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.