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Champions Biotechnology Reports Fiscal 2010 Second Quarter Financial Results
Date:12/15/2009

revenues which were generated in the quarter.

Costs of Personalized Oncology Services for the second quarter totaled ($13,000) as compared to $369,000 in fiscal 2009. This reduction is due to the decrease in Personalized Oncology panel services year over year. In addition, during the quarter the Company recognized a one-time $125,000 credit and change in estimate for accrued costs of a personalized oncology study agreement.

Research and development ("R&D") expenses for the second quarter of fiscal 2010 were $645,000 as compared to $417,000 in the comparable quarter of fiscal 2009, an increase of 55%. This increase is primarily due to licensing fees and costs of $208,000 in connection with licensing our second oncology drug, TAR-1.

General and administrative expenses for the second fiscal quarter of 2010 were $891,000 as compared to $354,000 in the comparable quarter of 2008. This increase is primarily due to our development of corporate infrastructure to support our effort to grow our Preclinical eValuation Services and includes increased payroll, legal, accounting, marketing, and office rent expenses.

For the second quarter ended October 31, 2009 the Company reported a net loss of $584,000 or ($0.02) per share compared to a net loss of $161,000 or $0.00 per share for the corresponding quarter in fiscal 2009.

The Company's cash position on October 31, 2009 was $394,000 compared to $1,728,000 at April 30, 2009.

For the six-month period ended October 31, 2009, revenues were $2,251,000 compared to $1,717,000 for the comparable period last year, an increase of 31%. Total operating expenses which include research and development and general and administrative, were $2,838,000 compared to $1,337,000 for the comparable period last year, an increase of 112% and the Company reported a net loss of $1,587,000 or ($0.05) per share, as compared to a net loss of $292,000 or ($0.01) per share for the comparabl
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SOURCE Champions Biotechnology, Inc.
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