ARLINGTON, VA., July 30 /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, 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 work
|SOURCE Champions Biotechnology, Inc.|
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