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8-K - FORM 8-K - CHAMPIONS ONCOLOGY, INC. | c03901e8vk.htm |
Exhibit 99.1
Champions Biotechnology, Inc.
NEWS
855 N. Wolfe Street, Suite 619, Baltimore, Maryland 21205 USA.
Tel. 410-369-0365
NEWS
855 N. Wolfe Street, Suite 619, Baltimore, Maryland 21205 USA.
Tel. 410-369-0365
For Immediate Release
Champions Biotechnology Reports Fiscal 2010 Full-Year Financial Results
Baltimore, MD, July 28, 2010 Champions Biotechnology, Inc. (OTC Bulletin Board: CSBR), a
company engaged in the development of advanced preclinical platforms and tumor specific data to
enhance the value of oncology drugs, today announced its financial results for the fiscal year
ended April 30, 2010. Full details of the Companys financial results will be available in the
Companys Form 10-K at www.championsbiotechnology.com.
For the fiscal year ended April 30, 2010, the Companys operating revenues were $4,893,000 as
compared to $3,710,000 for the fiscal year ended April 30, 2009, an increase of 32%. The Company
generated $3,206,000 of revenue in fiscal 2010 from its Personalized Oncology services which
assists physicians by providing information that may enhance personalized treatment options for
their cancer patients and $1,687,000 of revenue from Preclinical eValuation services which assist
drug development companies in the evaluation of their oncology drug candidates.
Cost of Personalized Oncology services for fiscal 2010 totaled $1,181,000, which resulted in a
gross margin of 63% as compared to 50% in fiscal 2009. The overall increase in gross margin was
due to a greater mix of higher-margin business such as personalized vaccines programs during fiscal
2010.
Cost of Preclinical eValuation services for the year totaled $798,000, which resulted in a gross
margin of 53% compared to 34% in fiscal 2009. The higher margins in fiscal 2010 were a result from
increased efficiencies realized in the Companys second full year of operations.
Research and development expenses for fiscal 2010 totaled $2,695,000 as compared to $1,721,000 in
fiscal 2009. The increase in research and development expenses was mainly attributable to the
efforts in building the Companys own drug candidate pipeline and incurring license and option fees
for three of our drug compounds, patent fees related to the Companys SG-410 drug candidate and the
Biomerk TumorgraftTM expansion program which included the acquisition, propagation,
storage and characterization of tumors in Champions tumorgraft bank.
General and administrative expenses for fiscal 2010 totaled $3,147,000 as compared to $2,127,000 in
fiscal 2009. The increase was principally due to the overall growth of the business, personnel and
operating expenses associated with staffing and outfitting the Companys Israel and United Kingdom
operations.
For the fiscal year ended April 30, 2010, the Company reported a net loss of $2,923,000 or ($0.09)
per share compared to a net loss of $2,242,000 or ($0.07) per share in fiscal 2009. In addition to
the factors described above, our net losses reflect non-cash expenses, i.e., share-based
compensation, patent expenses paid in common stock and depreciation of $800,000 or ($0.02) per
share in fiscal 2010 compared to $752,000 or ($0.02) in fiscal 2009.
The Companys cash position on April 30, 2010 was $2,572,000 compared to $2,745,000 on April 30,
2009 which included $1,017,000 held in a short term certificate of deposit.
Fiscal 2010 Highlights:
| Experienced an increase in top-line revenues of 32% with overall gross margins
increasing from 49% to 60%, year-over-year; |
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| Achieved record results in the fourth quarter with revenues of $1,900,000; |
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| Experienced year-over-year top-line revenue growth of 290% in the Preclinical eValuation
business; |
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| Acquired three new drug compounds, now totaling four in development; |
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| Continued to expand its Biomerk Tumorgraft platform and has approximately 300
tumorgrafts available and/or in development at April 30, 2010, representing all of the
major solid tumor indications; |
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| Launched its Live Tumor Banking program, which is detailed at our website:
www.personalizedcancertreatment.com; |
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| Entered into a collaboration agreement with PinnacleCare, which brings together two of
the leading companies in Personalized Medicine; |
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| Received signed subscription agreements totaling $3.0 million of which $2.2 million has
been received in its private placement to accredited investors; and |
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| Engaged Eric Rowinsky, M.D., a former Chief Medical Officer and Senior Vice President of
ImClone Systems, as a consultant to serve as the Companys first Chief Medical Officer. |
David Sidransky, M.D., Chairman of the Board of Champions Biotechnology, Inc., noted, The progress
made in 2010 has been very promising. As we move into 2011, the Company will continue to work in
developing drug compounds, and leveraging our tumorgraft platform. Dr. Sidransky noted that the
Company is now a global organization participating in opportunities for oncology care with
revenue-producing operations in the United States, United Kingdom and Israel.
For more information regarding Champions Biotechnologys growing business and recent news,
please visit www.championsbiotechnology.com.
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. The
Companys Preclinical Platform is a novel approach based upon the implantation of primary human
tumors in immune deficient mice followed by propagation of the resulting xenografts (Biomerk
Tumorgrafts) in a manner that preserves the biological characteristics of the original human
tumor. The Company believes that these Tumorgrafts closely reflect human cancer biology and their
response to drugs is more predictive of clinical outcomes in cancer patients.
Champions Biotechnology leverages its preclinical platform to evaluate drug candidates and to develop a portfolio of novel therapeutic candidates through pre-clinical trials. As drugs progress through this early stage of development, the Company plans to sell, partner or license them to pharmaceutical and/or biotechnology companies, as appropriate. The Company also offers its predictive preclinical platform and tumor specific data to physicians for personalized patient care and to Companies for evaluation of oncology drugs and drug candidates in models that integrate prognostic testing with biomarker discovery. Champions Biotechnology is dedicated to enhancing preclinical development tools, accelerating development and valuation of oncology drugs, and advancing personalized treatment with a goal to improve the lives of cancer patients globally.
Champions Biotechnology leverages its preclinical platform to evaluate drug candidates and to develop a portfolio of novel therapeutic candidates through pre-clinical trials. As drugs progress through this early stage of development, the Company plans to sell, partner or license them to pharmaceutical and/or biotechnology companies, as appropriate. The Company also offers its predictive preclinical platform and tumor specific data to physicians for personalized patient care and to Companies for evaluation of oncology drugs and drug candidates in models that integrate prognostic testing with biomarker discovery. Champions Biotechnology is dedicated to enhancing preclinical development tools, accelerating development and valuation of oncology drugs, and advancing personalized treatment with a goal to improve the lives of cancer patients globally.
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 Companys actual results could differ materially from those
anticipated in the forward-looking statements for many unforeseen factors. See Champions
Biotechnologys Form 10-K for the fiscal year ended April 30, 2010 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 Biotechnologys 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 Biotechnologys expectations, except as required by law.
CHAMPIONS BIOTECHNOLOGY, INC. WEB SITE: www.championsbiotechnology.com