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Champions Biotechnology Reports Fiscal 2009 Third Quarter Financial Results
Date:3/18/2009

n fiscal 2010 it is anticipated to generate a profit for the Company. During the quarter the Champions also entered into an agreement with a pharmaceutical company whereby Champions reduced its overall gross margin on a preclinical eValuations contract in exchange for a royalty agreement on future sales for a specific indication of the compound being tested.

General and administrative expenses in the third quarter of 2009 were $362,406, compared to $118,776 in the comparable quarter of 2008, an increase of $243,630. Expenses increased as the Company began to incur the cost of building up its internal operational infrastructure including the addition of personnel, consultants and costs associated with being a public company.

The Company reported a net loss of $623,234 or $0.02 per basic share for the third quarter of fiscal 2009, as compared to net income of $311,006 or $0.01 per basic and diluted shares in the third fiscal quarter of 2008.

The Company's cash position on January 31, 2009, was $2,624,866. The Company's working capital as of January 31, 2009, was $2,025,319. Not included in the cash balance above is a $1.0 million Certificate of Deposit that the Company purchased in June 2008.

For the nine-month period ended January 31, 2009, revenues were $2,769,464 compared to $874,940 for the same period in 2008. Total operating expenses were $3,858,647, compared to $716,986 for 2008, and the Company reported a net loss of $1,022,306 or $0.03 per basic and diluted shares, as compared to net income of $174,011 or $0.01 per basic and diluted shares for 2008. The Company began operations as a biotechnology company in May 2007. Accordingly, the nine-month results for 2008 do not reflect a full nine-month period. Furthermore, the Company began to generate revenue from its Preclinical eValuation business in the fiscal quarter ended July 31, 2008.

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SOURCE Champions Biotechnology, Inc.
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