ARLINGTON, Va., March 6 Champions Biotechnology,Inc. (OTC Bulletin Board: CSBR), a development stage biotechnology company,announced today its third quarter financial results. Full details of theCompany's financial results are available in the Company's Form 10-QSB atwww.sec.gov
For the three months ended January 31, 2008 the Company reported netincome of $611,006 and earnings per share of $0.02 compared to a net loss of$37,198 and loss of $0.00 per share for the comparable period one year ago.For the nine months ended January 31, 2008, the Company reported net income of$474,011 and earnings per share of $0.02 compared to a net loss of $74,086 andloss of $0.00 per share for the comparable period one year ago. In the ninemonths period that ended January 31, 2008, the Company began its operations asa biotechnology company while in the nine months ended January 31, 2007, ithad no biotechnology operations.
The Company's total operating revenues were $924,940 for the three monthsended January 31, 2008 and $1,174,940 for the nine months ended January 31,2008. The Company generated revenues for the nine months ended January 31,2008 providing oncology services. For the three months ended January 31, 2007and for the nine months ended January 31, 2007 the Company generated norevenues.
For the three months ended January 31, 2008, expenses were $319,998compared to $37,198 for the comparable period one year ago. For the ninemonths ended January 31, 2008, expenses were $716,986 compared to $74,086 forthe comparable period one year ago. The increased expenses for the three andnine months ended January 31, 2008 represented the Company moving forward inexecuting its new business plan of building a biotechnology company.
"I am greatly encouraged by the Company's revenue growth in our first yearof operations. This performance helps build a solid foundation for our futureas we hope to rise to prominence quickly to become a major biotech player,"said James Martell, President and CEO of Champions Biotechnology. "It is quiteexceptional for a biotech company to generate revenues and earnings at such anearly developmental stage."
Champions Biotechnology is actively engaged, as stated in the Company's10-QSB filing, in pursuit of funding to accelerate the development of theCompany's preclinical platform and drug portfolio, development of a managementteam, selection and appointment of new members to the Board of Directors andformation of a Scientific Advisory Board. The Company looks forward toreporting updates regarding any material events and corporate changes in thefuture.
About Champions Biotechnology, Inc.
Champions Biotechnology Inc. is engaged in the development of advancedpreclinical platforms and predictive tumor specific data to enhance andaccelerate the value of oncology drugs for companies and physicians. TheCompany believes that its preclinical platform is a novel approach based uponthe direct implantation of primary human tumors in immune deficient mice andpropagation of the resulting xenografts (Biomerk Tumorgrafts(TM)) in a mannerthat preserves the biological characteristics of the original human tumor.Biomerk Tumorgrafts(TM), unlike cell line derived xenografts used intraditional preclinical testing, are never passaged in cell tissue culture.
The Company believes that these Tumorgrafts more closely reflect humancancer biology and their response to drugs is more predictive of clinicaloutcomes in cancer patients. The Company plans to leverage the preclinicalplatform to evaluate drug candidates and develop a portfolio of noveltherapeutic candidates through pre-clinical trials. If drugs reach this earlystage of development, the Company intends to sell, partner with or licensethem to pharmaceutical and/or biotechnology companies, as appropriate.Management believes this strategy will enable the Company to maximize i