HACKENSACK, N.J., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Champions Oncology, Inc. (OTC:CSBR) ("the Company") announced today the company raised $9.3 million at a price of $0.50 per share in a private placement to existing and new investors. No commissions were paid in connection with the private placement. Joel Ackerman, Champions Oncology CEO, stated, "We are pleased to have the continued support of our existing shareholders and to announce the addition of a new high quality investor. These proceeds will allow us to move forward with developing our technology and building our team." The lead investors were Battery Ventures IX, L.P., PAR Investment Partners, L.P., Harris & Harris Group Inc., and members of the Company's management team.
- 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 out the Senior Management team,
- Initiate a validation study for the Personalized Oncology Solutions business and
- General corporate purposes.
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. 201-808-8408 GGemignani@championsoncology.com Lauren Kwiecinski The Trout Group LLC 646-378-2934 firstname.lastname@example.org