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

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Costs of TOS for the three months ended January 31, 2011 and 2010 were $584,000 and $202,000, respectively, an increase of $382,000, or 189%.  For the three months ended January 31, 2011 and 2010, gross margins for TOS was 58% and 52%, respectively.  The increase in gross margin is a reflection of the efficiencies achieved as the business continues to grow.

Research and DevelopmentResearch and development, or R&D, expenses for the three months ended January 31, 2011 and 2010 were $400,000 and $566,000, respectively, a decrease of $166,000, or 29%.  The decrease in R&D expenses in 2011 was primarily due to the recognition of $130,000 in licensing fees and costs associated with the Bithionol agreement in 2010, which were not incurred during 2011.

General and AdministrativeGeneral and administrative, or G&A, expenses for the three months ended January 31, 2011 and 2010 were $1,856,000 and $595,000, respectively, an increase of $1,261,000, or 212%.  The increase was primarily due to the $1,135,000 stock-based compensation expense related to stock options issued to our Chief Executive Officer and President.

Interest and Other Income, NetInterest and other income for the three months ended January 31, 2011 was $371,000, which primarily relates to grant income earned under the Qualifying Therapeutic Discovery Project program administered under Section 48D of the Internal Revenue Code based on the percentage of qualifying expenses incurred through the nine months ended January 31, 2011 compared to the total expected expenses to be incurred for fiscal year 2011.

Cash and Cash EquivalentsThe Company's cash position on January 31, 2011 was $2,941,000 compared to $2,572,000 on April 30, 2010.

For the nine-month period ended January 31, 2011, revenues were $5,338,000 compared to $2,993,000 for the comparable period last year, an increase of $2,345,000, or 78%.  Total operating expenses,
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SOURCE Champions Biotechnology, Inc.
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