BALTIMORE, Md., April 1, 2011 /PRNewswire/ -- Champions Biotechnology, Inc. (OTC: CSBR) ("Champions" or "the Company") announced today that it has exercised an option to license Irinophore C™, a liposomal formulation of Irinotecan, from the BC Cancer Agency ("BCCA") in British Columbia, Canada. This action was the result of the positive results obtained from a Tumorgraft™ study done on Irinophore C™ utilizing Champions' proprietary technology platform.
Irinophore C™ is a lipid-based nanoparticle made by efficiently loading the irinotecan payload into its interior core using a novel and proprietary method. The compound is currently completing preclinical development and is due to enter phase I clinical study as a single agent in patients having advanced solid tumors in Q4 2011. Champions tested the activity of Irinophore C™ using its Tumorgraft™ translational technology platform. The results demonstrated significant efficacy and safety advantages in Irinophore C™ as compared to the approved drug Irinotecan (Camptosar) on various tumor types.
In February 2010, Champions entered into an exclusive option agreement with BCCA for the exclusive right to review Irinophore C™ for the treatment of various forms of solid tumor cancer. The exercise of the option will result in immediate costs to the Company of approximately $85,000 comprised of the option exercise price and reimbursement to BCCA for past patent costs. Champions is currently exploring strategic options for financing the clinical development costs of Irinophore C™.
The Company also announced that it will not pursue further any of the three compounds for which it signed licensing agreements. The Company's scientific advisory committee has reviewed the results of the Tumorgraft™ studies performed on each of these compounds and recommended that the Company stop investing resources in the development of these compounds. Additionally, Champions announced that it will not pursue the licensing of additional compounds. The Company plans to focus its research and development resources on the development of the Tumorgraft™ technology platform. The Company will continue to expand its Translational Oncology Solutions business which has been gaining increased acceptance and commercial success.
About Champions Biotechnology, Inc.
Champions Biotechnology, 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 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 believes that these Tumorgrafts™ closely reflect human cancer biology and their response to drugs is predictive of clinical outcomes in cancer patients. 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. The Company's Tumorgraft™ Technology Platform is also used to provide Translational Oncology Solutions, or TOS, (previously referred to as Preclinical eValuation services) to leading pharmaceutical and biotechnology customers. This technology can evaluate tumor sensitivity/resistance to various single, combination standard and novel chemotherapy agents and could lead to a faster and less expensive path for drug development. TOS also includes biomarker discovery and the identification of novel drug combinations. In addition, the Company provides to oncologists and their patients expert tumor panels 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. More information about Champions is available at http://www.championsbiotechnology.com
About the BC Cancer Agency
The BC Cancer Agency, an agency of the Provincial Health Services Authority, is committed to reducing the incidence of cancer, reducing the mortality from cancer, and improving the quality of life of those living with cancer. It provides a comprehensive cancer control program for the people of British Columbia by working with community partners to deliver a range of oncology services, including prevention, early detection, diagnosis and treatment, research, education, supportive care, rehabilitation and palliative care. Visit www.bccancer.ca for more information. The BC Cancer Foundation (www.bccancerfoundation.com) raises funds to support research and enhancements to patient care at the BC Cancer Agency.
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 Biotechnology 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 Biotechnology's Form 10-K for the fiscal year ended April 30, 2010 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 Biotechnology'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 Biotechnology's expectations, except as required by law.
CHAMPIONS BIOTECHNOLOGY, INC.
Joel Ackerman, CEO
855 N. Wolfe Street, Suite 619
Baltimore, Maryland 21205 USA.
SOURCE Champions Biotechnology, Inc.