offset our early stage expenses. As a result, we have ended the quarter at $3.6 million in cash and Certificates of Deposit vs. $3.7 million at April 30, 2008. Our revenue generation reduces our risk and provides a significant part of the capital required to grow high potential initiatives. We believe that this strategy gives us an advantage in this economic climate, while many in the biotech industry are more adversely affected by the financial crisis," stated Douglas Burkett, Ph.D., President of Champions Biotechnology, Inc. "Although our third quarter revenues of $1,052,175 were just slightly higher than our second quarter revenue of $1,044,172, the Company's deferred revenue in the third quarter climbed to $1,361,110 compared to $461,838 for our second quarter ended October 31, 2008.
"We intend to grow revenue from our Personalized Oncology and Preclinical eValuation businesses as we build our own drug pipeline," continued Dr. Burkett. "During the third quarter we identified oncology drug candidates from academic centers, pharmaceutical and biotech companies and began negotiations with license holders. We intend to leverage our predictive platform to screen drug candidates and acquire, or partner to develop, drug candidates that demonstrate efficacy in our Biomerk Tumorgraft models. The Company plans to partner with pharmaceutical or biotechnology companies to advance its drugs through remaining preclinical and clinical trials."
Highlights of the Company's third quarter ending January 31, 2009:
- The Company continued to expand its preclinical eValuation platform through additional collaborations to acquire tumor samples and by implanting, propagating and storing banks of Biomerk Tumorgrafts(TM) for use in future analysis of oncology drugs.
- The growing platform of Biomerk Tumorgrafts generated growing interest from large and small pharmaceutical and biotechnology compan
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