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Champions Biotechnology Reports Fiscal 2010 First Quarter Financial Results
Date:9/14/2009

quarter of 2010 was $496,000 as compared to $231,000 in the comparable quarter of 2009, an increase of 115%. The increase in research and development resulted from the Company's continued efforts to build its Tumorgraft platform and development costs associated with securing the Company's future drug pipeline candidates.

General and Administrative expenses for the first quarter of 2010 was $806,000 as compared to $334,000 in the comparable quarter of 2009, an increase of 141%. The increase is primarily due to the continued investment in our corporate infrastructure to support our overall growth and expansion into Israel and the United Kingdom.

For the first quarter ended July 31, 2009, the Company reported a net loss of $1,003,000 or ($0.03) per share compared to a net loss of $131,000 or $0.00 per share in the comparable quarter in 2009.

The Company's cash and cash equivalents on July 31, 2009 was $1,530,000 compared to $2,745,000 at April 30, 2009.

Doug Burkett, Ph.D., President of Champions Biotechnology, Inc., commented, "this past quarter we saw continued improvement in the Company's revenue growth and we continued to build our Tumorgraft platform." In addition, the Company continued to make progress during the quarter on the following fronts:

  1. The Company saw quarterly top line revenues increase 43% year over year.
  2. Promising discussions with numerous companies for additional service contracts in the Preclinical eValuation business yielded another large new customer early in the second quarter.
  3. The Company advanced its due-diligence and negotiations to in-license promising oncology compounds by leveraging its Tumorgraft platform to select the most promising candidates.
  4. Champions established a collaboration agreement with Do-Coop, an Israel based biotech firm to develop a more soluble form of its SG410 oncology d
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SOURCE Champions Biotechnology, Inc.
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