Champions Oncology Reports Successful Outcome from Technology Collaboration
Hackensack, NJ – February 11, 2013 – Champions Oncology, Inc. (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.”