NEW YORK, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an early-stage, active investor in transformative nanotechnology companies, notes the announcement by Champions Oncology, Inc. that it raised $9.3 million in a private placement to existing and new investors at $0.50 per share. The investors were Battery Ventures IX, L.P., PAR Investment Partners, L.P., Harris & Harris Group, Inc., and members of the Company's management team. Harris & Harris Group invested $200,000 in the financing. Proceeds from the financing will be used to grow the TumorGraft™ bank to support the current Translational Oncology Solutions business and future biomarker development efforts, continue to build the senior management team, initiate a validation study for the Personalized Oncology Solutions business and general corporate purposes. Champions' press release may be viewed at http://www.equities.com/news/headline-story?dt=2013-01-29&val=978664 .
"It is clear that innovation in the life sciences arena is critical over the coming decades to address important healthcare needs," said Douglas W. Jamison, Chief Executive Officer of Harris & Harris Group. "The predictability of Champions' TumorGraft technology platform may accelerate the timeline of getting important new personalized oncology products to market."
Champions Oncology, Inc., is engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs. Champions' 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. Champions 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.