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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)
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
Hmmmm. Well, I bought SOMETHING in 2007. It's in my Scottrade account as EaglePicher Inc, symbol EGLP. It was a long shot, but I'm not gonna throw them away just yet.
HH718, looking forward to reading what you can find out, if anything. Thanks!
Yeah, I've had those in my account for years, along with several other spinoff/dividend restricted shares I got from other penny stocks that never went anywhere. Not really expecting anything. The shares are listed in my Scottrade account this way:
(TSIN) TSINGDA EEDU CORP RSTD
Can't trade 'em. Can't even have them removed from my account.
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
My experience has been that there is no fee when a company is just doing a reverse split and nothing more. But in this case, we have two companies merging, so the entity is being "reorganized."
And they also charged me a $20 reorg fee. Thanks a lot.
Scottrade now has the post-split shares showing in my account. Happened after the close today.
EastBridge Investment Group Announces Completion of its Merger with Cellular Biomedicine Group - Shareholder Conference Call to be held February 8th
PHOENIX, Feb. 7, 2013 /PRNewswire/ --EastBridge Investment Group Corporation (EBIG), a provider of financial consulting services to companies in Asia and the United States ("EBIG"), today announced that on February 6, EBIG and Cellular Biomedicine Group ("CBMG") executed all documentation and filed the Articles of Merger with the Registry of Corporate Affairs of the British Virgin Islands with respect to the consummation of the merger of CBMG with CBMG Acquisition Limited, a wholly-owned subsidiary of EBIG. The merged company is a wholly-owned subsidiary of EBIG. EBIG continues to operate under the corporate name "EastBridge Investment Group Corporation", a Delaware corporation, and its common stock continues to be quoted on the OTCQB under stock symbol "EBIGD".
A shareholder conference call is scheduled for February 8, 2013, at 11:00am EST, for questions and answers with the new corporate management team of EastBridge. Dial-in numbers for both domestic and international calls are listed below. You may also listen to a replay of the conference call by dialing the appropriate number and access code below. A replay of the conference call will be available on the company's website following the call.
Participants Dial-In Numbers
Toll-Free (US & Canada) (888) 390-3983
International (201) 604-5105
Dialing In For Conference Recording Playback
1. Dial 888-632-8973, or 585-295-6791 if you are calling from outside the USA.
2. At the system prompt, dial your replay code (80529152) followed by the # sign.
About Cellular Biomedicine Group
Cellular Biomedicine Group, Ltd. develops proprietary cell therapies for the treatment of certain cancer and degenerative diseases. Our developmental stem cell, progenitor cell, and immune cell projects are the result of collaborative research and development between scientists and doctors from the U.S. and China. Our flagship GMP facility, consisting of eight independent cell production lines, is designed, certified and managed according to U.S. standards. To learn more about CBMG, please visit: www.cellbiomedgroup.com
About EastBridge
EastBridge Investment Group focuses on high-growth companies in Asia and in the United States, offering assistance with all aspects of IPOs, joint ventures and merchant banking services. EastBridge targets industries in the fields of electronics, real estate, auto, metal, energy, environmental, bioscience and retail food distribution. To learn more about EastBridge Investment Group go to our web site: www.EbigCorp.com. To receive EBIG's email alert, send a blank email to info@EbigCorp.com.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although EastBridge and CBMG believe the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. Neither EastBridge nor CBMG has any obligation to update these forward-looking statements other than as required by law.
Contact:
Jeff Ramson
Investor Relations
ProActive Capital Group
646-863-6341
Sarah Kelly
Director of Corporate Communications, CBMG
sarah.kelly@cellbiomedgroup.com
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
Dunno, but hope the bid goes up with it...
CAMELOT CORPORATION (NV)
Price
0.76
Change
+0.51
(204%)
Bid
0.25[+]
Ask
0.75
Open
0.51
Volume
4,096
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
Yeah, better than nothing...though not too happy about the $20 that Scottrade took out as a "reorg fee" (but not surprised by it...that what banks and brokers do).
Bought a boatload of shells years ago. Small positions...just kind of a "lottery ticket" approach. Only had one that paid off. The rest have evaporated in one way or another. Just a couple remain. I don't buy them anymore. This NCMV situation is certainly unique, I must say. Never had one go out like this. Guess I'll take my 3.5 cents down to Burger King.
I hope you are right, but the word "fractional" spells doom to me, since fractional shares can only be created by a reverse split.
Well, I own less than 3,356,315 shares, so tomorrow I'll have a fraction of one share, worth a whopping 3.5 cents.
Livin' the dream!
China cuts rare-earth minerals production
BEIJING, Aug. 8 (UPI) -- China said it will impose a 20 percent cut in production of rare earths, minerals crucial to the world technology sector.
China said it was changing its production rules -- which will idle a third of the country's 23 mines and about half of its 99 smelting facilities, to improve the environment and consolidate the industry, CNN reported Wednesday.
Rare earths are 17 minerals having magnetic and conductive properties that used in electronic devices such as flat-screen televisions, smart phones, hybrid cars and weapons. Nearly all of the rare earths are from China.
The production cut threatens to agitate trade tensions between China and the United States, observers said. The United States, Japan and the European Union have complained to the World Trade Organization that China's export restrictions on rare earths violate international trade rules.
The new regulations are designed to boost the minimum annual output at mines to 20,000 metric tons and 2,000 tons per year for smelting operation, which Chinese officials say will help shutter smaller operations.
http://www.upi.com/Science_News/Technology/2012/08/08/China-cuts-rare-earth-minerals-production/UPI-77521344430266/
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.
Various sites tell different stories. I think they're all just guessing. This one shows August 6 for both NLY and CIM: Earnings Calendar
Oh, I definitely saw 6.99. Wanted to buy then, but didn't have the funds. By the time I got money into my account, the price was up to 7.24 (hey...at least I'm still green). Go ARR.
More accurately, moved to OTCQB.
I should clarify that as a move to the OTCQB, not the full-blown pinks...
Rule 15c2-11
Nothing to get too excited about. I've seen this happen many times before, and it usually has little to no impact on a stock.
See also: prior post
"All companies quoted on the OTCBB must maintain at least one registered market maker."
Rule 15c2-11
Yesterday's list was one of the longest I've ever seen.
All of the tickers being moved to the pinks had the same reason listed:
"Ineligible for quotation on OTCBB due to quoting inactivity under SEC Rule 15c2-11"
Moved to Pink Sheets:
http://www.otcbb.com/asp/dailylist_detail.asp?d=07/23/2012&mkt_ctg=NON-OTCBB
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
Glad to help. And, just my two cents...I don't "trade" high-yield div stocks like ARR. To me, these are for buying and holding. And as more money becomes available, I buy more shares. Sit back and let the income roll in. With yields like these, I don't worry about share price. If you're an active trader and have the itch to do a lot of buying and selling, there are much better stocks with wilder action out there for that sport. MREITs and closed-end bond funds tend to have fairly level and boring charts, which is fine by me. GLTA.
The 12th. In fact, you could have bought at 3:59pm on the 11th and sold at 9:30am on the 12th and still get the div. Of course, there's no point in doing this, because when a stock goes ex, the share price declines that day by the dividend amount. You'll notice that ARR opened on the 12th 10 cents lower than it closed on the 11th.
Once the stock goes ex, the div is yours. And technically, a sale today would in fact show you as holding the stock thru the record date. I could have sold today and still got the div. That's because trades always take 3 business days to settle. So my fictional sale today would not be "of record" in my account until the 17th, which is one day AFTER the record date for the div. Fun stuff, eh?
It's not really complicated...a lot of these overly-worded definitions that you find posted on trading sites just make it seem that way.
The key is the ex-dividend date, which in ARR's case, is today, the 12th.
If you buy before the ex date, you're golden. If you buy on or after the ex date, you're screwed.
You would've needed to buy your ARR shares by 4pm yesterday (the 11th) in order to get the next distribution.
Here's a handy site to help you find upcoming ex dates:
www.dividend.com
Not getting my hopes up on this one. It would have to climb to $177.00 per share just for me to break even. Another dead penny to add to my tax write-off list.
Form 8-K for CAMELOT CORP
6-Jul-2012
Changes in Control or Registrant
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
On May 5, 2012, Andrea Lucanto (the "Purchaser"), entered into a Stock Purchase Agreement (the "Purchase") with Jeffrey Rochlin (the "Seller") pursuant to which the Seller sold 1,734,830 shares of Common Stock of Camelot Corporation, a Nevada corporation (the "Company"), representing approximately 86.46% of the total issued and outstanding shares of Common Stock of the Company, for a total purchase price of $5,000.
Upon the closing of the Purchase, the Purchaser acquired 1,734,830 shares of Common Stock, or approximately 86.46% of the issued and outstanding Common Stock and attained voting control of the Company.
We are presently authorized to issue 50,000,000 shares of common stock. As of May 5, 2012, there were 2,006,528 shares of Common Stock issued and outstanding.
The following table sets forth certain information as of May 5, 2012 with respect to the beneficial ownership of the Company's outstanding common stock.
Except as otherwise indicated, each of the stockholders listed below has sole voting and investment power over the shares beneficially owned.
Name of Common Stock Percentage of Common
Beneficial Owner Beneficially Owned Stock Beneficially Owned (1)
---------------- ------------------ ----------------------------
Andrea Lucanto 1,734,830 86.46%
----------
(1) Percentage ownership is based on an assumption of 2,006,528 shares of common stock outstanding as of May 5, 2012. There are no outstanding options, warrants or other securities convertible into our Common Stock.
Chimera Investment Corporation Announces 2nd Quarter 2012 Dividend of $0.09 Per Share and March 31, 2012 Estimated GAAP Book Value of $3.03 Per Share
NEW YORK, Jun 19, 2012 (BUSINESS WIRE) -- The Board of Directors of Chimera
Investment Corporation (NYSE: CIM) declared the second quarter 2012 common stock
cash dividend of $0.09 per common share. This dividend is payable July 26, 2012,
to common shareholders of record on June 29, 2012. The ex-dividend date is June
27, 2012.
The Company distributes dividends based on its current estimate of taxable
earnings per common share, not GAAP earnings. Taxable and GAAP earnings will
typically differ due to items such as differences in premium amortization,
accretion of discounts, unrealized and realized gains and losses, credit loss
recognition, and non-deductible general and administrative expenses.
The Company also announced today that it has estimated that as of March 31,
2012, its GAAP book value was $3.03 per share and its economic book value was
$2.76 per share. In calculating book value according to GAAP, the underlying
securities transferred to certain re-securitization transactions are
consolidated, fair valued and presented as if they were still owned by the
Company. Chimera presents estimated economic book value to reflect the value of
the securities that are issued by the trusts that Chimera retains, owns and is
able to dispose of, pledge or otherwise monetize, and not the underlying
securities which were transferred to re-securitization trusts. The difference
between GAAP book value and economic book value is primarily driven by the
nature of the securities retained in certain re-securitization transactions as
compared to the nature of the underlying securities in these transactions. Our
estimate of economic book value has important limitations. Should we sell the
assets in our portfolio, we may realize materially different proceeds from the
sale than estimated as of the reporting date.
The Company had previously announced that it would delay the filing of its Form
10-K for the year ended December 31, 2011 and its Form 10-Q for the quarter
ended March 31, 2012. The Company is reviewing its non-Agency residential
mortgage-backed securities portfolio to determine the treatment under GAAP
according to ASC 320, Investments -- Debt and Equity Securities, ASC 325-40,
Investments -- Other -- Beneficial Interests in Securitized Financial Assets or
ASC 310-30, Receivables -- Loans and Debt Securities Acquired with Deteriorated
Credit Quality.
While the Company has not completed its analysis, this review may result in a
material non-cash change in the GAAP accounting results of the Company that will
not affect the Company's previously announced GAAP or
economic book values, actual cash flows, dividends and taxable income for any
period. The Company's dividend distributions are
based on taxable income, not GAAP income, and the results of this analysis will
have no impact on the Company's prior or future
dividend distributions.
The Company expects to file its 2011 Form 10-K as soon as practicable, and to
file its Form 10-Q for the quarter ended March 31, 2012 within 60 days after it
files its 2011 Form 10-K.
Chimera Investment Corporation invests in residential mortgage loans,
residential mortgage-backed securities, real estate-related securities and
various other asset classes. The Company's principal
business objective is to generate income from the spread between yields on its
investments and its cost of borrowing and hedging activities. The Company is a
Maryland corporation that has elected to be taxed as a real estate investment
trust ("REIT").
This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements which are based on various
assumptions (some of which are beyond our control) may be identified by
reference to a future period or periods or by the use of forward-looking
terminology, such as
"believe,"
"expect,"
"anticipate,"
"estimate,"
"plan,"
"continue,"
"intend,"
"should,"
"may,"
"would,"
"will" or similar
expressions, or variations on those terms or the negative of those terms. Actual
results could differ materially from those set forth in forward-looking
statements due to a variety of factors, including, but not limited to, our
business and investment strategy; our projected financial and operating results;
our ability to maintain existing financing arrangements, obtain future financing
arrangements and the terms of such arrangements; general volatility of the
securities markets in which we invest; the implementation, timing and impact of,
and changes to, various government programs, our expected investments; changes
in the value of our investments; interest rate mismatches between our
investments and our borrowings used to fund such purchases; changes in interest
rates and mortgage prepayment rates; effects of interest rate caps on our
adjustable-rate investments; rates of default or decreased recovery rates on our
investments; prepayments of the mortgage and other loans underlying our
mortgage-backed or other asset-backed securities; the degree to which our
hedging strategies may or may not protect us from interest rate volatility;
impact of and changes in governmental regulations, tax law and rates, accounting
guidance, and similar matters; availability of investment opportunities in real
estate-related and other securities; availability of qualified personnel;
estimates relating to our ability to make distributions to our stockholders in
the future; our understanding of our competition; market trends in our industry,
interest rates, the debt securities markets or the general economy; our ability
to maintain our exemption from registration under the Investment Company Act of
1940, as amended; and our ability to maintain our qualification as a REIT for
federal income tax purposes. For a discussion of the risks and uncertainties
which could cause actual results to differ from those contained in the
forward-looking statements, see "Risk
Factors" in our Annual Report on Form 10-K, and any
subsequent Quarterly Reports on Form 10-Q. We do not undertake, and specifically
disclaim all obligations, to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of such
statements.
SOURCE: Chimera Investment Corporation
CONTACT:
Chimera Investment Corporation
Investor Relations, 646-454-3759
www.chimerareit.com
Copyright Business Wire 2012
-0-
KEYWORD: United States
North America
New York
INDUSTRY KEYWORD: Professional Services
REIT
Finance
Construction & Property
SUBJECT CODE: Dividend
Bid .0002/Ask .40 per Scottrade.
Quite a spread.
Still have my shares. I've waited this long...
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