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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
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