ARLINGTON, Va., March 6 /PRNewswire-FirstCall/ -- Champions Biotechnology, Inc. (OTC Bulletin Board: CSBR), a development stage biotechnology company, announced today its third quarter financial results. Full details of the Company's financial results are available in the Company's Form 10-QSB at http://www.sec.gov
For the three months ended January 31, 2008 the Company reported net income of $611,006 and earnings per share of $0.02 compared to a net loss of $37,198 and loss of $0.00 per share for the comparable period one year ago. For the nine months ended January 31, 2008, the Company reported net income of $474,011 and earnings per share of $0.02 compared to a net loss of $74,086 and loss of $0.00 per share for the comparable period one year ago. In the nine months period that ended January 31, 2008, the Company began its operations as a biotechnology company while in the nine months ended January 31, 2007, it had no biotechnology operations.
The Company's total operating revenues were $924,940 for the three months ended January 31, 2008 and $1,174,940 for the nine months ended January 31, 2008. The Company generated revenues for the nine months ended January 31, 2008 providing oncology services. For the three months ended January 31, 2007 and for the nine months ended January 31, 2007 the Company generated no revenues.
For the three months ended January 31, 2008, expenses were $319,998 compared to $37,198 for the comparable period one year ago. For the nine months ended January 31, 2008, expenses were $716,986 compared to $74,086 for the comparable period one year ago. The increased expenses for the three and nine months ended January 31, 2008 represented the Company moving forward in executing its new business plan of building a biotechnology company.
"I am greatly encouraged by the Company's revenue growth in our first year of operations. This performance helps build a solid foundation for our future as we hope to rise to prominence quickly to become a major biotech player," said James Martell, President and CEO of Champions Biotechnology. "It is quite exceptional for a biotech company to generate revenues and earnings at such an early developmental stage."
Champions Biotechnology is actively engaged, as stated in the Company's 10-QSB filing, in pursuit of funding to accelerate the development of the Company's preclinical platform and drug portfolio, development of a management team, selection and appointment of new members to the Board of Directors and formation of a Scientific Advisory Board. The Company looks forward to reporting updates regarding any material events and corporate changes in the future.
About Champions Biotechnology, Inc.
Champions Biotechnology Inc. is engaged in the development of advanced preclinical platforms and predictive tumor specific data to enhance and accelerate the value of oncology drugs for companies and physicians. The Company believes that its preclinical platform is a novel approach based upon the direct implantation of primary human tumors in immune deficient mice and propagation of the resulting xenografts (Biomerk Tumorgrafts(TM)) in a manner that preserves the biological characteristics of the original human tumor. Biomerk Tumorgrafts(TM), unlike cell line derived xenografts used in traditional preclinical testing, are never passaged in cell tissue culture.
The Company believes that these Tumorgrafts more closely reflect human cancer biology and their response to drugs is more predictive of clinical outcomes in cancer patients. The Company plans to leverage the preclinical platform to evaluate drug candidates and develop a portfolio of novel therapeutic candidates through pre-clinical trials. If drugs reach this early stage of development, the Company intends to sell, partner with or license them to pharmaceutical and/or biotechnology companies, as appropriate. Management believes this strategy will enable the Company to maximize its return on investment in a relatively short time frame. The Company also offers its preclinical platform and predictive tumor data to physicians for personalized patient care and to companies for a more predictive evaluation of oncology drugs in models that integrate drug evaluation with biomarker discovery.
This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risk and uncertainties. Champions Biotechnology generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. One should not place undue reliance on these forward-looking statements. The Company's actual results could differ materially from those anticipated in the forward-looking statements for many unforeseen factors. See Champions Biotechnology's Form 10-KSB for the fiscal year ended April 30, 2007 for a discussion of such risks, uncertainties and other factors. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and Champions Biotechnology's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in Champions Biotechnology's expectations, except as required by law.
|SOURCE Champions Biotechnology, Inc.|
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