| **UNITED STATES**
**SECURITIES AND EXCHANGECOMMISSION**
**Washington, D.C. 20549** 
**FORM 10-Q**  
Mark One
  
[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 
THE SECURITIES EXCHANGE ACT OF 1934
  

For the quarterly period ended January 31,2009 
OR
[   ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to________ 
Commission file number 0-17263 
**CHAMPIONS BIOTECHNOLOGY,INC.**
(Exact name of registrant as specified in itscharter)

Delaware 
52-1401755
(State or other jurisdiction of 
(I.R.S. Employer
organization) 
Identification No.)

Science and Technology Park at JohnsHopkins 
855 N. Wolfe Street, Baltimore,MD
21205
(Address of principal executiveoffices)
(Zip code)

(410) 630-1313
(Registrant’s telephone number, including areacode)

1400 N. 14th Street, Arlington, VA22209
(Former address) 
       Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the Registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90days.   Yes  X  No  __
 
       Indicate by checkmark whether the registrant is a large accelerated filer, an acceleratedfiler, a non-accelerated filer, or a smaller reporting company.  See thedefinitions of “large accelerated filer,” “acceleratedfiler” and “smaller reporting company” in Rule 12b-2 of theExchange Act.
 
Large acceleratedfiler  [   ]
 
Accelerated filer  [   ]
   
Non-acceleratedfiler   [   ]

(Do not check if a smaller reportingcompany)
Smaller reporting company  [X]

Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act)

Yes     No  X 
 
As of March 17, 2009, the Registrant had a total of 33,380,575shares of common stock outstanding.

 

**CHAMPIONS BIOTECHNOLOGY, INC.**
**FORM 10-Q** 
INDEX
PART I.

Financial Information
      
Item 1.

Financial Statements
      
 

Condensed Consolidated Balance Sheets as of January 31, 2009(Unaudited) and April 30, 2008 (Audited)

3
     
 

Condensed Consolidated Statements of Operations

  
 
 

for the Nine months and Three months ended January 31, 2009 and2008 (Unaudited)

4
     
 

Condensed Consolidated Statements of Cash Flows forthe

  
 
 

Nine months ended January 31, 2009 and 2008(Unaudited)

5
     
 

Notes to Condensed Consolidated Financial Statements(Unaudited)

6-8
     
Item 2.

Management’s Discussion and Analysis of Financial Conditionand Results of Operations

9-12
    
Item 3.

Quantitative and Qualitative Disclosures About MarketRisk

12
     
Item 4.

Controls and procedures

12
        
PART II.

Other Information
      
Item 1.

Legal Proceedings.

13
 
Item 2.

Unregistered Sales of Equity Securities and Use ofProceeds.

13
 
Item 3.

Defaults Upon Senior Securities.

13
 
Item 4.

Submission of Matters to a Vote of Security Holders.

13
 
Item 5.

Other Information

13
 
Item 6.

Exhibits
  
Signatures   

14

2

**PART I**
**Item 1.**

**Financial Statements**

**CHAMPIONS BIOTECHNOLOGY, INC.**
**AND****SUBSIDIARIES**
**CONDENSED CONSOLIDATED BALANCESHEETS**   
January 31, 2009 
April 30, 2008  
**(Unaudited)** 
**(Audited)**
**ASSETS**
         
**CURRENT ASSETS**
    
       Cash and cashequivalents

$

2,624,866 
$

3,709,136 
       Certificate ofdeposit
 
1,005,319  
  - 
       Prepaidexpenses
 
408,418  
52,873 
       Prepaid contractexpenses
 
43,374  
- 
**             TotalCurrent Assets**

4,081,977  
3,762,009 
       Intangiblesassets
 
265,798  
227,465 
       Goodwill
 
661,909  
661,909 
**TOTAL ASSETS**

$

5,009,684 
$

4,651,383     
**LIABILITIES AND STOCKHOLDERS’ EQUITY**
       
**CURRENT LIABILITIES**

       Accountspayable

$

695,548 
$

147,971 
       Deferredrevenue

1,361,110  
504,622 
       Other accruedexpenses
 
-  
361,275 
**             Totalcurrent liabilities**
 
2,056,658  
1,013,868   
 
 
 
    
 

**COMMITMENTS AND CONTINGENCIES**
 
**STOCKHOLDERS’ EQUITY**

       Preferred stock, $10par value; 56,075 shares authorized;
   
          0shares issued and outstanding

 
 
 

       Common stock, $.001 parvalue; 50,000,000 shares authorized;
   
       33,272,718 and33,247,718 shares issued and outstanding

33,273  
33,248 
       Additional paid-incapital

11,656,583  
11,715,182     
       Accumulateddeficit
 
(8,090,853) 
(7,068,547) 
3,599,003  
4,679,883 
       Prepaidconsulting
 
(645,977) 
(1,042,368)
       Totalstockholders’ equity
 
2,953,026  
3,637,515     
**TOTAL LIABILITIES AND STOCKHOLDERS’EQUITY**

$

5,009,684 
$

4,651,383 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

3

**CHAMPIONS****BIOTECHNOLOGY,****INC**.
**AND****SUBSIDIARIES**
**CONDENSED****CONSOLIDATED STATEMENTS OF****OPERATIONS**
**FOR THE NINE MONTHS****AND THREE MONTHS ENDED****JANUARY 31, 2009****AND 2008 (UNAUDITED)**      
**Nine Months Ended January 31** 
**Three Months Ended January 31**
 
 
 
 
 
 
**2009   ** 
**2008   ** 
**2009   ** 
**2008   **             
**REVENUES**

 

 

 

 

 

 
 
 

 

 

 

       Personalized oncologyand preclinical contract revenue
 
$
2,769,464 
$
874,940 
$
1,052,175 
$
624,940   
 

 

 

 

 

 
 
 

 

 

  
**Total revenues**
   
2,769,464  
874,940  
1,052,175  
624,940 
 

 

 

 

 

 

 

 
 
 

 

 

 
**OPERATING EXPENSES**
          
 

 

 

 

 

 

 

 
 
 

 

 

 
       Research anddevelopment
   
1,144,010  
75,000  
435,274  
- 
       Cost of personalizedoncology and preclinical contract revenue

 

1,824,089 
 

264,262 
 

898,777 
 

201,222 
       General andadministrative
   
890,548  
377,724  
362,406  
118,776 
 

 

 

 

 

 

 

 
 
 

 
 

  
**Total operating expenses**
  
3,858,647  
716,986  
1,696,457  
319,998 
 

 

 

 

 

 

 

 
 
 

 
 

 

**OPERATING INCOME (LOSS)**
  
(1,089,183) 
157,954  
(644,282) 
304,942 
 

 

 

 

 

 

 

 
 
 

 

 

 

**OTHER INCOME**
          
       Interestincome

 

 

 

66,877 
 

16,057 
 

21,048 
 

6,064              
 

 

 

 

 

 

 

 
 
 

 

 

 

**INCOME (LOSS) BEFORE TAXES**
  
(1,022,306) 
174,011  
(623,234)
$
311,006 
       Provision for incometaxes

 

 

 

-
 

- 
 

- 
 

-              
**NET INCOME (LOSS)**

 

 

$
(1,022,306)
$
174,011 
$
(623,234) 
 $ 

311,006              
**Income (Loss) per common share:**

 

 

 

 
 
 

 

 

 

**       Basic anddiluted**
  
$
(0.03)
$
0.01 
$
(0.02)
$
0.01  
 

 

 

 
  	
 
 
 

 

 
 
**Shares used in calculating income (loss) per common share:**
        
**       Basic**
 
33,271,450  
31,386,454  
33,272,718  
31,692,654 
**       Diluted**

** **

** **

** **

** **

- 
 

32,468,344 
 

- 
 
 32,774,544 	

The accompanying notes are an integral part of these condensedconsolidated financial statements.

4

**CHAMPIONS BIOTECHNOLOGY, INC.**
**AND SUBSIDIARIES**
**CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS**
**FOR THE NINE MONTHS ENDED JANUARY 31, 2009 AND 2008(UNAUDITED)**  
**2009** 
**2008**     
**CASH FLOWS FROM OPERATING ACTIVITIES**
         
       Net income (loss)

$
(1,022,306)
$
174,011 
       Adjustments toreconcile net (loss) income to net cash (used in) provided by operatingactivities:
    
       Share basedcompensation
 
39,093  
- 
       Excess tax benefitsfrom share based payment arrangements  
 
(13,683) 
- 
       Amortization of prepaidconsulting services
 
291,224  
108,950      
Changes in assets and liabilities:
    
       (Increase) in prepaidexpenses
 
(355,544) 
(47,466) 
       (Increase) in prepaidcontract expenses
 
(43,374) 
-      
       Increase in accountspayable
 
547,578  
61,268 
       Increase in deferredrevenue
 
856,487  
300,000 
       (Decrease) increase inother accrued expenses
 
(361,275) 
15,743      
**       Net cash provided by(used in) operating activities**
 
(61,800) 
612,506      
**CASH FLOWS FROM INVESTING ACTIVITIES**
    
**       **Purchase ofcertificate of deposit
 
(1,005,319) 
- 
       Acquisition ofintangible assets
 
(38,334) 
-      
       **Net cash (used in)investing activities**
 
(1,043,653) 
-     
**CASH FLOWS FROM FINANCING ACTIVITIES**
         
       Payment of officersloan payable
 
-  
(43,693)
       Proceeds from exerciseof options
 
7,500  
- 
       Proceeds from exerciseof warrants 
 
-  
28,505 
       Excess tax benefitsfrom share based payment arrangements
 
13,683  
-      
**       Net cash provided by(used in) financing activities**
 
21,183  
(15,188)     
**       Net (decrease)increase in cash and cash equivalents**
 
(1,084,270) 
597,318      
**CASH AND CASH EQUIVALENTS  BEGINNING OFPERIOD**
 
3,709,136  
475,135      
**CASH AND CASH EQUIVALENTS - END OF PERIOD**

$
2,624,866 
$
1,072,453      
**SUPPLEMENTAL DISCLOSURE OF CASH FLOWINFORMATION:**
    
       Cash paid during theperiod for:
    
            Interestpaid

$
- 
$
- 
            IncomeTax Paid

$
-
$
-      
**SUPPLEMENTAL SCHEDULE OF NON-CASH FLOW INVESTING AND FINANCINGACTIVITIES:**
  
In May 2007, the Company issued 525,000 stock options for prepaidconsulting valued at $157,473.
  
In May 2007, the Company issued 4,000,000 shares for 100% ofBiomerk, Inc.
  
In October  2007, the Company issued 500,000 stock options forprepaid consulting valued at $336,287.
  
In August 2008, the Company issued 150,000 warrants for prepaidconsulting valued at $93,870.
  

The accompanying notes are an integral part of these condensedconsolidated financial statements.

5

**CHAMPIONS BIOTECHNOLOGY, INC.**
**AND SUBSIDIARIES**
**NOTES TO CONDENSED****CONSOLIDATED FINANCIALSTATEMENTS**
**JANUARY 31, 2009 AND 2008(UNAUDITED)**
**(1) ORGANIZATION AND BASIS OFPRESENTATION**
 
The accompanying condensed consolidated financial statements ofChampions Biotechnology, Inc. ("Champions" or the "Company") as of and for thenine months ended January 31, 2009 and 2008 are unaudited. The accompanyingunaudited condensed consolidated balance sheets, statements of operations andstatements of cash flows have been prepared in accordance with U.S. GenerallyAccepted Accounting Principles (“GAAP”) for interim financialinformation and in conjunction with the rules and regulations of the Securitiesand Exchange Commission (“SEC”). Accordingly, they do not includeall of the disclosures required by GAAP for complete financial statements. Thefinancial statements reflect all adjustments, consisting only of normal,recurring adjustments, which are in the opinion of management, necessary for afair presentation for the interim periods. Management of the Company has made anumber of estimates and assumptions relating to the reporting of assets andliabilities and related revenue and expense accounts and the disclosure ofcontingent assets and liabilities to prepare these condensed consolidatedfinancial statements in conformity with GAAP. Actual results could differmaterially from those estimates. These financial statements should be read inconjunction with the audited consolidated financial statements and notes theretoincluded in the Company’s Annual Report on Form 10-KSB for the fiscalyear ended April 30, 2008. The results for the nine months and three monthsended January 31, 2009 may not be indicative of the results for the entireyear.
 
**Impact of Recent AccountingPronouncements**
 
The Company adopted Statement of Financial Accounting Standards("SFAS") No. 157, "Fair Value Measurement" on May 1, 2008. SFAS 157 definesfair value as the price that would be received to sell an asset or paid totransfer a liability in an orderly transaction between market participants atthe measurement date (an exit price). The standard outlines a valuationframework and creates a fair value hierarchy in order to increase theconsistency and comparability of fair value measurements and the relateddisclosures. Under GAAP, certain assets and liabilities must be measured at fairvalue, and SFAS 157 details the disclosures that are required for itemsmeasured at fair value. In February 2008, the Financial Accounting StandardsBoard issued Staff Position No. 157-2 (FSP 157-2), which delays theeffective date of SFAS 157 for one year for all nonfinancial assets andliabilities, except those that are recognized or disclosed at fair value in thefinancial statements on a recurring basis. The Company does not havenonfinancial assets and nonfinancial liabilities that are required to bemeasured at fair value on a recurring basis. 
 
The Company did not elect the fair value measurement option underSFAS No. 159, "The Fair Value Option for Financial Assets and Liabilities”and presently, the Company does not have any financial assets and liabilitiesthat would need to be measured under the fair measurement option under SFAS159.
 
In December 2007, the FASB issued SFAS No. 160,"Non-controlling Interests in Consolidated Financial Statements: an amendment ofARB No. 51". SFAS No. 160 replaces the term minority interests withthe newly-defined term of non-controlling interests and establishes this lineitem as an element of stockholders’ equity, separate from theparent’s equity. SFAS No. 160 also includes expanded disclosurerequirements regarding the interests of the parent and its non-controllinginterest. The Company is continuing to review the provisions of SFASNo. 160, which is effective the first quarter of fiscal 2010, and currentlydoes not expect this new accounting standard to have a significant impact on theFinancial Statements. 
 
In March 2008, the FASB issued SFAS No. 161, "Disclosuresabout Derivative Instruments and Hedging Activities: an amendment of FASBStatement No. 133". SFAS No. 161 changes the disclosure requirementsfor derivative instruments and hedging activities. The Company is reviewing theprovisions of SFAS No. 161, which is effective the first quarter of fiscal2010, and currently does not anticipate that this new accounting standard willhave a significant impact on the Financial Statements. 
 
In May 2008, the FASB issued SFAS No. 162, "The Hierarchy ofGenerally Accepted Accounting Principles". SFAS No. 162 identifies the sourcesof accounting principles and the framework for selecting principles used in thepreparation of financial statements.  SFAS No. 162 is effective 60days following the SEC’s approval of the Public Company AccountingOversight Board amendments to AU Section 411, "The Meaning of Present Fairly inConformity with Generally Accepted Accounting Principles". The effective date ofSFAS No. 162 has not yet been determined.  The implementation of this standardwill not have a material impact on the Financial Statements.

6

**Reclassifications**
 
The Company has reclassified certain amounts for the nine monthsand three months ended January 31, 2008 to conform to the presentation of theJanuary 31, 2009 amounts.  The reclassifications have no effect on the netincome for the periods ended January 31, 2008.
  
**(2) NET (LOSS) PER SHARE**
 
Basic earnings per common share (EPS) is computed by dividing netincome by the weighted-average number of common shares outstanding during theperiod. Diluted EPS is computed by dividing net income by the weighted-averagenumber of common shares outstanding during the period increased to include alladditional common shares that would have been outstanding assuming potentiallydilutive common share equivalents had been issued. Dilutive common shareequivalents include (1) the dilutive effect of in-the-money shares relatedto stock options, which is calculated based on the average share price for eachperiod using the treasury stock method.  Under the treasury stock method, theexercise price of an option, the average amount of compensation cost, if any,for future service that the Company has not yet recognized, and the amount oftax benefits that would be recorded in additional paid-in capital, if any, whenthe option is exercised, are assumed to be used to repurchase shares in thecurrent period. For the nine months ended January 31, 2009 and 2008, there werean aggregate of 1,432,535 and 711,765, respectively, potential common sharesrelated to share-based instruments, excluded from the diluted EPS computationbecause their inclusion would have had an anti-dilutive effect. 
 
The following is a reconciliation of the computation for basicand diluted EPS:

 

 

 

 

**January 31,** 
**January 31,**
 

 

 

 

**2009** 
**2008**
 

 

 

 
   
Net (loss) income

 

 

 $

(1,022,306)
 $

174,011 
 

 

 

 

 
 

 
Weighted-average common shares

 

 
 

 
outstanding (basic)

 

 

33,271,450 
 

31,386,454       
Weighted-average common stock equivalents

 

 

 
 
 

       

       Stock
   
       -  
439,835 
       Warrants
   
 -  
642,055 
Weighted-average common shares outstanding (diluted)
   
 -  
32,468,344 
**(3) COMMITMENTS AND CONTINGENCIES**
 
**Operating leases**
 
The Company leases, as tenant, space under an operating lease,which expired February 28, 2009. 
 
Rental expense during the nine months and three months endedJanuary 31, 2009 was $61,599 and $22,235, respectively.  Rental expenses for thenine months and three months ended January 31, 2008 was $0.
  
**(4) SHARE BASED COMPENSATION**
 
The total employee share based compensation cost that has beenrecognized in results of operations for the nine months and three months endedJanuary 31, 2009 was $39,093 and $13,350, respectively.  As of January 31, 2009,there was $115,399 unrecognized compensation cost related to employee sharebased compensation arrangements.  The cost is expected to be recognized over aweighted average period of 2.18 years.
 
The total nonemployee consulting share based compensation costthat has been recognized in the results of operations was $291,224 for the ninemonths and $108,871 for the three months ended January 31, 2009.  As of January31, 2009, there was $645,977 unrecognized compensation related to nonemployeeconsulting share based compensation arrangements. The cost is expected to berecognized over a weighted average period of 1.58 years.

7

**(5) PROVISION FOR INCOME TAXES**
 
Deferred income taxes are determined using the liability methodfor the temporary differences between the financial reporting basis and incometax basis of the Company’s assets and liabilities. Deferred income taxesare measured based on the tax rates expected to be in effect when the temporarydifferences are included in the Company’s consolidated tax return.Deferred tax assets and liabilities are recognized based on anticipated futuretax consequences attributable to differences between financial statementcarrying amounts of assets and liabilities and their respective taxbases.
 
At January 31, 2009 and 2008, deferred tax assets consist of thefollowing:  

   

 

2009  
2008
Deferred tax asset 

$

2,831,800  
$

2,425,582 
Less:  valuation allowance

(2,831,800) 
(2,425,582)
Net deferred tax asset

$

-0-  
$

-0- 
At January 31, 2009 and 2008, the Company had federal netoperating loss carryforwards in the approximate amounts of $8,090,853 and$6,930,234 available to offset future taxable income subject to Section 382analysis limitations.  The Company established valuation allowances equal to thefull amount of the deferred tax assets due to the uncertainty of the utilizationof the operating losses in future periods. 
  
**(6) RELATED PARTY TRANSACTIONS**
 
The Chairman of the Company participates in conducting andproviding the Company’s Personalized Oncology services.  During the ninemonths and three months ended January 31, 2009, the Company paid compensation tothe Chairman for these services which are provided in the ordinary course ofbusiness.  The compensation is on the same basis as services provided byunrelated parties.  The Chairman of the Company is a director of AlfacellCorporation and a former director of ImClone Systems, Incorporated, companieswhich have entered into contracts for the Company to perform services.  Duringthe nine months and three months ended January 31, 2009, the Company recordedrevenue of $93,493 and $4,057 from Alfacell Corporation.  During the nine monthsand three months ended January 31, 2009, the Company recorded revenue of$125,686 and $62,843, respectively, from ImClone Systems, Inc.  As of January31, 2009, the Company had deferred revenue of $72,764 from ImClone Systems,Incorporated.  All services provided under these contracts are in the ordinarycourse of business at prices and on terms and conditions that are the same asthose that result from arm’s length negotiations between unrelatedparties.
  
**(7) SUBSEQUENT EVENT**
 
The Company entered into a lease agreement in January 2009 forspace under an operating lease to commence on or before May 1, 2009 for aninitial period of one year renewable annually at the Company’s option forfive one-year periods.  The Company’s obligation under the lease is$66,000 for the first year of the lease upon commencement of the initial leaseperiod.

8

**Item 2.     Management’s Discussion and Analysis ofFinancial Condition and Results of Operations.**
  
As used in this Quarterly Report 10-Q, "Champions Biotechnology,""Champions," "we," "ours," and "us" refer to Champions Biotechnology, Inc.,except where the context otherwise requires or as otherwiseindicated.

DISCLOSURE REGARDING FORWARD-LOOKINGSTATEMENTS
       This document contains"forward-looking statements" within the meaning of Section 27A of the SecuritiesAct of 1933 ("Securities Act") and Section 21E of the Securities Exchange Act of1934 ("Exchanges Act") that inherently involve risk and uncertainties.  TheCompany generally uses words such as "believe," "may," "could," "will,""intend," "estimate," "expect," "anticipate," "plan," "likely," "promise" andsimilar expressions to identify forward-looking statements.  One should notplace undue reliance on these forward-looking statements.  The Company’sactual results could differ materially from those anticipated in theforward-looking statements for many unforeseen factors, which may include, butare not limited to, changes in general economic conditions, the ongoing threatof terrorism, ability to have access to financing sources on reasonable termsand other risks. Those risks include, but are not limited to, the risksidentified in our periodic reports filed with the Securities and ExchangeCommission, including our most recent Annual Report on form 10-KSB.  Althoughthe Company believes the expectations reflected in the forward-lookingstatements are reasonable, they relate only to events as of the date on whichthe statements are made, and the Company’s future results, levels ofactivity, performance or achievements may not meet these expectations.  TheCompany does not intend to update any of the forward-looking statements afterthe date of this document to conform these statements to actual results or tochanges in the Company’s expectations, except as required bylaw.
 
**OVERVIEW**
 
       The Company is engagedin the development of advanced preclinical platforms and predictive tumorspecific data to enhance and accelerate the value of oncology drugs.  OurPreclinical Platform is a novel approach based upon the implantation of primaryhuman tumor fragments in immune deficient mice followed by propagation of theresulting engraftments (Biomerk TumorgraftsTM) in a manner that preservesthe biological characteristics of the original human tumor.  We believe thatBiomerk Tumorgrafts closely reflect human cancer biology and their response todrugs is more predictive of clinical outcomes in cancer patients.  The Companyis building its Biomerk Tumorgraft platform through the procurement, developmentand characterization of numerous Tumorgrafts within each of several cancertypes.  Tumorgrafts are procured through agreements with a growing number ofinstitutions in the United States and overseas and developed and tested throughagreement with a U.S. based preclinical facility.
 
       We are leveraging ourpreclinical platform to evaluate oncology drug candidates and to develop aportfolio of novel or repositioned drug candidates through pre-clinical or earlyclinical trials.  As drugs progress through this early stage of development, theCompany plans to sell, partner or license them to pharmaceutical and/orbiotechnology companies, as appropriate.  We believe this strategy will enableus to leverage the competencies of these partners or licensees to maximize ourreturn on investment in a time frame that is shorter than for traditional drugdevelopment.  We believe that this model is unlike that of many newbiotechnology companies that look to bring the process of drug developmentthrough all phases of discovery, development, regulatory approvals, andmarketing, which requires a very large financial commitment and a longdevelopment period, typically more than a decade, to commercialize.  Thus far wehave acquired two oncology drug candidates and we have begun preclinicaldevelopment of the lead candidate, SG410, through the use of contractfacilities.  We have secured preclinical supply of SG410 drug substance andit is our intention to develop a soluble form of the compound and evaluate itsefficacy in Biomerk Tumorgrafts from several cancer types.  If results arepromising it is our intention to continue preclinical development and then sell,partner or license SG410 for its remaining clinical development.
 
       We also offer ourBiomerk Tumorgraft predictive preclinical platform and tumor specific data tophysicians to provide information that may enhance personalized patient careoptions and to companies for evaluation of oncology drugs in a platform thatintegrates predictive testing with biomarker discovery.  We providePersonalized Oncology services to physicians in the field of oncology byestablishing and administering expert medical information panels for theirpatients to (i) arrange for testing, analysis and study of cancer tissues, asappropriate, (ii) analyze medical records and test results, and (iii) assist inunderstanding conventional and research options.  The Company also develops andperforms testing on Personalized TumorgraftsTM to provide patients’physicians personalized data on treatment drug options.  In FY08 the Companygenerated all its revenue from its growing Personalized Oncology services whileit continued development of its Biomerk Tumorgraft platform. 

9

       In late fiscal year2008, as we expanded our number of Biomerk Tumorgraft models, we began to offerleading pharmaceutical and biotechnology companies the benefits of our BiomerkTumorgrafts for their preclinical evaluation programs.  We provide PreclinicaleValuation services that we believe are more predictive of clinical outcomes andthat might provide for a faster and less expensive path for drug approval. These services utilize Biomerk Tumorgrafts to evaluate tumorsensitivity/resistance to various single and combination standard and novelchemotherapy agents.  The Preclinical eValuation services we offer also includebiomarker discovery and the identification of novel drug combinations.  Once weenter into an agreement with a pharmaceutical or biotechnology company toperform Biomerk Tumorgraft testing services it takes several months to propagatethe Tumorgrafts prior to beginning the drug testing.  
  
**RESULTS OF AND OPERATIONS**
   
We began our operations as a biotechnology company after weacquired Biomerk, Inc. in May 2007.  Accordingly, the results described belowfor the 2008 period are for less than a full nine months.
  
**Three Months Ended January 31, 2009 and2008**
   
*       Revenues:*Forthe three months ended January 31, 2009, the Company’s revenues fromoperations totaled $1,052,175, compared to $624,940 for the similar period ayear ago, an increase of 68%.  For the 2009 period, we derived most of ourrevenues from Personalized Oncology Services and a lesser amount from theCompany’s Preclinical eValuation business.  For the period ended January31, 2008, all revenues were derived from our Personalized Oncology business.The overall increase in our Personalized Oncology business is attributable tothe success of our business development program to inform more physicians aboutthe services we offer, and their use of additional services such as developmentand testing of Personalized Tumorgrafts.  As the Company expands itsPersonalized Oncology business we are also seeing an increase frompharmaceutical companies who are contracting with our Company for PreclinicaleValuation services.  
  
       At January 31, 2009, wehad deferred revenues of $1,361,110 which represents payments received fromcustomers for personalized oncology panelsTM, Personalized Tumorgraftdevelopment and/or testing, Personalized VaccineTM development, andPreclinical eValuation services, including a new contract to perform PreclinicaleValuation services that have yet to be delivered.  The corresponding revenueswill be recognized once the services are performed.  At January 31, 2008,deferred revenues totaled $300,000 and the year over year increase reflects thecontinued growth of both customers and services we offer.
  
*       Expenses:*  Forthe three months ended January 31, 2009, the Company’s operating expensestotaled $1,696,457 compared to $319,998 for the similar period a year ago, anincrease of 430%.

- 

Research and development expenses:  For the three monthsended January 31, 2009, research and development expenses were $435,274 and zerofor the same period in 2008.  The increase was due to the Company’sefforts to build its preclinical platform, build its drug pipeline and developits drug, SG410.  Research and development expenses consist of consultants,Tumorgraft acquisition costs, their subsequent propagation, maintenance andstorage, salaries and related benefits, and travel.  Business developmentexpenses incurred relate to salaries and related benefits, consultants, legaland travel for activities directed towards building our drugpipeline.
- 

Personalized oncology and preclinical expenses:  For thethree months ended January 31, 2009, personalized oncology and preclinicalexpenses totaled $898,777, compared to $201,222 for the similar period a yearago, an increase of 347%.  These costs were primarily for conducting theCompany’s personalized oncology services, including salaries and relatedbenefits, medical information panels which include honoraria, travel and testingprocedures.  During the 2009 quarter the Company entered into a jointPersonalized Vaccine development agreement.  As a result, $250,000 was expensedunder this agreement; however, the program is anticipated to provide positivecash flow in the early part of fiscal 2010.  During the 2009 quarter the Companyalso entered into an agreement with a pharmaceutical company whereby the Companypurposely reduced its gross margin on preclinical eValuation services revenuesin exchange for a royalty agreement on future sales for a specific indication ofthe compound being tested.  
- 

General and administrative expenses:  For the three monthsended January 31, 2009, general and administrative expenses were $362,406compared to $118,776 for the same period in 2008, an increase of 205%.  Expensesincreased as the Company continued to expand and build out its management teamand meet the requirements of a publicly traded company.  Expenses includedsalaries and related expenses, legal, audit, occupancy, marketing, investorrelations and consulting.   

10

*       Net Loss:*TheCompany’s net loss for the three months ended January 31, 2009 was$623,234 compared to net income of $311,006 for the similar period in 2008.  Asexplained above, the net loss was attributable to the investments the Companycontinues to make as it expands into various product lines within itsPersonalized Oncology business, make investments in its business developmentteam in order to indentify drug candidates which it will license, building out acomprehensive preclinical Biomerk Tumorgraft platform and building out itsmanagement team.  In addition, as noted in the personalized oncology discussion,expenses included a $250,000 payment related to a joint Personalized Vaccinedevelopment agreement entered into in the third quarter. As part of thisagreement, $68,875 was reported as revenue and $221,125 was reported as deferredrevenue for the quarter. 
 
**Nine Months Ended January 31, 2009 and2008**
 
*       Revenues:*Forthe nine months ended January 31, 2009, the Company’s revenues fromoperations totaled $2,769,464, compared to $874,490 for the similar period ayear ago, an increase of 217%.  For the 2009 period, we derived most of ourrevenues from personalized oncology services and a growing percentage of revenuefrom the Company’s preclinical evaluation business.  For the same periodending January 31, 2008, $874,490 or 100% of revenues were derived from ourpersonalized oncology business.  The overall increase in the PersonalizedOncology business is attributable to a greater demand for our services and theadditional products such as Personalized Tumorgraft development and testing wenow offer in our second year of operations.  The Company began offeringpreclinical eValuation services over the past nine months and has entered intoseveral agreements with Pharmaceutical companies who are testing their productcandidates on our Biomerk Tumorgrafts.  
 
       At January 31, 2009 wehad deferred revenues of $1,361,110 which represents payment received fromcustomers for personalized oncology panels, Personalized Tumorgraft developmentand/or testing, personalized vaccine development, and preclinical eValuationservices that have yet to be delivered.  At January 31, 2008, deferred revenuestotaled $300,000. The increase reflects the continued growth of both customersand product we offer in our second full year of operations.
 
*       Expenses:*Forthe nine months ended January 31, 2009, the Company’s operating expensestotaled $3,858,647 compared to $716,986 for the similar period a year ago, anincrease of 438%.
- 

Research and development expenses:  For the nine monthsended January 31, 2009, research and development expenses were $1,144,010 and$75,000 for the same period in 2008, an increase of 1,425%.  The increase wasmainly attributable to the fact that the Company did not have any significantresearch and development efforts ongoing in the 2008 time period other then thepurchase of a limited supply of Tumorgrafts.  Research and development expensesincurred for the 2009 time period consist of salaries and related expenses,stock compensation charges, consultants, travel, Tumorgraft acquisition costsand their subsequent propagation, storage and maintenance.  In addition we beganto build out our business development team that is tasked with identifying andsecuring the Company’s future drug pipeline.
- 

Personalized oncology and preclinical expenses:  For thenine months ended January 31, 2009, personalized oncology and preclinicalexpenses totaled $1,824,089 and $264,262 for the same period in 2008, anincrease of 590%.  Personalized oncology expenses incurred for the nine monthsended January 31, 2009 consisted mainly of salaries and related employeebenefits, stock based compensation, and the costs of conducting panels whichinclude honoraria, travel and related testing procedures.  With respect topreclinical expenses, the Company incurred expenses related to the propagationand testing of Biomerk Tumorgrafts.  During the 2009 time frame the Companyentered into a joint Personalized Oncology development agreement.  As a result,the Company expensed $250,000 related to the agreement noted above.  The Companydid not have any expenses related to its preclinical business in the 2008 timeperiod.
- 

General and administrative expenses:  For the nine monthsended January 31, 2009 general and administrative expenses were $890,548compared to $377,724 for the similar period in 2008, an increase of 136%.General and administrative expenses saw a significant increase mainly due to thefact that the Company was in a start up mode during the 2008 time frame with alimited staff and resources.  In the 2009 time period the Company continued tobuild out its corporate infrastructure.  Expenses included salaries and relatedemployee benefits, stock based compensation, investor relations, marketing,rent, supplies, legal, accounting and recruiting expenses.

       Overall, expenses willcontinue to increase as the Company builds out its executive and managementteams, continues to build out its infrastructure needed in a public environmentand has growth in its various lines of business.
 
*       Net Loss:* TheCompany’s net loss for the nine months ended January 31, 2009 was$1,022,306 compared to net income of $174,011 for the nine months ending January31, 2008.  As explained above in the Company’s analysis of revenues andexpenses, the major reason for the net loss was the continued investments beingmade with respect to the overall corporate infrastructure, investments indeveloping our preclinical Tumorgrafts and joint development agreements and theexpenses incurred as a result of being a public company.

11

**FINANCIAL CONDITION AND LIQUIDITY**
  
       The Company’scash position on January 31, 2009 was $2,624,866 compared to $3,709,136 as ofApril 30, 2008.  For the nine months ended January 31, 2009 the net cash used inoperations totaled ($61,800) compared to the nine months ended January 31, 2008where cash provided from operations totaled $612,506.  The Company’sworking capital at January 31, 2009 is $2,025,319.  In November 2008 the companypurchased a Certificate of Deposit in the amount of $1,000,000 which is earninginterest at 3.99% and matures in June 2009.
  
       The Company has beenable to raise capital and in April 2008 received proceeds of $2,500,000 in aprivate investment financing. 
  
       The Company hassufficient resources to provide for the next twelve months of operations basedon its anticipated level of revenue growth, its current level of expendituresand ability to curtail spending if needed.
  
*Critical Accounting Policies*
   
       In the notes to ourmost recent Annual Report on Form 10-KSB, we discussed the accounting policiesthat are considered to be significant in determining the results of operationsand our financial position.  We believe that the accounting principles utilizedby us conform to accounting principles generally accepted in the United Statesof America.
    
**Item 3.     Quantitative andQualitative Disclosures About Market Risk**
  
       None.
    
**Item 4.     Controls andProcedures**
  
       We maintain a system ofdisclosure controls and procedures that is designed to provide reasonableassurance that information, which is required to be disclosed by us in thereports that we file or submit under the Securities and Exchange Act of 1934, asamended, is recorded, processed, summarized and reported within the time periodsspecified in the rules and forms of the Securities and Exchange Commission, andis accumulated and communicated to management in a timely manner.  Our PrincipalExecutive Officer and Chief Financial Officer have evaluated this system ofdisclosure controls and procedures as of the end of the period covered by thisquarterly report, and have concluded that the system is not effective.  Therehave been no changes in our internal control over financial reporting during themost recent fiscal quarter that have materially affected, or are reasonablylikely to materially affect, our internal control over financialreporting.

12

**PART II-OTHER****INFORMATION**
**Item 1.**     **Legal Proceedings.**
 
None
 
**Item 2.**     **Unregistered Sales of EquitySecurities and Use of Proceeds.**
 
None
 
**Item 3.**** Defaults Upon SeniorSecurities.**
 
None
 
**Item 4.**     **Submission of Matters to a Vote ofSecurity Holders.**
 
None
  
**Item 5.**     **Other Information**
 
       On January 30, 2009, weentered into an operating lease for space located in the Science and TechnologyPark at Johns Hopkins in Baltimore City, Maryland.  The lease, which commencedFebruary 1, 2009, is for 1,185 square feet of office and laboratory space for aninitial term of one year with five automatic renewals of one year each unlessterminated by us.  The current rental, with common area maintenance, isapproximately $5,500 per month during the current term, with increasing rentalsfor each renewal term of the lesser of: 3% or a percentage based on the increasein the Consumer Price Index (but not less than zero).
 
**Item 6**.     **Exhibits**
 
Exhibit No.

10.1

Lease between Champions Biotechnology, Inc. and 855 N. WolfeStreet, LLC dated January 30, 2009 for office and laboratory space in theScience and Technology Park at Johns Hopkins located at 855 N. Wolfe Street,Baltimore, Maryland

31.1

Rule 13a-14(a)/15d-14(a) Certification of Chief ExecutiveOfficer

31.2

Rule 13a-14(a)/15d-14(a) Certification of Controller

31.3

Rule 13a-14(a)/15d-14(a) Certification of Chief FinancialOfficer

32.1

Section 1350 Certifications
  

13

**SIGNATURES**
       Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.
 
CHAMPIONS BIOTECHNOLOGY, INC.
 
(Registrant)
      
Date: March 17, 2009

By:

/s/ Douglas D. Burkett
 
  

Douglas D. Burkett
 
  

Principal Executive Officer
       
By:

/s/ Durwood C. Settles
 
  

Durwood C. Settles
 
  

Controller
       
By:

/s/ Mark R. Schonau
 
  

Mark R. Schonau
 
  

Chief Financial Officer

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