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Champions Biotechnology Reports Fiscal 2011 Third Quarter Financial Results
Date:3/7/2011

BALTIMORE, March 7, 2011 /PRNewswire/ -- Champions Biotechnology, Inc. (OTC: CSBR), today announced its operating results for its third fiscal quarter ended January 31, 2011.

Fiscal 2011 Third Quarter Financial Highlights

  • Total operating revenue of $2,805,000 representing an increase of 278% compared to the third quarter of 2010
  • Net loss of ($415,000); Net income excluding stock based compensation of $796,000*
  • Net loss of ($0.02) per share; Net income excluding stock-based compensation of $0.02 per diluted share*
  • Cash and Cash Equivalents of $2,941,000

  • Fiscal 2011 Third Quarter Financial Results.

    Total revenues for the third quarter of fiscal 2011 were $2,805,000 compared to $742,000 in the third quarter of fiscal 2010, an increase of $2,063,000, or 278%.  Revenues from Personalized Oncology Solutions, or POS, were $1,419,000 compared to $325,000 in the corresponding quarter of the prior year, an increase of $1,094,000, or 337%. The increase is primarily due to the increased volume of POS business during the quarter.  Revenues from Translational Oncology Solutions, or TOS, previously referred to as Preclinical eValuation services, were $1,386,000 for the quarter compared to $417,000 in the corresponding quarter of the prior year, an increase of $969,000, or 232%.  The increase is primarily due to the increased volume of TOS business during the quarter.

    Costs of POS for the three months ended January 31, 2011 and 2010 were $751,000 and $162,000, respectively, an increase of $589,000, or 364%.  The increase in costs was due to the increased volume of POS business.  For the three months ended January 31, 2011 and 2010, gross margins for POS was 47% and 50%, respectively.  The decrease in gross margin was attributable to the reduction in POS fees that the Company has instituted to increase affordability of the services being offered
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    SOURCE Champions Biotechnology, Inc.
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