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Champions Oncology Reports Fiscal 2012 First Quarter Financial Results
Date:9/13/2011

overcome the impact of the price decreases.  These decreases were partially offset by an increase in sequencing revenue over the prior year first quarter.

Cost of POS for the first quarter of 2012 was $0.48 million which resulted in a gross margin of 20% as compared to 71% in the corresponding 2011 fiscal quarter.  The decrease in gross margin can be attributed to declines in pricing.

Research and development ("R&D") expenses for the first quarter of fiscal 2012 were $0.54 million as compared to $0.92 million in the first quarter of fiscal 2011.  The decrease from 2011 to 2012 was primarily related to lower spending on our technology platform and tumorgraft testing on the in-licensed compounds.

Sales and marketing expenses for first quarter of fiscal 2012 were $0.69 million as compared to $0.13 million in the first quarter of fiscal 2011.  The increase is primarily related to the increase in Company sales force personnel and increased marketing and promotional expenses.

General and administrative expenses for first quarter of fiscal 2012 were $1.72 million as compared to $0.60 million in the first quarter of fiscal 2011.  The increase is primarily related to the increase in Company personnel due to growth and stock-based compensation.

For the first quarter of fiscal 2012, the Company reported a net loss of $2.04 million, or ($0.04) per share, compared to a net loss of $0.59 million, or ($0.02) per share, in the corresponding quarter of fiscal 2011.  In addition to the factors described above, the Company's net losses reflect non-cash expenses, i.e., share-based compensation and depreciation, of $1.04 million or ($0.02) per share, in the first quarter of 2012 compared to $0.18 million, or ($0.01) per share, in the first quarter of 2011.

The Company's cash position on July 31, 2011 was $8.84 million.

* Non-GAAP Financial InformationSee the attached Reconciliation of GAAP Net Loss t
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SOURCE Champions Oncology, Inc.
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