BALTIMORE, Sept. 13 /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, today announced its financial results for the fiscal 2011 first quarter ended July 31, 2010. Full details of the Company's financial results will be available in the Company's Form 10-Q at www.championsbiotechnology.com.
Total revenues for the first quarter of fiscal 2011 were $1.6 million compared to $962,000 in the first quarter of fiscal 2010, an increase of 66%. Revenues from Personalized Oncology were $1.1 million compared to $899,000 in the corresponding quarter of the prior year, an increase of 23%. Revenues from Preclinical eValuation were $491,000 for the quarter compared to $63,000 in the corresponding quarter of the prior year, an increase of 679%. The increase in Preclinical eValuation was a result of the Company beginning to recognize revenues in its second full year of providing Preclinical services.
Cost of Personalized Oncology services for the first quarter of 2011 was $324,000 which resulted in a gross margin of 71% as compared to 29% in the corresponding 2010 fiscal quarter. The increase in gross margin was due to a greater mix of higher-margin business.
Cost of Preclinical eValuation services for the first quarter of fiscal 2011 was $222,000 which resulted in a gross margin of 55% as compared to 46% in the corresponding 2010 fiscal quarter. The increase in gross margin in 2011 resulted from increased pricing efficiencies realized in the Company's second full year of operations.
Research and development ("R&D") expenses for the first quarter of fiscal 2011 were $919,000 as compared to $496,000 in the first qua
|SOURCE Champions Biotechnology, Inc.|
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