Champions Oncology Clarifies Misstatements in News Article
9:00 am ET 07/18/2011 - PR Newswire
BALTIMORE, July 18, 2011 /PRNewswire/ -- Champions Oncology, Inc., formerly Champions Biotechnology, Inc. (OTC: CSBR) released the following statement to correct errors which recently appeared in Hebrew in the Israeli biotechnology business press and which came to the Company's attention on July 16, 2011:
"Recently, a Hebrew language business news service reported that Champions has agreed to create a subsidiary which will be used by Champions for the development of a drug compound that we have in-licensed. Contrary to this news report, the Company has not made any final determination with respect to the future development of this drug compound."
As the Company stated in our Annual Report on Form 10-K for our fiscal year ended April 30, 2011 (filed on July 15, 2011):
Historically, our strategy was to use our technology platform to identify promising compounds that could be in-licensed during the preclinical phase. The strategy was to invest in the clinical development of these compounds and then seek a partner that would bring them to market in exchange for some combination of upfront payments, milestone payments and royalties on sales. Since 2007, the company pursued this strategy with four compounds. All four of these compounds were subjected to Tumorgraft testing, and the results of one of the compounds warranted further investment. During 2011, we changed our strategy and no longer intend to in-license additional compounds. We have refocused the Company on developing advanced technologies to personalize the development and use of oncology drugs. We intend to continue the development of the compound which warranted further investment and we are seeking a partner to finance the future development of the product.
We are working to assess potential financing alternatives for developing this compound, including the appropriate structure and valuation. We do not yet have the information needed to determine what alternatives if any, will be available to the Company, and there remains the risk that we will not be successful in attracting acceptable financing to further the development of the compound.
