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BALTIMORE, March 18 /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, reports its financial results for the third fiscal quarter ended January 31, 2009. Full details of the Company's financial results are available in the Company's Form 10-Q at www.championsbiotechnology.com.
Total revenues for the third quarter of fiscal 2009 increased to $1,052,175, compared to $624,940 for the same period in 2008. The Company derived its revenues from its Personalized Oncology and its Preclinical eValuation businesses.
Total operating expenses for the third fiscal quarter of 2009 were $1,696,457 compared to $319,998 for the same period of last year. Third quarter 2009 operating expenses included the following:
Research and development expenses were $435,274, compared to $0.00 for the comparable prior period in fiscal 2008. The increase of $435,274 was primarily related to the Company's effort to build its preclinical platform and drug pipeline and develop its drug, SG410. In addition, the Company incurred expenses related to its business development activities and personnel.
The costs of personalized oncology and preclinical eValuation services were $898,777 for the quarter ended January 31, 2009, as compared to $201,222 in the quarter ended January 31, 2008. The increase in personalized oncology costs relates mainly to the overall growth in the business and a $250,000 payment to fund the cost of a Personalized Vaccine(TM) program the Company entered into during the current quarter. The Personalized Vaccine program is structured such that the cost to establish the program is incurred primarily in the third and fourth quarter; if the program successfully continues i
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