Champions Biotechnology Reports Fiscal 2010 First Quarter Financial Results
September 14 2009 - 8:44PM
PR Newswire (US)
BALTIMORE, Sept. 14 /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 first quarter ended July
31, 2009. Full details of the Company's financial results are
available in the Company's Form 10-Q at
http://www.championsbiotechnology.com/. Total revenues for the
first quarter of 2010 were $962,000 as compared to $673,000 in the
first quarter of 2009, an increase of 43%. This increase was
derived from the Company's Personalized Oncology business, which
generated revenues of $899,000 for the first quarter of 2010
compared to $616,000 in the comparable quarter of last year. This
increase consisted of increases in Personalized Oncology Tumorgraft
studies and vaccines, partially offset by a decrease in revenues
from physician panels. Preclinical eValuation revenues for three
months ended July 31, 2009, and 2008 were $63,000 and $57,000,
respectively. Costs of Personalized Oncology services for the first
quarter of 2010 was $634,000 as compared to $226,000 in the first
quarter of 2009, an increase of 181%. The cost of Personalized
Oncology services increased due to an increase in the number of
Tumorgraft studies, which have higher expenses (lower gross
margins) than revenues derived from our physician panels. In
addition, the Company recognized the costs of a vaccine development
study which required additional up front expenses. Cost of
Preclinical eValuation services for the three months ended July 31,
2009, and 2008 were $34,000 and $34,000, respectively. Research and
Development expenses for the first quarter of 2010 was $496,000 as
compared to $231,000 in the comparable quarter of 2009, an increase
of 115%. The increase in research and development resulted from the
Company's continued efforts to build its Tumorgraft platform and
development costs associated with securing the Company's future
drug pipeline candidates. General and Administrative expenses for
the first quarter of 2010 was $806,000 as compared to $334,000 in
the comparable quarter of 2009, an increase of 141%. The increase
is primarily due to the continued investment in our corporate
infrastructure to support our overall growth and expansion into
Israel and the United Kingdom. For the first quarter ended July 31,
2009, the Company reported a net loss of $1,003,000 or ($0.03) per
share compared to a net loss of $131,000 or $0.00 per share in the
comparable quarter in 2009. The Company's cash and cash equivalents
on July 31, 2009 was $1,530,000 compared to $2,745,000 at April 30,
2009. Doug Burkett, Ph.D., President of Champions Biotechnology,
Inc., commented, "this past quarter we saw continued improvement in
the Company's revenue growth and we continued to build our
Tumorgraft platform." In addition, the Company continued to make
progress during the quarter on the following fronts: 1. The Company
saw quarterly top line revenues increase 43% year over year. 2.
Promising discussions with numerous companies for additional
service contracts in the Preclinical eValuation business yielded
another large new customer early in the second quarter. 3. The
Company advanced its due-diligence and negotiations to in-license
promising oncology compounds by leveraging its Tumorgraft platform
to select the most promising candidates. 4. Champions established a
collaboration agreement with Do-Coop, an Israel based biotech firm
to develop a more soluble form of its SG410 oncology drug
candidate. The soluble form was developed by Do-Coop which enables
SG410 to advance to Tumorgraft testing. 5. The Company conducted
its first Personalized Oncology Panel(TM) in Israel and built
infrastructure to grow the business there. 6. The Company launched
its Personalizedcancertreatment.com website that provides
information and access to the Company's personalized treatment
program. Furthermore, as previously announced, since the end of the
July 31, 2009 quarter, the Company entered into a major
collaboration agreement with PinnacleCare, the world's leading
private health advisory. This partnership will enable Champions to
educate many more physicians regarding the Company's services and
assist many more individuals with cutting edge research to
personalize their cancer treatment. For more information regarding
Champions Biotechnology's business and recent news, please visit
http://www.championsbiotechnology.com/. To learn more about
personalized cancer treatment, please visit
http://www.personalizedcancertreatment.com/. About Champions
Biotechnology, Inc. Champions Biotechnology, Inc. is engaged in the
development of advanced preclinical platforms and 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 engraftments (Biomerk
Tumorgrafts(TM)) in a manner that preserves the biological
characteristics of the original human tumor. Early studies suggest
that unlike traditional xenografts, 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. As drugs progress through early stage 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.
http://www.championsbiotechnology.com/http://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. For more
news and information on Champions Biotechnology, Inc., please visit
http://www.irgnews.com/coi/CSBR where you can find the CEO's video,
a fact sheet on the company, investor presentations, and more. The
Investor Relations Group, Inc. James Carbonara, 212-825-3210 or
Public Relations: Susan Morgenbesser / Janet Vasquez, 212-825-3210
DATASOURCE: Champions Biotechnology, Inc. CONTACT: James Carbonara,
The Investor Relations Group, Inc., +1-212-825-3210 or Public
Relations, Susan Morgenbesser or Janet Vasquez, +1-212-825-3210 Web
Site: http://www.championsbiotechnology.com/
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