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:
|SOURCE Champions Biotechnology, Inc.|
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