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 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.