ARLINGTON, Va., April 23 /PRNewswire-FirstCall/ -- Champions Biotechnology, Inc. (OTC 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
|SOURCE Champions Biotechnology, Inc.|
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