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I don't own any CSBR yet but I've been following it. One of the stocks I do own had a SA article come out today and CSBR was mentioned in the article. It's saying it is a good time to accumulate CSBR. Article link below:
http://seekingalpha.com/instablog/47797823-melikemsmallstocks/4921315-re-knocked-horse-get-back-mantra-biotech-investor
I think its time for a reversal here. This looks bullish to $5.60 I'll just set it and forget it.
CSBR moved to the Nasdaq from the OTC:
http://otce.finra.org/DLDeletions
CSBR one for 12 reverse split:
http://otce.finra.org/DLSymbolNameChanges
May 2015
Insiders own 68%
;however, 105M O/S puts MarCap at $65M. Seems overdone.
Data from Study of Champions Oncology TumorGrafts to be Presented at European Society for Medical Oncology (ESMO) 2014 Congress
HACKENSACK, N.J., Sept. 24, 2014 /PRNewswire/ -- Champions Oncology (CSBR), a company engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs, today announced that data from a study of Champions' TumorGrafts® will be presented on Monday, Sept. 29, at the European Society for Medical Oncology (ESMO) 2014 Congress.
Presentation Details
Title: Patient-derived xenografts accurately capture clinical responses to treatment
Session: Trials and tribulations in oncology: Future approaches
Abstract: 1573PD
Time: 1 p.m. CEST
Location: Pamplona (Hall 4)
The .50 range is looking possible. I think the train got derailed. I'll buy some of yours in that range if you would care to put them out there.
Hold the train. I'm jumping on tomorrow!
No question. Volume going up, it is like a coiled spring. Looks like a great chance to make some good money quickly
This is probably the best looking chart I have ever seen. This clears $1.20 and will double...
Ahh it was only 7 years ago LOL!
CSBR sell time to get out before reverse split. Price won't hold after the split.
PROPOSAL NO. 5
GRANT THE BOARD OF DIRECTORS DISCRETIONARY AUTHORITY TO AMEND THE COMPANY’S CERTIFICATE OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF THE COMPANY’S COMMON STOCK
General
On August 15, 2013, our Board of Directors unanimously approved and recommended that our stockholders (a) approve an amendment to our Amended and Restated Certificate of Incorporation to effect a reverse split of our common stock at a ratio ranging from one-for-three to one-for-ten, and (b) grant authority to the Board of Directors (i) to decide whether to effect the reverse split, and (ii) if the Board decides to effect the reverse split, then to determine, in the discretion of the Board of Directors, which specific ratio shall be included in the amendment to effect the reverse split.
The form of the amendment to our Amended and Restated Certificate of Incorporation to effect the reverse split is attached to this Proxy Statement as Appendix A. The following discussion is qualified in its entirety by the full text of the amendment, which is hereby incorporated by reference.
Pursuant to the reverse split, as appropriate and depending upon market and other conditions, at the discretion of the Board of Directors, between each three and ten of the outstanding shares of our common stock on the date of the reverse split will be automatically converted into one share of our common stock. The reverse split will not alter the number of shares of common stock authorized for issuance, but will simply reduce the number of shares of common stock issued and outstanding. The reverse split will be effected only upon a determination by the Board of Directors that the reverse split is in the best interest of the Company and its stockholders, and thereupon the Board of Directors will select, at its discretion, the ratio of the reverse split, which will between one-for-three and one-for-ten.
By approving this proposal, stockholders will approve the amendment to our Amended and Restated Certificate of Incorporation reflecting one of the foregoing ratios and authorize our Board of Directors to decide whether to effect the reverse split and, if the Board decides to effect the reverse split, to select which split ratio is appropriate. If the amendment to our Amended and Restated Certificate of Incorporation is approved and the Board of Directors elects to file the amendment to our Amended and Restated Certificate of Incorporation and effect the reverse split, then the Board of Directors will select one of the ratios and we will insert the selected ratio into the amendment and file the amendment to the Amended and Restated Certificate of Incorporation with the New York Department of State. The reverse split will become effective upon the filing of the amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Effective Date”). The Board believes that stockholder approval of granting the Board this discretion over whether to effect the reverse split and, if the Board decides to effect the reverse split, which ratio to select, rather than stockholder approval of a mandatory reverse split and/or a specified ratio, provides the Board with maximum flexibility to react to then-current market conditions and, therefore, is in the best interests of the Company and its stockholders.
Purpose of the Proposed Reverse Split
Potential for listing on NASDAQ or the New York Stock Exchange through increase in bid or closing price
The Board of Directors believes that the reverse split is desirable because it will assist the Company in meeting the requirements for initial listing on NASDAQ or the New York Stock Exchange (NYSE) by helping to raise the bid or closing price for our common stock. Currently, our common stock is quoted on the Over-the-Counter Bulletin Board (OTCBB), which is not a national securities exchange. One of the key requirements for initial listing on NASDAQ or NYSE is that our common stock must have met certain minimum bid or closing prices, generally ranging between $3 per share and $5 per share, depending on the exchange. Our common stock currently does not meet these minimum bid or closing price requirements.
As a result of our common stock being listed on NASDAQ or NYSE, the liquidity of our common stock and coverage of our company by security analysts and media could be increased, which could result in higher prices for our common stock than might otherwise prevail, lowered spreads between the bid and asked prices for our common stock and lowered transaction costs inherent in trading such shares. Additionally, certain investors will only purchase securities that are listed on a national securities exchange, and such listing could thus increase our ability to raise funds through the issuance of our common stock or other securities convertible into our common stock. Moreover, listing our shares on a national securities exchange is a requirement for using Form S-3, a short form registration statement, for registering the issuance of our shares or the resale of existing shares. The ability to use Form S-3 may speed up the time it takes for us to raise funds through the issuance of our shares and increase our ability to do so.
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In addition, because our common stock is traded on the OTCBB and has a trading price below $5.00 per share, trading in our common stock is currently subject to the requirements of certain rules promulgated under the Securities Exchange Act of 1934, as amended, which require additional disclosure by broker-dealers in connection with any trades involving a stock defined as a penny stock (generally, any equity security that is traded other than on a national securities exchange and has a market bid price of less than $5.00 per share, subject to certain exceptions). The additional burdens imposed upon broker-dealers by such requirements can discourage broker-dealers from making a market, seeking or generating interest in our common stock and otherwise effecting transactions in our common stock, which can severely limit the market liquidity of our common stock and the ability of investors to trade our common stock. The burdens could be removed if our common stock was traded on a national securities exchange and has a market bid price of more than $5.00 per share.
The primary purpose of the reverse split is to increase the market bid and closing price of our common stock. The Board of Directors intends to effect the reverse split only if it believes that a decrease in the number of shares outstanding is likely to improve the market bid and closing price of our common stock and improve the likelihood that the Company will be allowed to list our common stock on NASDAQ or NYSE. If the reverse split is authorized by the stockholders, the Board of Directors will have the discretion to implement the reverse split, or to decide not to effect the reverse split at all. If it decided to effect the split, the Board of Directors would select a split ratio intended to cause the per share trading price of the common stock to reach and maintain a level above the amounts necessary to successfully apply for listing on NASDAQ or NYSE. In determining the appropriate split ratio, the Board of Directors may consider, among other factors:
· the market bid price of our common stock immediately prior to its determination of the split ratio;
· the historical fluctuations or patterns in the trading price and volume of our common stock;
· projections for the Company’s financial condition and results of operations in both the short-term and the long-term;
· the bid or closing price requirements of the national securities exchange on which the Company plans to apply for listing its common stock;
· other facts and circumstances the Board may deem relevant to increase the bid or closing price of our common stock.
If the trading price of the common stock increases before the Meeting, the reverse split may not be necessary, or the Board of Directors may determine that such increase in the stock price would necessitate a lower ratio than if the trading price had decreased or remained constant. No further action on the part of the stockholders would be required to either effect or abandon the Reverse Stock Split.
We believe that following the reverse split would initially help increase the market bid price of our common stock to at least the amount required for initial listing by NASDAQ or NYSE. However, the effect of a reverse split on the market bid price of our common stock cannot be predicted with any certainty, and the history of similar reverse splits for companies in similar circumstances is varied. There can be no assurance that:
· the bid or closing price of our common stock would rise in proportion to the reduction in the number of shares of our common stock outstanding following the reverse split;
· even if the reverse split will succeeded in initially raising the bid or closing price of our common stock, it would be successful in maintaining the market bid price of our common stock above the levels needed for successfully applying for listing on NASDAQ or NYSE per share for any extended period of time;
· even if the Company satisfied NASDAQ or NYSE’s initial minimal bid or closing price standard, the Company would be able to initially meet or continue to meet NASDAQ or NYSE’s other quantitative continued listing criteria; or
· our common stock would not be delisted by NASDAQ or NYSE for other reasons.
Additionally, even though the reverse split, by itself, would not impact the Company’s assets or prospects, the reverse split could be followed by a decrease in the aggregate market value of our common stock. The market bid price of our common stock may be based also on other factors that may be unrelated to the number of shares outstanding, including our future performance.
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Potential Increased Investor Interest
The Board of Directors also believes that a higher share price for our common stock may help generate investor interest in the Company. The current low price of our common stock may mean that it does not appeal to brokerage firms that are reluctant to recommend lower priced securities to their clients. Investors may also be dissuaded from purchasing lower priced stocks because the brokerage commissions, as a percentage of the total transaction, tend to be higher for such stocks. Furthermore, various regulations and policies restrict the ability of stockholders to borrow against or “margin” low-priced stock and declines in the stock price below certain levels may trigger unexpected margin calls. Moreover, the analysts at many brokerage firms do not monitor the trading activity or otherwise provide coverage of lower priced stocks. Finally, we believe that most investment funds are reluctant to invest in lower priced stocks. It should be noted that the liquidity of our common stock may be adversely affected by the reverse split, since fewer shares will be outstanding after the reverse split. However, the Board is hopeful that the anticipated higher market bid price will reduce, to some extent, the negative effects on the liquidity and marketability of the common stock inherent in some of the policies and practices of institutional investors and brokerage houses described above.
Potential Effects of Proposed Reverse Split
General
After the Effective Date, each holder of our common stock will own a reduced number of shares of our common stock. However, the reverse split will affect all holders of our common stock uniformly and will not affect any stockholder’s percentage ownership interests in the Company or proportionate voting power, except to the extent that the reverse split results in any of our stockholders owning a fractional share. In lieu of issuing fractional shares, each holder of our common stock who would otherwise have been entitled to a fraction of a share upon surrender of such holder’s certificates will be entitled to receive a cash payment, without interest, determined by multiplying (i) the fractional share interest to which the holder would otherwise be entitled, after taking into account all shares of common stock then held by the holder, and (ii) the average closing sale price of shares of our common stock for the 10 trading days immediately prior to the Effective Date or, if no such sale takes place on such days, the average of the closing bid and asked prices for such days, in each case as officially reported by OTCBB.
Effect on Authorized and Outstanding Shares
The Company currently is authorized to issue a maximum of 125,000,000 shares of our common stock. As of the record date, there were 70,088,336 shares of common stock issued and 66,852,100 shares outstanding. Although the number of authorized shares of common stock will not change as a result of the reverse split, the number of shares of our common stock outstanding will be reduced to a number that will be approximately equal to (i) the number of shares of common stock outstanding immediately prior to the Effective Date divided by (i) a number ranging from three to ten, depending on the split ratio selected by the Board.
The amendment will not change the terms of our common stock. The shares of new common stock will have the same voting rights and rights to dividends and distributions and will be identical in all other respects to the common stock now outstanding. Because no fractional shares of new common stock will be issued, any stockholder who owns fewer than three to ten shares of common stock prior to the reverse split, depending on the split ratio selected by the Board, will cease to be a stockholder of the Company on the Effective Date. We anticipate that the reverse stock split may result in reduction of up to 15% in the number of holders of common stock. Each stockholder’s percentage ownership of the new common stock will not be altered except for the effect of eliminating fractional shares. The common stock issued pursuant to the reverse split will remain fully paid and non-assessable. The reverse split is not intended as a “going private transaction” covered by Rule 13e- under the Securities Exchange Act of 1934, as amended. We plan to continue to comply with the periodic reporting requirements of the Securities Exchange Act of 1934, as amended.
Following the Effective Date, it is not anticipated that the Company’s financial condition, the percentage ownership of management or any aspect of the Company’s business would materially change as a result of the reverse split.
Potential Odd Lots
If approved, the reverse split will result in some stockholders holding less than 100 shares of common stock and as a consequence may incur greater costs associated with selling such shares. Brokerage commissions and other costs of transactions in odd lots may be higher, particularly on a per-share basis than the cost of transactions in even multiples of 100 shares.
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Accounting Matters
The reverse split will not affect the par value of our common stock. As a result, on the Effective Date, the stated capital on our balance sheet attributable to the common stock will be reduced in proportion to the fraction by which the number of shares of common stock are reduced, and the additional paid-in capital account shall be credited with the amount by which the stated capital is reduced. The per share net income or loss and net book value of our common stock will be retroactively increased for each period because there will be fewer shares of our common stock outstanding.
Potential Anti-Takeover Effect
While the Board of Directors believes it advisable to authorize and approve the reverse stock split for the reasons set forth above, the Board is aware that the increase in the number of authorized but unissued shares of common stock may have a potential anti-takeover effect. Our ability to issue additional shares could be used to thwart persons, or otherwise dilute the stock ownership of stockholders seeking to control the Company. The reverse stock split is not being recommended by the Board as part of an anti-takeover strategy.
Options and Warrants
On the Effective Date, all outstanding options and warrants will be adjusted to reflect the reverse split. The number of shares of common stock that the holders of outstanding options and warrants will may purchase upon exercise of their options and warrants will decrease, and the exercise prices of such options and warrants will increase, in proportion to the fraction by which the number of shares of common stock underlying such options and warrants are reduced as a result of the reverse split, resulting in the same aggregate price being required to be paid as would have been paid immediately preceding the reverse split. The number of shares reserved for issuance pursuant to our 2010 Equity Incentive Plan will be reduced in proportion to the fraction by which the number of shares of common stock underlying such options are reduced as a result of the reverse split.
Increase of Shares of Common Stock Available for Future Issuance
Because our authorized common stock will not be reduced, the overall effect will be an increase in our authorized but not outstanding or reserved shares of common stock as a result of the reverse stock split. These shares may be issued by our Board of Directors in its discretion. Any future issuances will have the effect of diluting the percentage of stock ownership and voting rights of the present holders of common stock.
Summary Table
The following table shows the effects of, for illustration purposes only, a one-for-three and a one-for-ten reverse split, without giving effect to any adjustments for fractional shares, on our authorized and outstanding shares of common stock, shares of common stock reserved for issuance upon exercise of outstanding options, shares of common stock reserved for issuance upon exercise of options available for future grant under our Equity Incentive Plan, shares of common stock reserved for issuance upon the exercise of outstanding warrants and authorized but not outstanding and unreserved shares of common stock. Upon authorization by our stockholders, the Board may authorize a reverse split anywhere between the one-for-three and one-for-ten split shown below. The information presented below is as of the Record Date, and assumes no changes between the Record Date and the Effective Date.
Current After
Reverse Split
if 1:3 Ratio
is Selected After
Reverse Split
if 1:10 Ratio
is Selected
Authorized common stock 125,00,000 125,000,000 125,000,000
Common stock outstanding 66,852,100 22,284,033 6,685,210
Common stock reserved for issuance upon exercise of outstanding options under 2010 Equity Incentive Plan 13,147,500 4,382,500 1,314,750
Common stock reserved for issuance upon exercise of options available for future grant under 2010 Equity Incentive Plan 16,852,500 5,617,333 1,685,250
Common stock reserved for issuance upon exercise of outstanding options under 2008 Equity Incentive Plan 742,704 247,568 74,270
Common stock reserved for issuance upon exercise of options available for future grant under 2008 Equity Incentive Plan 5,257,296 1,752,432 525,729
Common stock reserved for issuance upon exercise of outstanding warrants 3,276,667 1,092,222 327,667
Authorized but not outstanding and unreserved common stock 18,871,233 89,623,912 120,407,124
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If the reverse split is approved by our stockholders, the reverse split would become effective at such time, if any, as the Board of Directors determines to effect the reverse split, selects a split ratio and we file the amendment to our Amended and Restated Certificate of Incorporation with the Department of State of the State of Delaware. Upon the Effective Date, all the old common stock will be converted into new common stock as set forth in the amendment.
As soon as practicable after the Effective Date, stockholders will be notified that the reverse split has been effected. Our transfer agent will act as exchange agent for purposes of implementing the exchange of stock certificates. We refer to such person as the “exchange agent.” Holders of pre-reverse split shares will be asked to surrender to the exchange agent certificates representing pre-reverse split shares in exchange for certificates representing post-reverse split shares in accordance with the procedures to be set forth in a letter of transmittal to be sent by us. No new certificates will be issued to a stockholder until such stockholder has surrendered such stockholder’s outstanding certificate(s) together with the properly completed and executed letter of transmittal to the exchange agent. STOCKHOLDERS SHOULD NOT DESTROY ANY STOCK CERTIFICATE AND SHOULD NOT SUBMIT ANY CERTIFICATES UNTIL REQUESTED TO DO SO. Stockholders whose shares are held by their stockbroker do not need to submit old share certificates for exchange. These shares will automatically reflect the new quantity of shares based on the final ratio for the reverse split. Beginning on the Effective Date, each certificate representing pre-reverse split shares will be deemed for all corporate purposes to evidence ownership of post-reverse split shares.
Fractional Shares
We will not issue fractional certificates for post-reverse split shares in connection with the reverse split. In lieu of issuing fractional shares, each holder of common stock who would otherwise have been entitled to a fraction of a share upon surrender of such holder’s certificates will be entitled to receive a cash payment, without interest, determined by multiplying (i) the fractional share interest to which the holder would otherwise be entitled, after taking into account all shares of common stock then held by the holder, and (ii) the average closing sale price of shares of common stock for the 10 trading days immediately prior to the Effective Date or, if no such sale takes place on such days, the average of the closing bid and asked prices for such days, in each case as officially reported by the OTCBB. As a result, any stockholder who owns fewer than three to ten shares of common stock prior to the reverse split, depending on the split ratio selected by the Board, will cease to be a stockholder of the Company on the Effective Date.
No Dissenter’s or Appraisal Rights Under the Delaware General Corporation Law
Our stockholders are not entitled to dissenter’s or appraisal rights with respect to our proposed amendment to our Amended and Restated Certificate of Incorporation to effect the reverse split and we will not independently provide our stockholders with any such rights.
Federal Income Tax Consequences of the Reverse Split.
The following discussion is a summary of certain federal income tax consequences of the reverse split to the holders of common stock. This discussion is based on the Internal Revenue Code of 1986, as amended, regulations, rulings and decisions in effect on the date hereof, all of which are subject to change (possibly with retroactive effect) and to differing interpretations. This discussion is for general information purposes only and the tax treatment of a stockholder may vary depending upon the particular facts and circumstances of such stockholder. In addition, this discussion does not address all aspects of federal income taxation that may be relevant to holders in light of their particular circumstances or to holders who may be subject to special tax treatment, including without limitation, holders of warrants, holders who are dealers in securities, foreign persons, insurance companies, tax-exempt organizations, banks, financial institutions, broker-dealers, holders who hold common stock as part of a hedge, straddle, conversion or other risk reduction transaction, or who acquired the common stock pursuant to the exercise of compensatory stock options or otherwise as compensation. The following discussion also does not address the tax consequences of the reverse split under foreign, state or local tax laws. Accordingly, each stockholder should consult his or her tax adviser to determine the particular tax consequences to him or her of a reverse split, including the application and effect of federal, state, local and/or foreign income tax and other laws.
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Generally, a reverse split will not result in the recognition of gain or loss for federal income tax purposes (except to the extent of cash received in lieu of fractional shares). The adjusted basis of the new shares of common stock (including the fractional share for which cash is received) will be the same as the adjusted basis of the common stock exchanged for such new shares.
The holding period of the new, post-reverse split shares of the common stock resulting from implementation of the reverse split will include the stockholder’s respective holding periods for the pre-reverse split shares. A stockholder who receives cash in lieu of a fractional share of new common stock generally will recognize taxable gain or loss equal to the difference, if any, between the amount of cash received and the portion of the stockholder’s aggregate adjusted tax basis in the shares of old common stock allocated to the fractional share. If the shares of old common stock allocated to the fractional shares were held by the stockholder as capital assets, the gain or loss resulting from the payment of cash in lieu of the issuance of a fractional share will be taxed as capital gain or loss. Such capital gain or loss will be short term if the pre-reverse split shares were held for one year or less and long term if held more than one year.
Recommendation of the Board:
THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR GRANTING THE BOARD OF DIRECTORS DISCRETIONARY AUTHORITY TO AMEND THE COMPANY’S CERTIFICATE OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF THE COMPANY’S COMMON STOCK
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Other Matters
The Board of Directors is not aware of any other matter which may be presented for action at the 2013 Annual Meeting of Stockholders, but should any other matter requiring a vote of the stockholders arise at the 2013 Annual Meeting, it is intended that the proxies will be voted with respect thereto in accordance with the best judgment of the person or persons voting the proxies, discretionary authority to do so being included in the proxy.
The cost of soliciting proxies will be borne by the Company. Arrangements will be made with brokerage firms and other custodians, nominees and fiduciaries to forward solicitation materials to the beneficial owners of the Shares held of record by such persons, and the Company will reimburse them for their reasonable out-of-pocket expenses. Officers and directors may also solicit proxies.
As a matter of policy, the Company will accord confidentiality to the votes of individual stockholders, whether submitted by proxy or ballot, except in limited circumstances, including any contested election, or as may be necessary to meet legal requirements. Votes cast by proxy or in person at the Annual Meeting will be tabulated by the Company and will determine whether or not a quorum is present. Abstentions will be treated as Shares that are present and entitled to vote for purposes of determining the presence of a quorum but as unvoted for purposes of determining the approval of any matter submitted to the stockholders for a vote. If a broker indicates on the proxy that it does not have discretionary authority as to certain Shares to vote on a particular matter, those Shares will not be considered as present and entitled to vote with respect to that matter.
Any stockholder desiring to present a proposal at the 2014 Annual Meeting of Stockholders and wishing to have that proposal included in the proxy statement for that meeting must submit the same in writing to the Secretary of the Company at One University Plaza, Suite 307, Hackensack, New Jersey 07601, in time to be received by April 26, 2014.
The persons designated by the Company to vote proxies given by stockholders in connection with the Company’s 2013 Annual Meeting of Stockholders will not exercise any discretionary voting authority granted in such proxies on any matter not disclosed in the Company’s 2013 proxy statement with respect to which the Company has received written notice no later than April 30, 2013 that a stockholder (i) intends to present such matter at the 2013 Annual Meeting, and (ii) intends to and does distribute a proxy statement and proxy card to holders of such percentage of the Shares required to approve the matter. If a stockholder fails to provide evidence that the necessary steps have been taken to complete a proxy solicitation on such matter, the Company may exercise its discretionary voting authority if it discloses in its 2013 proxy statement the nature of the proposal and how it intends to exercise its discretionary voting authority.
Stockholders who do not plan to attend the Annual Meeting are urged to vote by telephone or to complete, date, sign and return the enclosed proxy in the enclosed envelope, to which no postage need be affixed if mailed in the United States. Prompt response is helpful and your cooperation will be appreciated.
By Order of the Board of Directors,
Joel Ackerman
Secretary
CSBR closed at 1.25 +.15 (13.6%) on volume of 213,600 (average volume is 30,220) in down day for the market. Makes you wonder!
CSBR closed at another 52-week high of 1.13 (+.03) on a volume of 76K shares.
A lot of biotech M&A activity going on in the market.
Stock holders must love the performance of CSBR in the last two weeks. Very good percentage gains with increased volumes. A new 52-wk high was reached today at 1.10 but fell back to close at 1.07 up .17 cents. Must be a reason out there.
Champions Oncology Reports Results for the Quarter and Full Year Ended April 30, 2013
HACKENSACK, N.J., June 10, 2013 (GLOBE NEWSWIRE) -- Champions Oncology, Inc. (CSBR), engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs, announced today its financial results for the fiscal quarter ended April 30, 2013. These financial results are unaudited and could change as a result of the year end audit.
Quarterly Highlights:
Revenue for the quarter of $1.8 million.
Increase in number of POS implants and studies of 56% and 70% over same quarter last year.
Presentation of 6 Posters on Champions Tumor Graft models and Translational Oncology Solutions at the American Association of Cancer Research annual meeting.
Revenue was $1.8 million, as compared to $1.4 million for the three months ended April 30, 2012.
Total operating expenses were $3.9 million, as compared to $4.0 million for the three months ended April 30, 2012.
Champions reported a net loss of $2.2 million as compared to a net loss of $2.6 million for the three months ended April 30, 2012.
Excluding stock-based compensation of $0.5 million and $0.7 million for the three months ended April 30, 2013 and 2012, Champions recognized a net loss of $1.7 million and a net loss of $1.9 million for three months ended April 30, 2013 and 2012, respectively.
Operating Results
Personalized Oncology Solutions (POS):
The number of implants during the quarter was 42, an increase of 56% over the same period last year. The increase in implants is the result of growing visibility with patients and physicians, the reduction in patient costs per implant and the recent opening of an office in Singapore. The number of patients for whom studies were completed was 17 for the quarter, an increase of 70% over the same period last year. POS revenues were $0.48 million and $0.49 million for the three months ended April 30, 2013 and 2012, respectively, a decline of 3%. This slight decline was the result of a decline in the revenue from panels and sequencing, offset by an 11% increase in drug study revenues.
POS cost of sales was $0.6 million and $0.9 million for the three months ended April 30, 2013 and 2012, respectively, a decrease of $0.3 million, or 33%. For the three months ended April 30, 2013 and 2012, gross margins for POS were -32% and -80%, respectively. The variability in POS margins is the result of variability in the mix of POS revenue each quarter as well as the changes we made in pricing over the last two years.
Translational Oncology Solutions (TOS):
TOS revenues were $1.3 million and $0.9 million for the three months ended April 30, 2013 and 2012, respectively, an increase of $0.4 million, or 44%.
TOS cost of sales was $0.9 million and $0.6 million for the three months ended April 30, 2013 and 2012, respectively, an increase of $0.3 million, or 50%. For the three months ended April 30, 2013 and 2012, gross margins for TOS were 30% and 28%.
Research and development expense was $0.5 million and $0.4 million for three months ended April 30, 2013 and 2012, respectively, an increase of $0.1 million, or 25%.
Sales and marketing expense was $0.6 million and $1.0 million for the three months ended April 30, 2013 and 2012, respectively, a decrease of $0.4 million, or 40%. The decrease is the result of efficiencies achieved in selling efforts and the redeployment of resources to other activities.
General and administrative expense was $1.2 million and $1.0 million for the three months ended April 30, 2013 and 2012, respectively, an increase of $0.2 million, or 20% due to the continued growth of the Company.
Conference Call Information:
The Company will host a conference call on Monday, June 10, 2013, at 4:30 p.m. ET to discuss its fourth quarter financial results. To access the conference call, domestic participants should dial 800-874-4559, Canadian participants should dial 800-696-0876, and international participants should dial 302-607-2019. The participant passcode is "Champions Oncology".
Full details of the Company's financial results will be available in the Company's Form 10-K at www.championsoncology.com.
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an explanation of the amounts excluded to arrive at non-GAAP net loss and related non-GAAP loss per share amounts for the three and nine months ended April 30, 2013 and 2012. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company's basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net loss and non-GAAP loss per share are not, and should not be viewed as a substitute for similar GAAP items. We define non-GAAP diluted loss per share amounts as non-GAAP net loss divided by the weighted average number of diluted shares outstanding. Our definition of non-GAAP net loss and non-GAAP diluted loss per share may differ from similarly named measures used by others.
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs. The Company's TumorGraft Technology Platform is a novel approach to personalizing cancer care based upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting engraftments, or TumorGrafts, in a manner that preserves the biological characteristics of the original human tumor in order to determine the efficacy of a treatment regimen. The Company uses this technology in conjunction with related services to offer solutions for two customer groups: Personalized Oncology Solutions, in which results help guide the development of personalized treatment plans, and Translational Oncology Solutions, in which pharmaceutical and biotechnology companies seeking personalized approaches to drug development can lower the cost and increase the speed of developing new drugs. TumorGrafts are procured through agreements with a number of institutions in the U.S. and overseas as well as through its Personalized Oncology Solutions business.
This press release may contain "forward-looking statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risk and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required by law.
Champions Oncology, Inc.
(Dollars in thousands except per share amounts)
Reconciliation of GAAP to Non-GAAP Net Loss (Unaudited)
Three Months Ended Year Ended
April 30, April 30,
2013 2012 2013 2012
Net loss - GAAP ($2,167) ($2,564) ($6,446) ($8,663)
Less:
Stock-based compensation $485 $711 $2,419 $3,323
Net loss - non-GAAP ($1,682) ($1,853) ($4,027) ($5,340)
Condensed Consolidated Statements of Operations (Unaudited)
Three Months
Ended April 30, Year Ended
April 30,
2013 2012 2013 2012
POS operating revenue $482 $495 $2,332 $2,332
TOS operating revenue 1,302 886 5933 4817
Total operating revenue $1,784 $1,381 $8,266 $7,149
Cost of POS 637 893 2667 2356
Cost of TOS 912 639 2651 2543
Research and development 502 378 1918 2937
Sales and marketing 621 1,044 2668 2929
General and administrative 1,224 1,029 4709 5450
Loss from Operations ($2,112) ($2,602) ($6,347) ($9,065)
Other (Loss) Income (55) 38 (99) 402
Net Loss before income tax expense ($2,167) ($2,564) ($6,446) ($8,663)
Income taxes -- -- -- --
Net Loss ($2,167) ($2,564) ($6,446) ($8,663)
Condensed Consolidated Balance Sheets (Unaudited)
April 30, April 30,
2013 2012
Cash and cash equivalents $9,563 $4,717
Accounts receivable 497 584
Other current assets 357 204
Total current assets 10,418 5,505
Restricted cash 192 188
Property and equipment, net 413 560
Goodwill 669 669
Total assets $11,693 $6,921
Accounts payable and accrued liabilities $1,872 $2,300
Deferred revenue 1,171 1,185
Total current liabilities 3,043 3,485
Warrant liability 1,046 555
Redeemable common stock 16,882 8,159
Stockholders' deficit (9,278) (5,277)
Total liabilities, redeemable common stock and stockholders' deficit $11,693 $6,921
Contact:
Lauren Kwiecinski
The Trout Group LLC
646-378-2934
lkwiecinski@troutgroup.com
Champions Oncology Reports Changes to Board of Directors
HACKENSACK, Mar 05, 2013 (GLOBE NEWSWIRE via COMTEX) -- Champions Oncology,
Inc. (OTC:CSBR) is pleased to announce the appointments of Dan Mendelson and
Arthur G. ("Bart") Epker, III to the Board of Directors of Champions Oncology,
Inc.
Dan Mendelson is CEO and founder of Avalere Health, a strategic advisory company
focused on devising innovative solutions to complex healthcare problems. The
firm's customer base includes Fortune 500 healthcare companies, provider
organizations, medical foundations, and government. Dan is also currently
Adjunct Professor of Business Administration at The Fuqua School of Business at
Duke University and sits on the boards of Coventry Health Care Inc. and HMS
Holdings Corp. From 1998 to 2000, Dan served as Associate Director for Health at
the Office of Management and Budget (OMB). Prior to joining OMB, Dan was Senior
Vice President of The Lewin Group and Director of the Medical Technology
practice. He holds an undergraduate degree in economics and viola performance
from Oberlin College, and a M.P.P. from the Kennedy School of Government at
Harvard University.
Bart Epker is a Vice President and partner of PAR Capital Management, Inc., an
investment adviser that manages PAR Investment Partners, L.P., a private
investment fund. Bart is a member of the boards of directors of Pure Cycle
Corporation, the Steppingstone Foundation, and the Winsor School and is on the
Honors Alumni Council at the University of Michigan. Prior to joining PAR
Capital in 1992, Bart worked at TA Associates, a private equity firm. He
received his undergraduate degree in computer science and economics with highest
distinction from the University of Michigan (1983) and his Masters of Business
Administration from Harvard Business School (1987). PAR Investment Partners
purchased common stock and warrants of the Company in a private placement on
January 28, 2013. As part of that transaction, the Company agreed to appoint a
designee of PAR Investment Partners, to its board of directors. Bart is the
designee chosen by PAR Investment Partners.
Dr. David Sidransky, Chairman of the Board of Directors, commented, "The
addition of such outstanding directors like Dan and Bart is an important
milestone in the continued evolution of Champions to meet the market needs. We
are excited to be welcoming them to the board and look forward to their guidance
through the continued strategic, operational and financial growth of the
company."
In conjunction with these appointments, Ana Stancic has resigned from the Board
of Directors. Scott Tobin, a current director of the company, will assume the
role of Chairman of the Audit Committee.
Dr. David Sidransky, Chairman of the Board of Directors commented, "We thank Ana
for the years of service she provided the company. Her insights and experience
have helped set the strategic direction and ensured financial discipline at the
company."
Ana Stancic commented, "It has been very rewarding to contribute to the progress
the company has made during my board tenure. I look forward to watching the
company progress in the future from the solid foundation that has been built
over time."
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs.
The Company's TumorGraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the TumorGrafts in a manner
that preserves the biological characteristics in order to determine the efficacy
of a treatment regimen. The Company uses this technology to offer solutions for
Personalized Oncology Solutions, which guides the development of personalized
treatment plans, and Translational Oncology Solutions, which assists
pharmaceutical and biotechnology companies seeking personalized approaches to
drug development to lower the cost and increase the speed of drug development.
For more information, visit www.championsoncology.com.
This press release may contain "forward-looking statements" (within the meaning
of the Private Securities Litigation Act of 1995) that inherently involve risk
and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year
ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required
by law.
CONTACT: Gary Gemignani
Champions Oncology, Inc.
201-808-8408
GGemignani@championsoncology.com
Lauren Kwiecinski
The Trout Group LLC
646-378-2934
lkwiecinski@troutgroup.com
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwMjQwMTYjMjM4NzM=
(C) Copyright 2013 GlobeNewswire, Inc. All rights reserved.
-0-
KEYWORD: HACKENSACK
INDUSTRY KEYWORD: Healthcare & Medical Services
SUBJECT CODE: Directors and Officers
BIOTECHNOLOGY
MEDICAL
PHARMACEUTICALS
MANAGEMENT CHANGES
Champions Oncology Reports Successful Outcome From Technology Collaboration
HACKENSACK, N.J., Feb 11, 2013 (GLOBE NEWSWIRE via COMTEX) -- Champions
(OTC:CSBR) announced the successful completion of a TumorGraft technology
collaboration with a subsidiary of Teva Pharmaceutical Industries, Ltd.
("Teva"). The collaboration was originally initiated in March of 2011 and
included extensive evaluation of the efficacy and differentiation of CEP-32496,
a dual B-Raf and EGFR inhibitor, one of Teva's proprietary late stage
pre-clinical chemical compounds using 24 Champions TumorGraft(TM) models of
B-Raf mutated human melanoma and colorectal cancer against standard of care
drugs and targeted therapeutic agents. The results demonstrated that the
compound met the predetermined success criteria. As part of the original
agreement, Teva is obligated to pay Champions either milestone and royalty
payments upon future development of the compound, or a one-time cash payment
upon successful conclusion of the TumorGraft analysis. As a result of the
successful outcome, Teva has exercised its right to make the one-time payment in
the amount of $880,000 in lieu of the future payments.
Joel Ackerman, the CEO of Champions Oncology, commented, "We are excited about
the positive outcome that our TumorGraft platform has delivered. This study
validates the value that our TumorGrafts deliver to our clients and the
importance they play in the process of oncology drug development."
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs.
The Company's TumorGraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the TumorGrafts in a manner
that preserves the biological characteristics in order to determine the efficacy
of a treatment regimen. The Company uses this technology to offer solutions for
Personalized Oncology Solutions, which guides the development of personalized
treatment plans, and Translational Oncology Solutions, which assists
pharmaceutical and biotechnology companies seeking personalized approaches to
drug development to lower the cost and increase the speed of drug development.
For more information, visit www.championsoncology.com.
This press release may contain "forward-looking statements" (within the meaning
of the Private Securities Litigation Act of 1995) that inherently involve risk
and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year
ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required
by law.
CONTACT: Gary Gemignani
Champions Oncology, Inc.
201-808-8408
GGemignani@championsoncology.com
Lauren Kwiecinski
The Trout Group LLC
646-378-2934
lkwiecinski@troutgroup.com
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwMjEyMzEjMjM4NzM=
(C) Copyright 2013 GlobeNewswire, Inc. All rights reserved.
-0-
KEYWORD: HACKENSACK, N.J.
INDUSTRY KEYWORD: Healthcare & Medical Services
SUBJECT CODE: Product / Services Announcement
MEDICAL
BIOTECHNOLOGY
I agree. Insider buying is usually a good indicator for belief in the company's progress.
Just in case you haven't seen these inside transactions:
Transaction Details For Insider
Transaction
Date Insiders/
Title Transaction
Type Market
Value Shares Price
Range Total
Holdings
01/28/2013 LAWLER KENNETH P Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 CROTTY THOMAS J Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 FRISBIE RICHARD D Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 TOBIN SCOTT R Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 TABORS R DAVID Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 Battery Ventures IX, L.P. Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 Lee Roger H Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 Battery Investment Partners IX, LLC Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 Battery Partners IX, LLC Purchases $3.5 M 7,000,000 0.50 15,566,667
01/28/2013 Agrawal Neeraj Purchases $3.5 M 7,000,000 0.50 15,566,667
patience...
Things are happening...
Champions Oncology Raises $9.3 Million in a Private Placement
HACKENSACK, N.J., Jan 29, 2013 (GLOBE NEWSWIRE via COMTEX) -- Champions
Oncology, Inc. (OTC:CSBR) ("the Company") announced today the company raised
$9.3 million at a price of $0.50 per share in a private placement to existing
and new investors. No commissions were paid in connection with the private
placement. Joel Ackerman, Champions Oncology CEO, stated, "We are pleased to
have the continued support of our existing shareholders and to announce the
addition of a new high quality investor. These proceeds will allow us to move
forward with developing our technology and building our team."
The lead investors were Battery Ventures IX, L.P., PAR Investment Partners,
L.P., Harris & Harris Group Inc., and members of the Company's management team.
-- Proceeds from the financing will be used to: Grow the TumorGraft bank to
support the current Translational Oncology Solutions business and future
biomarker development efforts,
-- Continue to build out the Senior Management team,
-- Initiate a validation study for the Personalized Oncology Solutions business
and
-- General corporate purposes.
The private placement was comprised of the issuance of 18.6 million shares of
common stock to accredited investors at a price of $0.50 per share, a premium of
16% to today's closing price, pursuant to Regulation D of the Securities Act of
1933, as amended. Gross proceeds to the Company will be $9.3 million. Concurrent
with the closing of the private placement, the Company will issue warrants to
the investors which will entitle the holders to purchase up to 1,860,000
additional shares of common stock at $0.66 per share for a period of five years
following the date of issuance. The Company also granted the investors certain
registration rights with respect to the shares of common stock and shares of
common stock issuable upon exercise of the warrants.
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs.
The Company's TumorGraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the TumorGrafts in a manner
that preserves the biological characteristics in order to determine the efficacy
of a treatment regimen. The Company uses this technology to offer solutions for
Personalized Oncology Solutions, which guides the development of personalized
treatment plans, and Translational Oncology Solutions, which assists
pharmaceutical and biotechnology companies seeking personalized approaches to
drug development to lower the cost and increase the speed of drug development.
For more information, visit www.championsoncology.com.
This press release may contain "forward-looking statements" (within the meaning
of the Private Securities Litigation Act of 1995) that inherently involve risk
and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year
ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required
by law.
CONTACT: Gary Gemignani
Champions Oncology, Inc.
201-808-8408
GGemignani@championsoncology.com
Lauren Kwiecinski
The Trout Group LLC
646-378-2934
lkwiecinski@troutgroup.com
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwMTk4MzcjMjM4NzM=
(C) Copyright 2013 GlobeNewswire, Inc. All rights reserved.
-0-
KEYWORD: HACKENSACK, N.J.
INDUSTRY KEYWORD: Healthcare & Medical Services
SUBJECT CODE: Financing Agreements
Health
BIOTECHNOLOGY
HEALTH
Champions Oncology Reports Financial Results for the Quarter Ended October 31, 2012
HACKENSACK, N.J., Dec. 13, 2012 /PRNewswire via COMTEX/ -- Champions Oncology,
Inc. (OTC: CSBR), engaged in the development of advanced technology solutions
and services to personalize the development and use of oncology drugs, announced
today its financial results for the fiscal quarter ended October 31, 2012.
Joel Ackerman, Champions Oncology CEO, stated, "We continue to make progress in
increasing the number of TumorGrafts initiated and the size of our Tumorbank. We
expect these to drive increased value of our technology platform over the long
term."
Operating revenues were $1.5 million, as compared to $1.8 million for the three
months ended October 31, 2011. For the six months ended October 31, 2012 and
2011, operating revenues were $3.6 million and $3.4 million, respectively.
Total operating expenses were $3.4 million, as compared to $4.3 million for the
three months ended October 31, 2011. Operating expenses were $7.1 million, as
compared to $8.0 million for the six months ended October 31, 2011.
Champions reported a net loss of $2.0 million, or ($0.04) per share, as compared
to a net loss of $2.3 million, or ($0.05) per share, for the three months ended
October 31, 2011. For the six months ended October 31, 2012, Champions reported
a net loss of $3.3 million, or ($0.07) per share, as compared to a net loss of
$4.4 million, or ($0.09) per share, for the 2011 period.
Excluding stock-based compensation of $0.6 million and $0.9 million for the
three months ended October 31, 2012 and 2011, Champions recognized a net loss of
$1.4 million, or ($0.03) per share and a net loss of $1.5 million, or ($0.03)
per share for three months ended October 31, 2012 and 2011, respectively. For
the six months ended October 31, 2012 and 2011, excluding stock-based
compensation of $1.4 million and $1.9 million, Champions recognized a net loss
of $1.9 million, or ($0.04) per share and a net loss of $2.5 million, or ($0.05)
per share, respectively.
Operating Results
Personalized Oncology Solutions (POS) revenues were $0.5 million and $0.6
million for the three months ended October 31, 2012 and 2011, respectively, a
decrease of $0.1 million, or 17%. For the six months ended October 31, 2012 and
2011, POS revenues were $1.4 million and $1.2 million, respectively, an increase
of $0.2 million, or 17%. The increase in POS revenues was driven by an increased
number of drug studies completed during the six months ended October 31, 2012
compared to the same period in the previous year. During the six months ended
October 31, 2012 and 2011, the Company completed 22 and 5 drug studies,
respectively. These increases are the result of the steady increase in the
number of TumorGrafts performed which have moved onto drug studies.
POS cost of sales was $0.6 million and $0.5 million for the three months ended
October 31, 2012 and 2011, respectively, an increase of $0.1 million, or 20%.
For the six months ended October 31, 2012 and 2011, POS cost of sales was $1.4
million and $0.9 million, respectively, an increase of $0.5 million, or 56%. For
the three months ended October 31, 2012 and 2011, gross margins for POS were
-20% and 17%, respectively. For the six months ended October 31, 2012 and 2011,
gross margins for POS were 0% and 25%, respectively. The increases in cost of
sales and the declines in gross margins can be attributed to increased volumes
of implants and drug studies performed, in line with management's strategy to
obtain more tumors to increase our tumor model offerings to our TOS sponsors and
increase the number of models in our Tumorbank
Translational Oncology Solutions (TOS) revenues were $1.0 million and $1.2
million for the three months ended October 31, 2012 and 2011, respectively, a
decrease of $0.2 million, or 17%. The decrease in TOS revenues was due primarily
to decreased contract bookings in the previous quarters. TOS revenues were $2.2
million for each of the six month periods ended October 31, 2012 and 2011.
TOS cost of sales was $0.5 million and $0.6 million for the three months ended
October 31, 2012 and 2011, respectively, a decrease of $0.1 million, or 17%. For
the six months ended October 31, 2012 and 2011, TOS cost of sales was $1.2
million and $1.1 million, respectively, increase of $0.1 million, or 9%. For the
three months ended October 31, 2012 and 2011, gross margins for TOS were 50%.
For the six months ended October 31, 2012 and 2011, gross margins for TOS were
46% and 50%, respectively. The decline in gross margin for the six month period
can be attributed to additional costs associated with transitioning laboratory
activities in-house from a third-party contract research organization.
Specifically, we made additional investments in our infrastructure and our
laboratory staff to increase productivity and to support current and expected
volumes, which is expected to significantly reduce the future cost of providing
our services and allow us to maintain a more competitive pricing strategy.
Research and development expense was $0.4 million and $1.0 million for three
months ended October 31, 2012 and 2011, respectively, a decrease of $0.6
million, or 60%. For the six months ended October 31, 2012 and 2011, research
and development expense was $0.8 million and $1.6 million, respectively, a
decrease of $0.8 million, or 50%. This decrease is primarily related to
decreased laboratory maintenance costs associated with research and development
efforts, in line with our strategy to focus on our POS and TOS lines of
business. Additionally, the decrease can be attributed to decreased tumor
procurement costs, resulting from our strategy to source models from our POS
business.
Sales and marketing expense was $0.7 million for each of the three month periods
ended October 31, 2012 and 2011. For the six months ended October 31, 2012 and
2011, sales and marketing expense was $1.4 million and $1.3 million,
respectively, an increase of $0.1 million, or 8%.
General and administrative expense was $1.2 million and $1.5 million for the
three months ended October 31, 2012 and 2011, respectively, a decrease of $0.3
million, or 20%. For the six months ended October 31, 2012 and 2011, general and
administrative expense was $2.3 million and $3.1 million, respectively, a
decrease of $0.8 million, or 26%. This decrease can be attributed to reductions
in stock-based compensation expenses and consultant costs. The decrease in
stock-based compensation expense is primarily due to large prior period stock
option grants that contain performance conditions and were, and continue to be,
accounted for using the accelerated attribution method.
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an
explanation of the amounts excluded to arrive at non-GAAP net loss and related
non-GAAP loss per share amounts for the three and six months ended October 31,
2012 and 2011. Non-GAAP financial measures provide investors and management with
supplemental measures of operating performance and trends that facilitate
comparisons between periods before and after certain items that would not
otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items
that management does not believe affect the Company's basic operations do not
meet the GAAP definition of unusual or non-recurring items. Non-GAAP net loss
and non-GAAP loss per share are not, and should not be viewed as a substitute
for similar GAAP items. We define non-GAAP diluted loss per share amounts as
non-GAAP net loss divided by the weighted average number of diluted shares
outstanding. Our definition of non-GAAP net loss and non-GAAP diluted loss per
share may differ from similarly named measures used by others.
Full details of the Company's financial results will be available in the
Company's Form 10-K at www.championsoncology.com.
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs.
The Company's TumorGraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the resulting engraftments, or
TumorGrafts, in a manner that preserves the biological characteristics of the
original human tumor in order to determine the efficacy of a treatment regimen.
The Company uses this technology in conjunction with related services to offer
solutions for two customer groups: Personalized Oncology Solutions, in which
results help guide the development of personalized treatment plans, and
Translational Oncology Solutions, in which pharmaceutical and biotechnology
companies seeking personalized approaches to drug development can lower the cost
and increase the speed of developing new drugs. TumorGrafts are procured through
agreements with a number of institutions in the U.S. and overseas as well as
through its Personalized Oncology Solutions business.
This press release may contain "forward-looking statements" (within the meaning
of the Private Securities Litigation Act of 1995) that inherently involve risk
and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year
ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required
by law.
Contact: Susan Foreman 410-369-0365 sforeman@championsoncology.com
Champions Oncology, Inc.
(Dollars in thousands except per share amounts)
Reconciliation of GAAP to Non-GAAP Net Loss
Three Months Six Months
Ended October 31, Ended October 31,
2012 2011 2012 2011
Net loss - GAAP ($1,974) ($2,349) ($3,297) ($4,387)
Less: 624 855 1,364 1,868
Stock-based compensation
Net loss - non-GAAP ($1,350) ($1,494) ($1,933) ($2,519)
Reconciliation of GAAP to Non-GAAP Earnings Per Share (EPS)
Three Months Six Months
Ended October 31, Ended October 31,
2012 2011 2012 2011
EPS - GAAP ($0.04) ($0.05) ($0.07) ($0.09)
Less: 0.01 0.02 0.03 0.04
Effect of stock-based compensation on EPS
EPS - non-GAAP ($0.03) ($0.03) ($0.04) ($0.05)
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Six Months
Ended October 31, Ended October 31,
2012 2011 2012 2011
POS operating revenue $459 $590 $1,377 $1,188
TOS operating revenue 999 1,151 2,187 2,184
Total operating revenue $1,458 $1,741 $3,564 $3,372
Cost of POS 582 461 1,354 945
Cost of TOS 475 620 1,174 1,104
Research and development 436 1,008 823 1,616
Sales and marketing 680 651 1,389 1,262
General and administrative 1,201 1,470 2,340 3,130
Loss from Operations ($1,916) ($2,469) ($3,516) ($4,685)
Other (Loss) Income (57) 120 223 298
Net Loss before income tax expense ($1,973) ($2,349) ($3,293) ($4,387)
Income taxes 1 - 4 -
Net Loss ($1,974) ($2,349) ($3,297) ($4,387)
Earnings per share- basic and diluted ($0.04) ($0.05) ($0.07) ($0.09)
Weighted average shares outstanding- basic and diluted 47,079,000 46,790,000 47,073,000 46,606,000
Condensed Consolidated Balance Sheets
Balance as of
October 31, 2012 April 30, 2012
(unaudited)
Cash and cash equivalents $2,161 $4,716
Accounts receivable 627 584
Other current assets 95 205
Total current assets 2,883 5,505
Restricted cash 188 188
Property and equipment, net 485 560
Goodwill 669 669
Total assets $4,225 $6,922
Accounts payable and accrued liabilities $1,723 $2,301
Deferred revenue 1,205 1,185
Total current liabilities 2,928 3,486
Warrant liability 322 555
Redeemable common stock 8,159 8,159
Stockholders' deficit (7,184) (5,278)
Total liabilities, redeemable common stock and $4,225 $6,922
stockholders' deficit
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended October 31,
2012 2011
Cash flows from operating activities:
Net Loss ($3,297) ($4,387)
Adjustments to reconcile net cash used in operations:
Stock-based compensation expense 1,364 1,868
Depreciation expense 103 49
Change in fair value of warrant liability (233) (288)
Changes in operating assets and liabilities (491) (533)
Net cash used in operating activities (2,554) (3,291)
Cash flows from investing activities:
Purchases of property and equipment (28) (160)
Net cash used in investing activities: (28) (160)
Cash flows from financing activities:
Proceeds from exercise of options and warrants - 98
Net cash provided by financing activities: - 98
Exchange rate effect on cash and cash equivalents 27 15
Decrease in cash and cash equivalents (2,555) (3,338)
Cash and cash equivalents, beginning of period 4,716 10,457
Cash and cash equivalents, end of period $2,161 $7,119
SOURCE Champions Oncology, Inc.
www.prnewswire.com
Copyright (C) 2012 PR Newswire. All rights reserved
-0-
KEYWORD: New Jersey
INDUSTRY KEYWORD: HEA
MTC
BIO
OTC
SUBJECT CODE: ERN
Champions Oncology Announces Geographic Expansion
HACKENSACK, N.J., Dec 13, 2012 (GlobeNewswire via COMTEX) -- Champions
Oncology, Inc. (OTC:CSBR), a company engaged in the development of advanced
technology solutions and services to personalize the development and use of
oncology drugs, announced today the expansion of its personalized oncology
services into the Asian market. The company has been developing the necessary
infrastructure to begin offering its TumorGraft services through a newly
established operation in Singapore. Champions plans to start offering
personalized oncology services by December 31, 2012.
Dr. Ronnie Morris, president of Champions Oncology, commented, "We are very
excited about the opportunity to offer our personalized TumorGraft services to
physicians and cancer patients in South East Asia. The Singapore medical
community has expressed a great deal of interest in offering our services
throughout South East Asia. We believe that this presence will provide a
significant opportunity for growth."
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs.
The Company's TumorGraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the resulting engraftments, or
Tumorgrafts, in a manner that preserves the biological characteristics of the
original human tumor in order to determine the efficacy of a treatment regimen.
The Company uses this technology in conjunction with related services to offer
solutions for two customer groups: Personalized Oncology Solutions, in which
results help guide the development of personalized treatment plans, and
Translational Oncology Solutions, in which pharmaceutical and biotechnology
companies seeking personalized approaches to drug development can lower the cost
and increase the speed of developing new drugs. Tumorgrafts are procured through
agreements with a number of institutions in the U.S. and overseas as well as
through its Personalized Oncology Solutions business.
This press release may contain "forward-looking statements" (within the meaning
of the Private Securities Litigation Act of 1995) that inherently involve risk
and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year
ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required
by law.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Champions Oncology
By Staff
CONTACT: CONTACT: Gary Gemignani
Champions Oncology, Inc.
201-808-8408
GGemignani@championsoncology.com
Lauren Kwiecinski
The Trout Group LLC
646-378-2934
lkwiecinski@troutgroup.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Healthcare & Medical Services
SUBJECT CODE: BIOTECHNOLOGY
HEALTH
Company Announcement
Unbelievable...........I guess they are holding true to there business plan, only the rich can afford the juice. Nobody gets a piece. To bad........So sad
Champions Oncology Reports Resignation Of Director
HACKENSACK, N.J., Aug. 3, 2012 /PRNewswire via COMTEX/ -- Champions Oncology,
Inc. (OTC: CSBR), a company engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs,
today announced that James Martell has resigned from the Company's Board of
Directors. Mr. Martell, who started the company in 1985 as a sports-theme
restaurant franchise under the name "Champions Sports, Inc." and has remained on
the board through its conversion to a cancer technology company, has resigned to
pursue other business opportunities.
"Jim has been a valuable resource and advisor at Champions Oncology", commented
Joel Ackerman, Champions Oncology CEO. "We wish him much success in his new
endeavors."
About Champions Oncology, Inc. Champions Oncology, Inc. is engaged in the
development of advanced technology solutions and services to personalize the
development and use of oncology drugs. The Company's Tumorgraft Technology
Platform is a novel approach to personalizing cancer care based upon the
implantation of primary human tumors in immune deficient mice followed by
propagation of the resulting engraftments, or Tumorgrafts, in a manner that
preserves the biological characteristics of the original human tumor. The
Company uses this technology in conjunction with related services to offer
solutions for two customer groups: Personalized Oncology Solutions ("POS") in
which physicians and patients looking for information help guide the development
of personalized treatment plans, and Translational Oncology Solutions ("TOS") in
which pharmaceutical and biotech companies seeking personalized approaches to
drug development can lower the cost and increase the speed of developing new
drugs and increasing the adoption of existing drugs. The Company's Tumorgraft
Technology Platform consists of processes, physical tumors and information that
we use to personalize the development and use of oncology drugs. The Company is
building its Tumorgraft Technology Platform through the procurement, development
and characterization of numerous Tumorgrafts within each of several cancer
types. Tumorgrafts are procured through agreements with a number of institutions
in the U.S. and overseas as well as through its POS business. The Tumorgrafts
are developed and tested in the Company's laboratory facility in Baltimore,
Maryland.
Our POS business offers physicians and patients information to help guide the
development of personalized treatment plans. Our core offering utilizes our
technology platform to empirically test the response of a patient's tumor to
multiple oncology drugs or drug combinations. The process begins by implanting a
fresh fragment of the patient's tumor, typically received within 24 hours of
surgery or biopsy, in a small colony of immune-deficient mice to grow the tumor
tissue. This colony is then expanded by implanting the grown tumor tissue into
subsequent generations of mice until a sufficient number of mice are available
for testing. At that point, the colony is allocated to different groups, and
each mouse in a group is dosed with a different drug or drug combination. The
response of the tumor in each mouse is tracked over time and analyzed to
determine which drug or drug combination is providing the highest level of tumor
growth inhibition. Our data demonstrates that there is a high correlation
between the response to drugs of the tumor in mice with the response of the
tumor in the patient.
Contact:Susan J. Foreman410-369-0365
SOURCE Champions Oncology, Inc.
Champions Oncology Reports Financial Results for the Year Ended April 30, 2012
HACKENSACK, N.J., July 18, 2012 /PRNewswire via COMTEX/ -- Champions Oncology,
Inc. (OTC: CSBR), formerly Champions Biotechnology, Inc., engages in the
development of advanced technology solutions and services to personalize the
development and use of oncology drugs, announced today its financial results for
the year ended April 30, 2012.
Joel Ackerman, the CEO of Champions Oncology, stated, "Fiscal 2012 was a year of
great progress for the company. We demonstrated our ability to drive significant
volume growth in both sides of our business. We continue to evolve our strategic
direction to better align the strength of our technology platform with the needs
of the market. Within this new approach, we made significant progress in
expanding our customer base and building a solid operational foundation for the
future."
Operating revenues were $7.1 million and $6.9 million for the years ended April
30, 2012 and 2011, respectively.
Total operating expenses were $16.2 million and $12.1 million for the years
ended April 30, 2012 and 2011, respectively.
Champions reported a net loss of $8.7 million, or ($0.19) per share and $3.8
million, or ($0.11) per share for the years ended April 30, 2012 and 2011,
respectively.
Excluding stock based compensation of $3.3 million, Champions recognized a net
loss of $5.3* million, or ($0.11*) per share, and excluding stock based
compensation of $3.1 million, a net loss of $0.7* million, or ($0.02*), per
share for the years ended April 30, 2012 and 2011, respectively.
During fiscal 2012, we modified our POS business strategy to focus on growing
our core technology products, which includes TumorGraft implants and drug
studies. As part of this strategy, we significantly reduced the price of our
core technology products to make the products affordable to a broader patient
base and to accelerate the growth of our Tumorbank. In addition, we have
increased spending on sales and marketing efforts to support this strategy. We
will continue to offer related personalized oncology services to our customers;
however, we expect future POS revenues to be driven by our core products.
During the second half of fiscal 2012, we transitioned the laboratory activities
that support the POS and TOS businesses from a third-party contract research
organization ("CRO") to our facility in Baltimore, Maryland. We believe that
bringing these activities in-house will significantly reduce the future cost of
providing our services and allow us to implement and maintain a more competitive
pricing strategy. To facilitate this strategy and support the increase in
current and expected volume, we have invested in the infrastructure and
increased our laboratory staff.
Furthermore, as part of our modified strategy, we plan to use TumorGrafting as a
platform technology to drive multiple synergistic revenue streams. We continue
to build this platform with investments in research and development, as well as
contributions from both the POS and TOS businesses. The platform is then used to
deliver products that serve both the POS and TOS customers in synergistic ways.
The result is well-differentiated products for patients, physicians, and drug
development companies. In addition, we are looking for additional opportunities
to utilize the data we are gathering to develop proprietary biomarkers and
signatures of response that can predict the resistance or sensitivity of
individual tumors to oncology drugs.
Operating Results
TOS revenues were $4.8 million and $3.5 million for the years ended April 30,
2012 and 2011, respectively, an increase of $1.3 million or 38%. The increases
in TOS revenues were due primarily to increased sales efforts and investments in
growing our Tumorbank.
Cost of TOS was $2.5 million and $1.8 million for the years ended April 30, 2012
and 2011, respectively, an increase of $0.7 million, or 38%. The increase in
costs was due to the increased volume of the TOS business. Gross margin for TOS
was 47% for the years ended April 30, 2012 and 2011.
POS revenues were $2.3 million and $3.4 million for the years ended April 30,
2012 and 2011, respectively, a decrease of $1.1 million, or 31%. Panel revenue,
a component of POS revenue, decreased $1.2 million from the prior year, which is
primarily attributable to a decrease in pricing per panel. Excluding panel
revenue, POS revenue was $1.8 million and $1.7 million for the years ended April
30, 2012 and 2011, respectively, an increase of $0.1 million. During fiscal
2012, the Company experienced significantly higher volumes of implants and drug
studies compared to fiscal 2011. For the year ended April 30, 2012, the Company
performed 97 TumorGraft implants, compared to 12 in the prior year. For the year
ended April 30, 2012, the Company completed 19 drug studies, compared to 5 in
the prior year. The increase in volume was offset by decreased pricing for both
the TumorGraft implants and drug studies, as part of our strategic decision to
accelerate the growth of our Tumorbank.
Cost of POS was $2.4 million and $1.7 million for the years ended April 30, 2012
and 2011, respectively, an increase of $0.7 million, or 42%. Gross margin for
POS was -1% and 51% for the years ended April 30, 2012 and 2011, respectively.
Gross margins declined due to the strategic decision to decrease prices to drive
increased volumes. Additionally, during the second half of fiscal 2012, the
Company transitioned its laboratory work in-house from a third-party CRO. While
this has resulted in increased costs during the transition, it is expected to
yield future savings. Finally, costs related to POS studies are expensed as
incurred, so expenses include ongoing costs related to 11 drug studies in
progress at April 30, 2012.
Research and development expense was $2.9 million for the years ended April 30,
2012 and 2011. Our research and development efforts are focused on growing our
Tumorbank, increasing our understanding of our TumorGraft models, their clinical
predictability, improving growth and tumor take rates, and other biological and
molecular characteristics of the models. In fiscal 2012, we increased these
efforts, but this was offset by decreased expenses incurred on testing
in-licensed compounds.
Sales and marketing expense was $2.9 million and $1.1 million for the years
ended April 30, 2012 and 2011, respectively, an increase of $1.8 million, or
170%. The increase for fiscal 2012 is primarily related to employee costs
associated with increases in our sales force and marketing expenses incurred in
connection with growing our POS and TOS businesses in the United States and in
our overseas operations.
General and administrative expense was $5.5 million and $4.6 million for the
years ended April 30, 2012 and 2011, respectively, an increase of $0.9 million,
or 18%. Stock-based compensation expense relating to general and administrative
expense was $3.0 million and $2.9 million for the years ended April 30, 2012 and
2011, respectively. Excluding stock-based compensation, general and
administrative expense increased $0.8 million, which primarily relates to the
expansion of our infrastructure, the addition of our corporate offices in New
Jersey, and other costs associated with the Company's growth strategy.
The Company's cash position on April 30, 2012 was $4.8 million.
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an
explanation of the amounts excluded to arrive at non-GAAP net loss and related
non-GAAP loss per share amounts for the fiscal years ended 2012 and 2011,
respectively. Non-GAAP financial measures provide investors and management with
supplemental measures of operating performance and trends that facilitate
comparisons between periods before and after certain items that would not
otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items
that management does not believe affect the Company's basic operations do not
meet the GAAP definition of unusual or non-recurring items. Non-GAAP net loss
and non-GAAP loss per share are not, and should not be viewed as a substitute
for similar GAAP items. We define non-GAAP diluted loss per share amounts as
non-GAAP net loss divided by the weighted average number of diluted shares
outstanding. Our definition of non-GAAP net loss and non-GAAP diluted loss per
share may differ from similarly named measures used by others.
Full details of the Company's financial results will be available in the
Company's Form 10-K at www.championsoncology.com.
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology drugs.
The Company's Tumorgraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the resulting engraftments, or
Tumorgrafts, in a manner that preserves the biological characteristics of the
original human tumor. The Company uses this technology in conjunction with
related services to offer solutions for two customer groups: Personalized
Oncology Solutions ("POS") in which physicians and patients looking for
information help guide the development of personalized treatment plans, and
Translational Oncology Solutions ("TOS") in which pharmaceutical and biotech
companies seeking personalized approaches to drug development can lower the cost
and increase the speed of developing new drugs and increasing the adoption of
existing drugs. The Company's Tumorgraft Technology Platform consists of
processes, physical tumors and information that we use to personalize the
development and use of oncology drugs. The Company is building its Tumorgraft
Technology Platform through the procurement, development and characterization of
numerous Tumorgrafts within each of several cancer types. Tumorgrafts are
procured through agreements with a number of institutions in the U.S. and
overseas as well as through its POS business. The Tumorgrafts are developed and
tested in the Company's laboratory facility in Baltimore, Maryland.
Our POS business offers physicians and patients information to help guide the
development of personalized treatment plans. Our core offering utilizes our
technology platform to empirically test the response of a patient's tumor to
multiple oncology drugs or drug combinations. The process begins by implanting a
fresh fragment of the patient's tumor, typically received within 24 hours of
surgery or biopsy, in a small colony of immune-deficient mice to grow the tumor
tissue. This colony is then expanded by implanting the grown tumor tissue into
subsequent generations of mice until a sufficient number of mice are available
for testing. At that point, the colony is allocated to different groups, and
each mouse in a group is dosed with a different drug or drug combination. The
response of the tumor in each mouse is tracked over time and analyzed to
determine which drug or drug combination is providing the highest level of tumor
growth inhibition. Our data demonstrates that there is a high correlation
between the response to drugs of the tumor in mice with the response of the
tumor in the patient.
This press release may contain "forward-looking statements" (within the meaning
of the Private Securities Litigation Act of 1995) that inherently involve risk
and uncertainties. Champions Oncology 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 Oncology's Form 10-K for the fiscal year
ended April 30, 2012 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 Oncology'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 Oncology's expectations, except as required
by law.
Champions Oncology, Inc.
(Dollars in thousands except per share amounts)
Reconciliation of GAAP to Non-GAAP Net Loss
Year Ended
April 30
2012 2011
Net loss - GAAP ($8,661) ($3,802)
Less: 3,323 3,133
Stock-based compensation
Net loss - non-GAAP ($5,338) ($669)
Reconciliation of GAAP to Non-GAAP Earnings Per Share (EPS)
Year Ended
April 30
2012 2011
EPS - GAAP ($0.19) ($0.11)
Less: 0.08 0.09
Effect of stock-based compensation on EPS
EPS - non-GAAP ($0.11) ($0.02)
Condensed Consolidated Income Statements (Unaudited)
Year Ended
April 30
2012 2011 % Change
POS operating revenue $2,332 $3,382 -31%
TOS operating revenue 4,817 3,500 38%
Total operating revenue $7,149 $6,882 4%
Cost of POS 2,356 1,665 42%
Cost of TOS 2,543 1,846 38%
Research and development 2,937 2,910 1%
Sales and marketing 2,928 1,085 170%
General and administrative 5,450 4,611 18%
Loss from Operations ($9,065) ($5,235) 73%
Other Income 402 1,444 -72%
Net Loss before income tax expense ($8,663) ($3,791) 129%
Income taxes (2) 11 -118%
Net Loss ($8,661) ($3,802) 128%
Earnings per share- basic and diluted ($0.19) ($0.11) 73%
Average Shares outstanding- basic and diluted 46,815,000 33,774,000
Condensed Consolidated Balance Sheets (Unaudited)
At
April 30,
2012 2011
Cash and cash equivalents $4,754 $10,457
Accounts receivable 584 585
Other current assets 205 793
Total current assets 5,543 11,835
Restricted cash 150 -
Property and equipment, net 560 146
Goodwill 669 669
Total assets $6,922 $12,650
Accounts payable and accrued liabilities $2,301 $1,882
Deferred revenue 1,185 1,618
Total current liabilities 3,486 3,500
Warrant liability 555 972
Redeemable common stock 8,159 8,159
Stockholders' equity (deficit) (5,278) 19
Total liabilities, redeemable common stock and stockholders' equity (deficit) ($6,922) ($12,650)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Year Ended
April 30
2012 2011
Cash flows from operating activities:
Net Loss ($8,661) ($3,802)
Adjustments to reconcile net cash used in operations:
Stock-based compensation expense 3,323 3,133
Depreciation expense 105 42
Change in fair value of warrant liability (417) 36
Other adjustments (2) 12
Changes in operating assets and liabilities 425 525
Net cash used in operating activities (5,227) (54)
Cash flows from investing activities:
Purchases of and proceeds from sales of property and equipment (519) (84)
Net cash used in investing activities: (519) (84)
Cash flows from financing activities:
Private placement of common shares and warrants (net of $305 in offering costs) - 9,095
Purchase of treasury stock - (1,033)
Proceeds from exercise of options and warrants 97 21
Net cash provided by financing activities: 97 8,083
Exchange rate effect on cash and cash equivalents (54) (60)
Increase (decrease) in cash and cash equivalents (5,703) 7,885
Cash and cash equivalents, beginning of year 10,457 2,572
Cash and cash equivalents, end of year $4,754 $10,457
Contact: Susan Foreman410-369-0365 X140
SOURCE Champions Oncology, Inc.
www.prnewswire.com
Copyright (C) 2012 PR Newswire. All rights reserved
-0-
KEYWORD: New Jersey
INDUSTRY KEYWORD: HEA
MTC
BIO
SUBJECT CODE: ERN
Champions Oncology Inc. Receives Approval from U.S. Regulatory Authorities
HACKENSACK, N.J., May 18, 2012 /PRNewswire/ -- Champions Oncology Inc. (CSBR.OB) announced today that it has received U.S. Clinical Laboratory Improvement Amendment (CLIA) certification from the Maryland Department of Health and Mental Hygiene Office of Health Care Quality required for the company to conduct medical laboratory tests.
The Company's President, Ronnie Morris, MD commented, "Obtaining CLIA approval is a significant milestone for our Company. This approval validates the quality of our laboratory, which operates with a focus on providing high quality services. This certification will reinforce to both our patients and sponsors who utilize our technology that we are achieving the high standards we set as a Company."
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs. The Company's Tumorgraft™ Technology Platform is a novel approach to personalizing cancer care based upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting engraftments, or Tumorgrafts™, in a manner that preserves the biological characteristics of the original human tumor. The Company uses this technology in conjunction with related services to offer solutions for two customer groups: Personalized Oncology Solutions ("POS") in which physicians and patients looking for information help guide the development of personalized treatment plans, and Translational Oncology Solutions ("TOS") in which pharmaceutical and biotech companies seeking personalized approaches to drug development can lower the cost and increase the speed of developing new drugs and increasing the adoption of existing drugs. The Company's Tumorgraft™ Technology Platform consists of processes, physical tumors and information that we use to personalize the development and use of oncology drugs. The Company is building its Tumorgraft™ Technology Platform through the procurement, development and characterization of numerous Tumorgrafts™ within each of several cancer types. Tumorgrafts™ are procured through agreements with a number of institutions in the U.S. and overseas as well as through its POS business. The Tumorgrafts™ are developed and tested through agreement with a United States-based preclinical facility.
The Company provides POS to oncologists by establishing and administering expert tumor panels for their patients to analyze medical records and test results, to assist in understanding conventional and experimental options and to identify and arrange for testing, analysis and study of the patients' cancer tissues, as appropriate. Additionally, the Company offers Personalized Tumorgraft™ development, drug studies and genome sequencing as part of its POS whereby physicians can evaluate the effects of cancer drugs on their patients' tumorgrafts and understand the genetic make-up of their patient's tumor enabling them to better select treatment regimens that may be efficacious to the patient.
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 Oncology 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 Oncology's Form 10-K for the fiscal year ended April 30, 2011 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 Oncology'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 Oncology's expectations, except as required by law.
CONTACT: Joel Ackerman, +1-201-808-8400
What do you think this is about?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
April 17, 2012
ORDER GRANTING CONFIDENTIAL TREATMENT
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Champions Oncology, Inc.
File No. 0-17263 - CF#28096
_____________________
Champions Oncology, Inc. submitted an application under Rule 24b-2 requesting
confidential treatment for information it excluded from the Exhibits to a Form 10-K filed
July 15, 2011, as amended on March 13, 2012.
Based on representations by Champions Oncology, Inc. that this information
qualifies as confidential commercial or financial information under the Freedom of
Information Act, 5 U.S.C. 552(b)(4), the Division of Corporation Finance has determined
not to publicly disclose it. Accordingly, excluded information from the following
exhibit(s) will not be released to the public for the time period(s) specified:
Exhibit 10.3 through April 30, 2016
For the Commission, by the Division of Corporation Finance, pursuant to
delegated authority:
Jennifer Riegel
Special Counsel
Champions Oncology Reports Fiscal 2012 Third Quarter Financial Results
HACKENSACK, N.J., March 14, 2012 /PRNewswire via COMTEX/ -- Champions Oncology, Inc. CSBR 0.00% reported the following results:
Fiscal Year 2012 Third Quarter Financial Results:
Operating revenues were $2.4 million and $2.8 million for the three months ended January 31, 2012 and 2011, respectively, and $5.8 million and $5.3 million for the nine months ended January 31, 2012 and 2011, respectively.
Total operating expenses were $4.2 million and $3.6 million for the three months ended January 31, 2012 and 2011, respectively, and $12.2 million and $7.7 million for the nine months ended January 31, 2012 and 2011, respectively.
Champions reported a net loss of $1.7 million, or ($0.04) per share and $0.4 million, or ($0.01) per share for the three months ended January 31, 2012 and 2011, respectively, and $6.1 million, or ($0.13) per share and $1.1 million, or ($0.03) per share for the nine months ended January 31, 2012 and 2011, respectively.
Champions recognized a net loss of $1.0 million, excluding stock based compensation of $0.7 million, or ($0.02) per share and net income of $0.8 million, excluding stock based compensation of $1.2 million, or $0.02 per share for the three months ended January 31, 2012 and 2011, respectively, and net losses of $3.5 million, excluding stock based compensation of $2.6 million, or ($0.07) per share and net income of $0.5 million, excluding stock based compensation of $1.6 million, or $0.01 per share for the nine months ended January 31, 2012 and 2011, respectively.
In fiscal 2011, the Company modified its POS business strategy to focus on growing its core technology products, which includes Tumorgraft implants and drug studies. As a result, the Company significantly reduced the price of the core technology products to make the products affordable to a broader patient based. In addition, the Company has increased spending on sales and marketing efforts to support this strategy. The Company will continue to offer related personalized oncology services to our customers, including personalized tumor panels and gene sequencing, however, we expect future POS revenue growth to be driven by our core products.
During fiscal 2012, the Company started transitioning the laboratory activities that support the POS and TOS services to our facility in Baltimore, MD. To facilitate this strategy and support the increase in current and expected volume, we have invested in the infrastructure and increased our laboratory staff and are evaluating options to increase our lab capacity to meet the future demand. We believe that bringing these activities in house will significantly reduce the cost of providing our services and allow us to maintain a more aggressive pricing strategy. We expect the transition to be largely complete by the end of the first quarter of fiscal 2013.
Operating Results
Revenues from Translational Oncology Services (TOS) were $1.7 million and $1.4 million for the three months ended January 31, 2012 and 2011, respectively, an increase of $0.3 million or 26%. TOS revenues were $3.9 million and $2.5 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $1.4 million or 56%. These increases in TOS revenues were due primarily to increased sales efforts and investments in growing our Tumorbank.
Cost of TOS was $0.8 million and $0.7 million for the three months ended January 31, 2012 and 2011, respectively, an increase of $0.1 million, or 16%. Cost of TOS was $1.9 million and $1.4 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $0.5 million, or 36%. The increase in cost of sales was due to increased sales volume of the TOS business.
Revenues from Personalized Oncology Services (POS) were $0.6 million and $1.4 million for the three months ended January 31, 2012 and 2011, respectively, a decrease of $0.8 million, or 54%. POS revenues were $1.8 million and $2.8 million for the nine months ended January 31, 2012 and 2011, respectively, a decrease of $1.0 million, or 35%. Panel revenue, a component of POS revenue, decreased $0.9 million and $1.0 million for the three and nine months ended January 31, 2012, respectively. This decrease is primarily attributable to a decrease in pricing per panel. Excluding panel revenue, POS revenue was $0.59 million and $0.5 million for three months ended January 31, 2012 and 2011, an increase of $0.09 million and $1.35 million and $1.32 million for nine months ended January 31, 2012 and 2011, respectively, an increase of $0.03 million. The Company experienced significantly higher volumes of implants and drug studies compared to the prior year. For the three months ended January 31, 2012, the Company performed 25 tumorgraft implants compared to one in the same quarter last year. For the nine months ended January 31, 2012, the Company performed 70 tumorgraft implants compared to nine in the prior year. For the three months ended January 31, 2012, the Company completed five drug studies compared to zero in the same quarter last year. For the nine months ended January 31, 2012, the Company completed nine drug studies compared to three in the prior year. However, the increase in volume was partially offset by a strategic decision to lower pricing for both the tumorgraft implants and drug studies.
Cost of POS was $0.5 million and $0.7 million for the three months ended January 31, 2012 and 2011, respectively, a decrease of $0.2 million, or 27%. Cost of POS was $1.5 million and $1.2 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $0.3 million, or 21%. The year to date increase in cost of sales corresponds to increased lab costs associated with increased volumes.
Research and development expense was $0.9 million and $0.4 million for the three months ended January 31, 2012 and 2011, respectively, an increase of $0.5 million. Research and development expense was $2.6 million and $2.1 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $0.5 million, or 21%. The increases from prior year periods are primarily related to increased costs resulting from our continued investment in our Tumorbank and technology platform.
Sales and marketing expense was $0.6 million and $0.2 million for the three months ended January 31, 2012 and 2011, respectively, an increase of $0.4 million. Sales and marketing expense was $1.9 million and $0.4 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $1.5 million. The increases from prior year periods are primarily related to our continued investment in the infrastructure in POS, increases in our sales force, and increases in marketing costs.
General and administrative expense was $1.3 million and $1.5 million for the three months ended January 31, 2012 and 2011, respectively, a decrease of $0.2 million, or 15%. Stock-based compensation was $0.7 million and $1.2 million for the three months ended January 31, 2012 and 2011, respectively. Excluding stock-based compensation, general and administrative expenses were $0.5 million and $0.3 million for the three months ended January 31, 2012 and 2011, an increase of $0.2 million. General and administrative expense was $4.4 million and $2.6 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $1.8 million, or 67%. Stock-based compensation was $2.6 million and $1.6 million for the nine months ended January 31, 2012 and 2011, respectively. Excluding stock-based compensation, general and administrative expenses were $1.8 million and $1.0 million for the nine months ended January 31, 2012 and 2011, respectively, an increase of $0.8 million. The increases from the prior periods are related to the expansion of our infrastructure, the addition of our corporate offices in New Jersey, and other costs associated with the Company's growth strategy.
For the third quarter of fiscal 2012, the Company reported a net loss of $1.7 million, or ($0.04) per share, compared to a net loss of $0.4 million, or ($0.01) 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 $0.8 million or ($0.02) per share, in the third quarter of 2012 compared to $1.2 million, or ($0.03) per share, in the third quarter of 2011.
The Company's cash position on January 31, 2012 was $6.5 million.
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an explanation of the amounts excluded to arrive at non-GAAP net loss and related non-GAAP loss per share amounts for the fiscal second quarter ended, 2012 and 2011, respectively. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company's basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net loss and non-GAAP loss per share are not, and should not be viewed as a substitute for similar GAAP items. We define non-GAAP diluted loss per share amounts as non-GAAP net loss divided by the weighted average number of diluted shares outstanding. Our definition of non-GAAP net loss and non-GAAP diluted loss per share may differ from similarly named measures used by others.
Full details of the Company's financial results will be available in the Company's Form 10-Q at www.championsoncology.com .
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs. The Company's Tumorgraft(TM) Technology Platform is a novel approach to personalizing cancer care based upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting engraftments, or Tumorgrafts(TM), in a manner that preserves the biological characteristics of the original human tumor. The Company uses this technology in conjunction with related services to offer solutions for two customer groups: Personalized Oncology Solutions ("POS") in which physicians and patients looking for information help guide the development of personalized treatment plans, and Translational Oncology Solutions ("TOS") in which pharmaceutical and biotech companies seeking personalized approaches to drug development can lower the cost and increase the speed of developing new drugs and increasing the adoption of existing drugs. The Company's Tumorgraft(TM) Technology Platform consists of processes, physical tumors and information that we use to personalize the development and use of oncology drugs. The Company is building its Tumorgraft(TM) Technology Platform through the procurement, development and characterization of numerous Tumorgrafts(TM) within each of several cancer types. Tumorgrafts(TM) are procured through agreements with a number of institutions in the U.S. and overseas as well as through its POS business. The Tumorgrafts(TM) are developed and tested through agreement with a United States-based preclinical facility.
The Company provides POS to oncologists by establishing and administering expert tumor panels for their patients to analyze medical records and test results, to assist in understanding conventional and experimental options and to identify and arrange for testing, analysis and study of the patients' cancer tissues, as appropriate. Additionally, the Company offers Personalized Tumorgraft(TM) development, drug studies and genome sequencing as part of its POS whereby physicians can evaluate the effects of cancer drugs on their patients' tumorgrafts and understand the genetic make-up of their patient's tumor enabling them to better select treatment regimens that may be efficacious to the patient.
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 Oncology 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 Oncology's Form 10-K for the fiscal year ended April 30, 2011 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 Oncology'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 Oncology's expectations, except as required by law.
Champions Oncology, Inc.
Reconciliation of GAAP to Non-GAAP Net Loss
(Dollars in thousands except per share amounts)
Three Months Nine Months
Ended Ended
January 31, January 31,
2012 2011 2012 2011
Net loss attributable to Champions - GAAP ($1,719) ($415) ($6,111) ($1,060)
Less: 743 1,209 2,612 1,578
Stock-based compensation
Net income (loss) attributable to Champions-non-GAAP: ($976) $794 ($3,499) $518
Net income (loss) per common share attributable to Champions - non GAAP:
Basic and diluted ($0.02) $0.02 ($0.07) $0.01
Champions Oncology Reports Fiscal 2012 Second Quarter Financial Results
HACKENSACK, N.J. , Dec. 14, 2011 /PRNewswire/ -- Champions Oncology, Inc. (OTC: CSBR.OB - News) reported the following results:
Fiscal Year 2012 Second Quarter Financial Results:
Operating revenues were $1.7 million and $0.9 million for the three months ended October 31, 2011 and 2010, respectively, and $3.4 million and $2.5 million for the six months ended October 31, 2011 and 2010, respectively.
Total operating expenses were $4.2 million and $1.9 million for the three months ended October 31, 2011 and 2010, respectively, and $8.0 million and $4.1 million for the six months ended October 31, 2011 and 2010, respectively.
Champions reported a net loss of $2.3 million , or ($0.05) per share and $0.05 million , or ($0.00) per share for three months ended October 31, 2011 and 2010, respectively, and $4.4 million , or ($0.09) per share and $0.65 million , or ($0.02) per share for the six months ended October 31, 2011 and 2010, respectively.
Champions recognized a net loss of $1.5 million , excluding stock based compensation of $0.9 million , or ($0.03) per share and net income of $0.1 million , excluding stock based compensation of $0.2 million , or $0.00 per share for three months ended October 31, 2011 and 2010, respectively, and net losses of $2.5 million , excluding stock based compensation of $1.9 million , or ($0.05) per share and $0.3 million , excluding stock based compensation of $0.4 million , or ($0.01) per share for the six months ended October 31, 2011 and 2010, respectively.
Operating Results
Revenues from Transitional Oncology Services (TOS) were $1.2 million and $0.6 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.6 million or 100%. TOS revenues were $2.2 million and $1.1 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $1.1 million or 100%. These increases in TOS revenues were due primarily to the Company's increased sales efforts and investments in its technology platform.
Cost of TOS was $0.6 and $0.4 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.2 million , or 50%. Cost of TOS was $1.1 million and $1.0 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $0.4 million , or 57%. The increase in cost of sales was due to increased sales volume of the TOS business.
Revenues from Personalized Oncology Services (POS) were $0.6 million and $0.3 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.3 million , or 100%. POS revenues were $1.2 million and $1.4 million for the six months ended October 31, 2011 and 2010, respectively, a decrease of $0.2 million , or 14%. The six month decrease can be attributed to the Company's strategic decision to reengineer its products to facilitate lower price points which are expected to result in higher volumes. The Company experienced significantly higher volumes compared to the prior year, but they were not sufficient to overcome the impact of price decreases.
Cost of POS was $0.5 and $0.2 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.3 million , or 150%. Cost of POS was $0.9 million and $0.5 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $0.4 million , or 80%. The increase in cost of sales corresponds to the higher sales volumes achieved in fiscal year 2012.
Research and development expense was $1.0 million and $0.7 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.3 million , or 43%. Research and development expense was $1.6 million and $1.5 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $0.1 million , or 7%. The increase from prior year periods was primarily related to our continued investment in growing our technology platform.
Sales and marketing expense was $0.7 million and $0.1 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.6 million . Sales and marketing expense was $1.3 million and $0.1 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $1.2 million . The year to date increase is primarily related to an increase in our costs associated with increasing our sales force to align with the Company's growth strategy.
General and administrative expense was $1.5 million and $0.6 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.9 million . General and administrative expense was $3.1 million and $1.3 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $1.8 million . These increases are primarily related to an increase in stock-based compensation and an increase in Company personnel due to growth.
For the second quarter of fiscal 2012, the Company reported a net loss of $2.3 million , or ($0.05) per share, compared to a net loss of $0.05 million , or ($0.00) 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 $0.9 million or ($0.02) per share, in the second quarter of 2012 compared to $0.2 million , or ($0.00) per share, in the second quarter of 2011.
The Company's cash position on October 31, 2011 was $7.1 million .
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an explanation of the amounts excluded to arrive at non-GAAP net loss and related non-GAAP loss per share amounts for the fiscal second quarter ended, 2012 and 2011, respectively. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company's basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net loss and non-GAAP loss per share are not, and should not be viewed as a substitute for similar GAAP items. We define non-GAAP diluted loss per share amounts as non-GAAP net loss divided by the weighted average number of diluted shares outstanding. Our definition of non-GAAP net loss and non-GAAP diluted loss per share may differ from similarly named measures used by others.
Full details of the Company's financial results will be available in the Company's Form 10-Q at www.championsoncology.com.
About Champions Oncology, Inc.
Champions Oncology, Inc. is engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs. The Company's Tumorgraft™ Technology Platform is a novel approach to personalizing cancer care based upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting engraftments, or Tumorgrafts™, in a manner that preserves the biological characteristics of the original human tumor. The Company uses this technology in conjunction with related services to offer solutions for two customer groups: Personalized Oncology Solutions ("POS") in which physicians and patients looking for information help guide the development of personalized treatment plans, and Translational Oncology Solutions ("TOS") in which pharmaceutical and biotech companies seeking personalized approaches to drug development can lower the cost and increase the speed of developing new drugs and increasing the adoption of existing drugs. The Company's Tumorgraft™ Technology Platform consists of processes, physical tumors and information that we use to personalize the development and use of oncology drugs. The Company is building its Tumorgraft™ Technology Platform through the procurement, development and characterization of numerous Tumorgrafts™ within each of several cancer types. Tumorgrafts™ are procured through agreements with a number of institutions in the U.S. and overseas as well as through its POS business. The Tumorgrafts™ are developed and tested through agreement with a United States -based preclinical facility.
The Company provides POS to oncologists by establishing and administering expert tumor panels for their patients to analyze medical records and test results, to assist in understanding conventional and experimental options and to identify and arrange for testing, analysis and study of the patients' cancer tissues, as appropriate. Additionally, the Company offers Personalized Tumorgraft™ development, drug studies and genome sequencing as part of its POS whereby physicians can evaluate the effects of cancer drugs on their patients' tumorgrafts and understand the genetic make-up of their patient's tumor enabling them to better select treatment regimens that may be efficacious to the patient.
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 Oncology 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 Oncology's Form 10-K for the fiscal year ended April 30, 2011 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 Oncology'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 Oncology's expectations, except as required by law.
Champions Oncology, Inc. Appoints Executive Vice President and Chief Financial Officer to Management Team and Corporate Office Relocation
| 11:23 AM | By PR Newswire Association LLC. |
11-01-2011 OTC and PINK News.
HACKENSACK, N.J., Nov. 1, 2011 /PRNewswire/ -- Champions Oncology, Inc. ("Champions" or the "Company") (OTC Bulletin Board: CSBR) , a company engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs, has...
Related News: Similar Content, By PR Newswire Association LLC., Personnel Announcements
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Lumdus, I agree with your last post. My e-mail to the C.E.O. was very strong and indicated that there were disgruntled investors that were disappointed that the only potential possible cancer curing compound was going to be placed in a new Company. Thus, the clarification. I am also pretty sure that they were thinking of the formation of a new company to develop and market any potential cancer curing compounds more than six months ago when they initially noted that they were no longer going to develop compounds in CSBR. The development and marketing of such compunds is simply too expensive and CSBR can no longer offer a big enough "piece of the pie" for new investors to be interested. I must wait for an announcement from CSBR detailing what the new arrangements will be, the percentage of the minority interest of CSBR in the new company and the percentage of the insiders of CSBR that has partial ownership in the new company. I am pretty sure that I may not be able to get the latter information. However, after saying this, I am still very bullish on the stock of CSBR. One thing that does get my attention is the purchase of 3,000,000 shares of CSBR by Battery Partners, only about a month ago, from the original shareholder. They bought these number of shares after they must have known about the new arrangement. I can not think of another reason that they would do this.
We must all wait until the deal is disclosed. Again, I repeat, that it is premature to make any investment decision as to whether the deal would be good or bad for CSBR. At this point based on everything that I currently know through the papers and through everything that I have seen regarding the chief executives getting stock compensation instead of cash compensation, I believe that this decision will be the best for the Company and for the shareholders since the motivation of management is to make it that way. These are very sharp people and businessmen that will be making this decision to sell them short, at this time, I believe would be a poor investment decision.
I absolutely agree Lumdus.
This is business, and has nothing to do with the integrity and accomplishments of Dr.Sidransky and Co.
The nature of this business is very competitive, cut throat and very expensive.
We are all on the same team. Quite Frankly I understand why they are doing it, and it makes total sense. This is a business decision, but it has to be disclosed and I believe it will be. In the business world, timing is everything.
It's just a stock, and all equities have risk.
Hi Fred,
The author of the article didn't make up the information he wrote about. He was fed the information and briefed on the opportunity. Make no mistake about it, the one drug compound that we have is going into this new company and we will end up with a minority share, not a majority share. I believe, as the article stated, that this is a done deal but will be finalized by the end of the year.
The PR didn't deny the formation of the new company. All they did was discuss the one drug compound they have and mention that the deal hasn't been finalized. The fact that the deal hasn't been finalized is probably true in a technical sense but in concept it is done. You'll see that I am most probably correct by the end of the year. One caveat... if shareholders voice their disapproval of giving away the compound, then they might be able to reformulate the deal before it is inked in a signed agreement.
I think that the reason they issued the press release is because the information from the Israeli press made it to unknowing shareholders like yourself. Your email was the catalyst that let them know that shareholders are aware of their plans.
Setting up the new company isn't the biggest news since the company already declared they are exiting the product development space. Because I am suspicious, I assume they knew they were setting up the new company before they announced they were exiting the space, but I don't have proof of that. Just a hunch. They had to issue the PR about our sole compound because it directly and significantly affects our valuation and is the type of information that would lead to a lawsuit if not announced.
The PR, in what it covers and in what it doesn't cover, tells you that there is a new company being set up. That is 100%. I also think it is currently 100% that our drug will have a new home.
I appreciate all of your other conjectures but we were really only discussing this point, not Teva, David Sidransky and his intelligence, Battery Partners, and everything else. I am long the stock, waiting for their story to be publicized, and waiting very, very patiently for the stock to reflect their value.
We're on the same team.
I respectfully disagree with you for Lumdus for the reasons that I mentioned in my previous messages.. I brought the situation to the attention of Joel Ackerman on the 16th of this month (Saturday)through an email and that is why there was a correction in what was stated in the Israeli newspaper. The Company will not give away any compound without getting something in return for it. As I mentioned, The Company six months ago decided not to in-license any more compunds since the cost to license these compounds and bring them to fruition is simply too much and involves an awful lot of capital. Money people are not willing to place their investments in CSBR for a small slice of the action of new drugs They would rather place it in a Company where they get a bigger slice of the pie. Bringing a compound through testing and marketing is a very expensive and risky business. I believe that CSBR is negotiaiting with Tevi Pharmaceutical, the largest pharmaceutical Company in Israel and one of the largest in the world, to obtain more drugs for its testing on the tumorgraft platform. This will increse the revenues in CSBR. At the same time, they will gain advantage of any cancer curing drug potentail that they discover through their supposed minority interest in the new Company as well as perhaps getting some sort of royalty or other revenue stream fromk these potential cancer curing drugs. I believe that the article mentioned that Sidransky is in Israel on a sabbatical. I believe that Sidransky may be in Israel to negotiate a deal with Tevi. This is the Company that acquired Cephelon with whom CSBR has a contract. For the time being, I believe that CSBR is doing the right thing by operating the Company as frugally as possible while at the same time taking advantage of any drug that it might discover that has good potential. Dr. Sidransky, besides being one of the finest oncologist and scientists in the world, is also a very shrewd business man. If you sell him short you do so at your own investment peril. I have been and still am bullish on CSBR until some strong evidence indicates that I should no longer take that stand. Again, Battery Partners just bought 3,000,000 shares of the Company about a month ago. I am certain that they do not like to throw aweay money. They know something that we do not and that will become apparent soon. For the time being, CSBR investors would be smart to wait for the outcome of Dr. Sidransky's negotiations. If anything, I would be a buyer of CSBR stock at this point. The incentive of management is obvious. Just about all of them have received stock compensation and not monetary compensationm. No person in his right mind would do that if he did not feel that the Comopany had some real good potential to make it big.
Interesting Press Release...
Instead of the press release discussing the new subsidiary, Guy Malchi's new employment, etc., it only mentions that no final decision has been made regarding our one compound. What's not mentioned is what is really interesting!
It could be that CSBR hasn't made a final decision but the article made it real clear, without any doubts. Mark my words, our one compound will be in that subsidiary by years end, just as the article mentioned. It's all been worked out, just not announced. I bet the only reason they issued the PR was because they got scared that a piece of relevant information leaked to the Israeli press before they announced it to shareholders. That drug compound contributes serious value to CSBR and losing it could affect their valuation.
It is my opinion that CSBR has reached the conclusion that the development of cancer curing drugs and the further testing and marketing of these drugs on a joint venture basis is simply too expensive. So, except for the drug that they currently have, they are no longer going to in- licenese any more possible cancer curing drugs but instead they will receive a minority interest in a Company yet to be foremd in which they will send to that Company drugs that show promise for possibly helping to cure certain cancers. It is possible that they will joint venture with the Company or possibly receive a royalty from the new company as well as hold a minority interest in the new company. In this way they could avoid the huge expense in the licensing and developing of new drugs while, at the same time, obtain a financial interest through a minority interest in the new company. All of this still remains to be worked out and i feel it is simply too early to reach any conclusions as to the effect that this will have on CSBR on a cumulative basis when all things are considered. I believe that CSBR remains a strong investment ooportunity.
I guess that the email that I wrote to Joel Ackerman, C.E.O. of CSBR on July 16th, 2011 really worked. I brought the situation to his attention and he has clarified the story. The rest of his statement is consisitent with previous announcements as I had previously indicated. He did not say anything about any minority interest situations with a Company yet to be formed. I guess that, at this point, he does not want to go on record as saying anything about that situation until somewhere down the road. When the situation clarifies itself, I am certain that he will make an announcement.
Champions Oncology Reports Full Year 2011 Financial Results
9:00 am ET 07/15/2011 - PR Newswire
BALTIMORE, July 15, 2011 /PRNewswire/ -- Champions Oncology, Inc., formerly Champions Biotechnology, Inc., (OTC: CSBR):
Highlights:
•Company completes $9.4 million financing during 2011
•Revenue growth of 41% to $6.9 million•Net loss of $3.8 million; excluding stock based compensation a net loss of $0.7 million*
•Net loss of ($0.10) per share; net loss excluding stock-based compensation of ($0.02) per share*
•Cash of $10.5 million at year end
Annual 2011 Financial Results:
For its fiscal year 2011, Champions generated revenue of $6.9 million, an increase of $2 million or 41%, compared to fiscal year 2010.
Champions also reported a net loss of $3.8 million, or ($0.10) per share, compared to a net loss of $2.9 million, or ($0.09) per share, in the corresponding prior year.
However, excluding stock based compensation* of $3.1 million, Champions recognized net loss of $0.7 million, or ($0.02) per share for 2011 compared to a net loss of $2.3 million excluding stock based compensation* of $0.6 million, or ($0.07) per share for 2010.
Services Revenues
Total revenues for fiscal 2011 were $6.9 million compared to $4.9 million for fiscal 2010, an increase of $2.0 million, or 41%. Revenues from Personalized Oncology Solutions, ("POS"), were $3.4 million compared to $3.2 million in the prior year, an increase of $0.2 million, or 6%. Revenues from Translational Oncology Solutions, ("TOS"), previously referred to as Preclinical eValuation services, were $3.5 million for 2011 as the compared to $1.7 million in the prior year, an increase of $1.8 million, or 108%.
Costs of POS for the fiscal year 2011 and 2010 were $1.6 million and $1.1 million, respectively, an increase of $0.5 million, or 44%. The increase in costs for POS was due to the increased volume of POS business. For the fiscal year 2011 and 2010, gross margins for POS were 53% and 65%, respectively. The decrease in gross margin was attributable to the reduction in POS prices that the Company has instituted to increase affordability and market potential of the services being offered.
Costs of TOS for the fiscal year 2011 and 2010 were $1.5 million and $0.8 million, respectively, an increase of $0.7 million, or 93%. For the fiscal year 2011 and 2010, gross margins for TOS was 56% and 53%, respectively.
Research and Development
Research and development, or R&D, expenses for fiscal year 2011 and 2010 were $3.0 million and $2.6 million, respectively, an increase of $0.4 million, or 12%. The increase in R&D expenses in 2011 was primarily due to the Company's increased spending on its technology platform and Tumorgraft testing on the company's in-licensed compounds.
General and Administrative
General and administrative, or G&A, expenses for the fiscal year 2011 and 2010 were $4.6 million and $2.8 million, respectively, an increase of $1.8 million, or 67%. The increase was primarily due to the $2.3 million of non-cash stock-based compensation expense related to stock options issued to the Company's Chief Executive Officer and President.
Sales and Marketing
Sales and marketing expenses for the fiscal year 2011 and 2010 were $1.4 million and $0.5 million, respectively, and increase of $0.9 million or 173%. The increase was primarily due to the hiring of additional sales employees and $0.3 million in new marketing efforts.
Other Income (Expense), Net
Other income (expense), net for the fiscal year 2011 was $1.5 million, which primarily relates to grant income earned under the Qualifying Therapeutic Discovery Project program administered under Section 48D of the Internal Revenue Code based on the qualifying expenses incurred through the fiscal year ended April 30, 2011.
Cash and Cash Equivalents
The Company's cash position on April 30, 2011 was $10.5 million compared to $2.6 million on April 30, 2010.
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Income (Loss) for an explanation of the amounts excluded to arrive at non-GAAP net income (loss) and related non-GAAP earnings (loss) per share amounts for the fiscal year ended, 2011 and 2010, respectively. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company's basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net income (loss) and non-GAAP earnings (loss) per share are not, and should not be viewed as a substitute for similar GAAP items. We define non-GAAP diluted earnings per share amounts as non-GAAP net income divided by the weighted average number of diluted shares outstanding. Our definition of non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share may differ from similarly named measures used by others.
Full details of the Company's financial results will be available in the Company's Form 10-K at www.championsoncology.com.
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.
Hi again Beaner:
I believe that every new potential drug product will have to pass through CSBR to determine whether the drug passes the test of our tumorgraft technology. If it does, then it will be passed on to the new Company. I should point out that there were several drugs that went through the tumorgraft platform that did not pass this test. However, CSBR got paid for the testing procedures on its tumorgraft platform. That is why, I believe, that this may be a net positive for CSBR. When CSBR was going to set up a library of potential cancer curing drugs it had to pay for the rights up front and then if the drug did not draw muster, it lost money on it. I repeat, I believe that this could be a positive for CSBR by increasing substantially its tumorgraft testing procedures on thes drugs and thus increasing CSBR's revenues. It also gives CSBR the opportunity through increased successful usage of its platform that it should gain interest of other biotechnology and pharmacy companies in using that platform. I would not make a decision as to whether or not this is a good or bad thing for CSBR until I had additional information.
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CSBR.OB - CHAMPIONS BIOTECHNOLOGY, INC.
Website:http://www.championsbiotechnology.com/
Edgar Filings:
http://www.sec.gov/cgi-bin/browse-edgar?company=Champions+Biotechnology&CIK=0001041771&filenum=&State=&SIC=&owner=include&action=getcompany
2200 Wilson Blvd, Suite 102-316, Arlington, VA 22201
703-526-0400
Primary State of Incorporation: Delaware
James Martell, Chairman/President/CEO
James E. McCollam, Secretary
On February 14, 2007, the Registrant agreed to acquire all of the patent rights underlying pending U.S. Patent Application no. 11/673,519 and corresponding international patent application (PCT/US2006/014449) filed under the Patent Cooperation Treaty (PCT), both entitled “Design and Synthesis of Novel Tubulin Polymerization Inhibitors: Benzoylphenylurea (BPU) Sulfur Analogs.” The acquisition represents the commencement of the Registrant’s strategy to develop a biotechnology business based on therapeutic drug candidates among other possible ventures.
The purchase price for the patent rights consisted of an aggregate of up to 550,000 restricted shares of common stock, of which 300,000 restricted shares were issued upon execution of the acquisition agreement and 250,000 restricted shares are issuable upon the issuance of one or patents based on U.S. Patent Application no. 11/673,519. The Registrant has 27,624,658 issued and outstanding common shares and of those, 19,573,000 are restricted common shares.
On January 5, 2007, the Registrant agreed to issue 7,000,000 shares of common stock toDr. David Sidransky, an individual investor, for an aggregate purchase price of $28,000. These securities were issued pursuant to a privately negotiated transaction without an underwriter in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act.
On January 3, 2007, the Registrant agreed to issue 2,500,000 shares of common stock to Dr. Manuel Hidalgo, an individual investor, for an aggregate purchase price of $10,000. These securities were issued pursuant to a privately negotiated transaction without an underwriter in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act.
David Sidransky, M.D.
http://www.cnn.com/SPECIALS/2001/americasbest/science.medicine/pro.dsidransky.html
David Sidransky, M.D., has served as a director of the ImClone Systems, since January 2004. On June 15, 2005, Dr. Sidransky was named Vice Chairman of the Board of Directors. Dr. Sidransky is the Director of the Head and Neck Cancer Research Division at Johns Hopkins University School of Medicine. He is a founder of several private biotechnology companies and has served on scientific advisory boards of many private and publicly traded companies, including MedImmune Inc., Telik Inc., Roche, and Amgen Inc. Dr. Sidransky is also a director of Alfacell Inc. He was formerly on the Board of Scientific Counselors at the National Institute of Dental and Craniofacial Research and a member of the Recombinant DNA Advisory Committee at the National Institute of Health. Dr. Sidransky serves on numerous editorial boards and is Senior Editor of Clinical Cancer Research. In addition, he is a Professor of Oncology, Otolaryngology-Head and Neck Surgery, Cellular & Molecular Medicine, Urology, Genetics, and Pathology at Johns Hopkins University and Hospital. Dr. Sidransky is certified in Internal Medicine and Medical Oncology by the American Board of Medicine. He has over 250 peer-reviewed publications, and has contributed more than 40 cancer reviews and chapters and also has numerous issued biotechnology patents. He has been the recipient of many awards and honors, including the 1997 Sarstedt International Prize from the German Society of Clinical Chemistry, the 1998 Alton Ochsner Award
Link to David Sidransky's patents:
http://www.google.com/patents?client=firefox-a&lr=&q=David+Sidransky&ie=ISO-8859-1&s....
Manuel Hidalgo, M.D., Ph.D.
-Associate Professor of Oncology at the Johns Hopkins Institute.
-M.D.,University Navarra Medical School, Pamplona, Spain
-Ph.D., Infectious Diseases in Cancer, Univeristy Autonoma, Madrid, Spain
-Fellowship (Medical Oncology) University Hospital “12 de Octubre”, Madrid, Spain
-Research Fellow, University Hospital “ 12 de Octubre”, Madrid, Spain
-Clinical Research Fellow, Cancer Therapy and Research Center, San Antonio, TX
-Board Certification in Medical Oncology
-Clinical Interests: Stomach cancer, Colon and rectum cancers, Pancreas cancer, Biliary Tract cancer, Gallbladder cancer.
Dr. Hidalgo is considered a leading researcher in the development of targeted therapies for the treatment of cancer in patients with solid tumors. His research focuses on optimizing the clinical development of novel treatments by measuring target receptor and molecular anomalies, as well as analyzing the biological activity in tumor and normal tissues of patients treated with specific therapies. Dr. Hidalgo is the Principal Investigator in four new clinical studies started within the last year at the Drug Development Program at the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins University School of Medicine.
Link to Manuel Hidalgo's patents:
http://www.google.com/patents?client=firefox-a&lr=&q=Manuel+Hidalgo&ie=ISO-8859-1&sp...
OS: 31,624,658 issued and outstanding common shares
Restricted: 23,573,000
Float: 8,051,658
Transfer Agent: Integrity Stock Transfer, Las Vegas, NV 89120
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News Items and Filings
Champions Biotechnology to Deploy its Technology to Guide Development of Oncology Therapeutic for Global Biotech Leader |
BALTIMORE, Sept. 1 /PRNewswire-FirstCall/ -- Champions Biotechnology, Inc. (OTC:CSBR) (BULLETIN BOARD: CSBR) , a company engaged in the development of advanced preclinical platforms and tumor specific data to enhance the value of oncology drugs, has established yet another agreement with a large biotechnology company for the evaluation of a novel oncology therapeutic in Champions' Biomerk Tumorgraft(TM) platform. By maintaining the fundamental genotypic features of the original human tumor along with the stromal components, the Biomerk Tumorgraft preclinical platform enables identification of the most promising development path for a compound in terms of indication, drug combination, and target patient population. The platform also has the potential to identify gene pathways of response and resistance as well as prognostic molecular biomarkers. "We are excited to continue the growth of our impressive client base and begin working with one of the most respected global leaders in the discovery and development of novel therapies," said Doug Burkett, Ph.D., President of Champions Biotechnology, Inc. "Studies suggest that evaluation of oncology compounds through our Biomerk Tumorgraft platform will lead to more successful and efficient clinical development. The value-added by an optimally targeted, more efficient clinical path can result in cost savings, improved clinical and commercial success and significantly more years of patent life following commercialization." About Champions Biotechnology, Inc. Champions Biotechnology, Inc. is engaged in the development of advanced preclinical platforms and tumor specific data to enhance and accelerate the value of oncology drugs. The Company's Preclinical Platform is a novel approach based upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting engraftments (Biomerk Tumorgrafts(TM)) in a manner that preserves the biological characteristics of the original human tumor. Early studies suggest that unlike traditional xenografts, these Tumorgrafts closely reflect human cancer biology and their response to drugs is 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. As drugs progress through early stage 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 in models that integrate prognostic testing with biomarker discovery. http://www.championsbiotechnology.com/http://www.personalizedcancertreatment.com/
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