Champions Oncology Reports Successful Outcome From Technology Collaboration
HACKENSACK, N.J., Feb. 11, 2013 (GLOBE NEWSWIRE) -- 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™ 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
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.
The Trout Group LLC
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