Champions Biotechnology Reports Fiscal 2009 Full-Year Financial Results
August 27 2009 - 4:26PM
PR Newswire (US)
BALTIMORE, Md., Aug. 27 /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,
2009. Full details of the Company's financial results are available
in the Company's Form 10-K available at
http://www.championsbiotechnology.com/. For the fiscal year ended
April 30, 2009 the company's operating revenues were $3,710,000 as
compared to $1,400,000 for the fiscal year ended April 30, 2008.
The Company generated $3,278,000 in revenues in FY 2009 from its
Personalized Oncology business, which assists physicians by
providing services that may enhance personalized treatment options
for their cancer patients, and its Preclinical eValuation business
generated $432,000, which assists drug development companies in the
preclinical evaluation and development of their drug candidates.
Personalized Oncology expenses for the fiscal 2009 year were
$1,623,000 compared to $490,000 in fiscal 2008. The increase was
due to the overall growth in the Personalized Oncology business
during the year. Preclinical eValuation expenses ended the year at
$357,000 compared to zero in fiscal 2008, as fiscal 2009 was the
first year that the Company generated revenues and expenses in this
business. Research and Development expenses ended fiscal 2009 at
$1,721,000 compared to $200,000 in fiscal 2008. The increase in
Research and Development expenses was mainly attributable to the
Companies Tumorgraft expansion program that included the
acquisition, propagation, storage and characterization of tumors.
Additional Research and Development investments were made in Drug
Development which includes the salaries, consulting and legal fees
incurred in the identification and securing of the Company's future
drug pipeline candidates. General and Administrative expenses
totaled $2,055,000 in fiscal 2009 compared to $1,150,000 in fiscal
2008. The overall increase related mainly to the growth of the
business and the continued growth of the management team and
corporate infrastructure to meet the requirements of a growing
public company. For the year ended April 30, 2009 the Company
reported a net loss of $2,242,000 or ($0.07) per share compared to
a net loss of $411,000 or ($0.01) per share in fiscal 2008. Non
cash expenses i.e., share based compensation and an impairment
charge related to intangible assets totaled $752,000 ($0.02) per
share in fiscal 2009 compared to $617,000 or ($0.02) in fiscal
2008. The Company's cash and short term investments position on
April 30, 2009 was $2,745,000 compared to $3,709,000 a year earlier
on April 30, 2008. Doug Burkett, Ph.D., President of Champions
Biotechnology, Inc. commented, "This year we saw a dramatic
increase in our revenues as we gained traction with our
Personalized Oncology services and began to recognize revenues in
our Preclinical eValuation business. Additionally, expenses
increased as we invested in current and future growth. Investments
increased to fulfill the demands of our growing customer base, to
grow our Tumorgraft platform and to identify oncology drug
candidates to in-license. Our base business continued to generate
growing revenue to support the value drivers for our company, which
remain the development of our drug pipeline and portfolio of
royalty agreements on oncology drugs." Dr. Burkett continued, "The
progress made in our second full year of operations has been very
promising. As we move into fiscal 2010, we will continue to work to
develop a strong drug candidate pipeline by leveraging the
predictive capability of our growing Tumorgraft platform." Fiscal
2009 Highlights: -- The Company saw top line revenues increase 165%
with growth from its Personalized Oncology and Preclinical
eValuation businesses. -- Experienced positive increases in
contract signing and saw deferred revenues end the 2009 fiscal year
at $1.2 million compared to $0.5 million in the prior year. --
Continued to build out its Tumorgraft platform with nearly 200
Tumorgrafts available and/or in development at April 30, 2009
representing all the major solid tumor indications. -- Champions'
Preclinical eValuation services business was launched and completed
contracts with large pharmaceutical companies to evaluate their
drug candidates. The business delivered its first drug development
project to a major top tier Biotech and has several other studies
nearing completion. -- The Company began its effort to build an
oncology drug pipeline and completed its first royalty agreement on
an oncology drug candidate with Concordia Pharmaceuticals. --
Champions established a collaboration with Do-Coop, an Israel based
biotech firm to develop a more soluble form of its SG410 drug
candidate, which allowed Champions to move forward into Biomerk
Tumorgraft(TM) testing. -- The Company entered into a collaboration
with Gradalis and Mary Crowley Cancer Research Center to develop
personalized cancer vaccines for cancer patients. -- The Company
launched its Personal Oncology website
http://www.personalizedcancertreatment.com/ and established a UK
subsidiary, Champions Biotechnology, UK Ltd. and an Israel branch.
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-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.
http://www.championsbiotechnology.com/
http://www.personalizedcancertreatment.com/ DATASOURCE: Champions
Biotechnology, Inc. CONTACT: The Investor Relations Group, Investor
Relations, James Carbonara, or Public Relations, Susan
Morgenbesser, +1-212-825-3210 Web Site:
http://www.championsbiotechnology.com/
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