focus on growing our Biomerk Tumorgraft preclinical platform
which we believe can predict the outcome of Phase II clinical
trials at the early preclinical stage. We plan to expand our team
and work toward growth of our Personalized Oncology and Preclinical
eValuation businesses while we advance the preclinical development
of SG410, our own oncology drug candidate. We also plan to use our
preclinical platform to evaluate early stage oncology drug
candidates and to identify those drugs with high potential that the
Company may wish to acquire or partner to develop." 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. 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(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. 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," "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, 2008 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: James Martell of Champions
Biotechnology, Inc., +1-703-526-0400 Web site:
http://www.championsbiotechnology.com/
Copyright