BALTIMORE, Md., Aug. 27 /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, 2009. Full details of the Company's financial results are available in the Company's Form 10-K available at 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:
For more information regarding Champions Biotechnology's growing business and recent news, please visit 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.
|SOURCE Champions Biotechnology, Inc.|
Copyright©2009 PR Newswire.
All rights reserved