| **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 October 31,2008 
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.)

1400 N. 14th Street, Arlington,VA
22209
(Address of principal executiveoffices)
(Zip code)

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

______________________________
(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,”“““accelerated filer”“ and ““smallerreporting company”“ in Rule 12b--2 of the Exchange 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 December 15, 2008, the Registrant had a total of 33,272,718shares 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 October  31, 2008(Unaudited) and April 30, 2008 (Audited)

3
     
 

Condensed Consolidated Statements of Operations

  
 
 

for the Six months and Three months ended October 31, 2008 and2007 (Unaudited)

4
     
 

Condensed Consolidated Statements of Cash Flows forthe

  
 
 

Six months ended October 31, 2008 and 2007 (Unaudited)

5
     
 

Notes to Condensed Consolidated Financial Statements(Unaudited)

6--8
     
Item 2.

Management’’s Discussion and Analysis of FinancialCondition and 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**  
October 31, 2008 
April 30, 2008  
**(Unaudited)** 
**(Audited)**
**ASSETS**
         
**CURRENT ASSETS**
    
     Cash and cash equivalents

$
3,052,558 
$
3,709,136 
     Accounts receivable
 
77,091  
  -- 
     Prepaid expenses
 
152,242  
52,873 
     Prepaid contract expenses
 
43,374 
 
-- 

**       Total Current Assets**

3,325,265  
3,762,009 
   Intangibles assets
 
236,531  
227,465 
   Goodwill
 
661,909 
 
661,909 

**TOTAL ASSETS**

$
4,223,705 

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

     Accounts payable

$
307,828 
$
147,971 
     Deferred revenue

461,838  
504,622 
       Other accruedexpenses
 
-- 
 
361,275 

**       Total currentliabilities**
 
769,666 
 
1,013,868 
  
 
 
 
    
 

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

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

 
 
 

     Common stock, $.001 par value; 50,000,000 sharesauthorized;
   
     33,272,718 and  33,247,718 shares issued andoutstanding

33,273  
33,248 
     Additional paid--in capital

11,643,233  
11,715,182 
     Accumulated deficit
 
(7,467,619)
 
(7,068,547)
 
4,208,887  
4,679,883 
     Prepaid consulting
 
(754,848)
 
(1,042,368)

     Total stockholders’’ equity
 
3,454,039 
 
3,637,515 
    
**TOTAL LIABILITIES AND STOCKHOLDERS’’EQUITY**

$
4,223,705 

$
4,651,383 

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

3 

**CHAMPIONS BIOTECHNOLOGY, INC.** AND SUBSIDIARIES	
**CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS**
**FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2008 AND2007 (UNAUDITED)**                   
**Six Months Ended October 31** 
**Three Months Ended October 31**
 
 
 
 
 
 
**2008** 
**2007**
** **
**2008**
** **
**2007**             
**REVENUES**

 

 

 

 
 
  
 
 
 
 
    Personalized oncology and preclinical contractrevenue
 
$
1,717,289 

$
250,000 

$
1,044,172 

 $ 
 -- 
  
 

 

 

 
 
  
 
 
 
  
**Total revenues**
   
1,717,289  
250,000  
1,044,172  
 -- 
 

 

 

 

 

 
 
  
 
 
 
 
**OPERATING EXPENSES**
          
 

 

 

 

 

 
 
  
 
 
 
 
    Research and development
   
636,567  
105,910  
419,404  
30,910 
    Cost of personalized oncology and preclinical contractrevenue

 
718,186 
 
63,039 
 
458,586 
 
-- 
    General and administrative
   
807,437 
 
228,040 
 
422,885 
 
119,288 

 

 

 

 

 

 
 
  
 
 
 
  
**Total operating expenses**
  
2,162,190
 
396,989 
 
1,300,875 
 
150,198 

 

 

 

 

 

 
 
  
 
 
 
 
**OPERATING (LOSS)**
  
(444,901) 
(146,989) 
(256,703) 
(150,198)
 

 

 

 

 

 
 
  
 
 
 
 
**OTHER INCOME**
          
 

    Interest income

 

 

 
45,829 

 
9,994 

 
25,113 

 
4,635 
             
 

 

 

 

 

 
 
  
 
 
 
 
**(LOSS) BEFORE TAXES**
  
(399,072) 
(136,995) 
(231,590)
 $ 
 (145,563)
    Provision for income taxes

 

 

 
-- 

 
-- 

 
-- 

 
-- 
             
**NET (LOSS)**

 

 

$
(399,072) 

$
(136,995)

$
(231,590) 

 $ 
 (145,563)
             
**(Loss) per common share:**

 

 
 
  
 
 
 
 
**Basic and diluted**
  
$
(0.01)

$
(0.00)

$
(0.01)

 $ 
(0.00)
 
 

 

 

 
 
  
 
 
  
**Shares used in calculating (loss) per commonshare:**
        
**Basic and diluted**

** **

** **

** **

** **

33,270,816 

 
31,233,353 

 
33,272,718 

 
31,624,658 

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 SIX MONTHS ENDED OCTOBER 31, 2008 AND 2007(UNAUDITED)**  
**2008**
 
**2007**
     
**CASH FLOWS FROM OPERATING ACTIVITIES**
         
     Net (loss) 

$
(399,072)

$
(136,995) 

     Adjustments to reconcile net (loss) to net cash (usedin) operating **activities:**
    
     Share based compensation
 
25,743 
--
       Excess tax benefitsfrom share based payment arrangements  
 
(9,010) 
-- 
       Amortization of prepaidconsulting services
 
182,353  
63,287
     
    
Changes in:
    
     (Increase) in accounts receivable
 
(77,091) 
-- 
     (Increase) in prepaid expenses
 
(99,368) 
-- 
     (Increase) in prepaid contract expenses
 
(43,374) 
--     
      Increase (decrease) in accounts payable
 
159,858  
(7,561)
     (Decrease) in deferred revenue
 
(42,785)  
-- 
     (Decrease) increase in other accruedexpenses
 
(361,275)
 
15,743 
     
** Net cash (used in) operatingactivities**
 
(664,021)
 
(65,526) 
     
**CASH FLOWS FROM INVESTING ACTIVITIES**
    
** **(Increase) in intangible assets
 
(9,067)
 
-- 
     
     **Net cash (used in) investingactivities**
 
(9,067)
 
-- 
     
**CASH FLOWS FROM FINANCING ACTIVITIES**
         
     Payment of officers loan payable
 
--  
(43,693)
     Proceeds from exercise of options
 
7,500  
-- 
       Excess tax benefitsfrom share based payment arrangements
 
9,010 
 
-- 
     
**       Net cash provided by(used in) financing activities**
 
16,510 
 
(43,693)
     
** Net (decrease) in cash and cashequivalents**
 
(656,578) 
(109,219)      
**CASH AND CASH EQUIVALENTS  BEGINNING OFPERIOD**
 
3,709,136 
 
475,135 
     
**CASH AND CASH EQUIVALENTS -- END OF PERIOD**

$
3,052,558 

$
365,916 
     
**SUPPLEMENTAL DISCLOSURE OF CASH FLOWINFORMATION:**
    
     Cash paid during the period for:
    
         Interestpaid

$
-- 
$
-- 
         Income TaxPaid

$
-- 
$
--      
**SUPPLEMENTAL SCHEDULE OF NON--CASH FLOW INVESTING ANDFINANCING ACTIVITIES:**
  
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**
**OCTOBER 31, 2008 AND 2007(UNAUDITED)**

**(1) ORGANIZATION AND BASIS OF PRESENTATION**
The accompanying condensed consolidated financial statements ofChampions Biotechnology, Inc. ("Champions" or the "Company") as of and for thesix months ended October 31, 2008 and 2007 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 financial information and inconjunction with the rules and regulations of the Securities and ExchangeCommission (SEC). Accordingly, they do not include all of the disclosuresrequired by Generally Accepted Accounting Principles(““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 forthe fiscal year ended April 30, 2008. The results for the six months and threemonths ended October 31, 2008 may not be indicative of the results for theentire year.
**Impact of Recent AccountingPronouncements**
The Company adopted Statement of Financial Accounting Standards("SFAS") No. 157, "Fair Value Measurement" ("SFAS No. 157") on May 1, 2008.SFAS 157 defines fair value as the price that would be received to sell anasset or paid to transfer a liability in an orderly transaction between marketparticipants at the measurement date (an exit price). The standard outlines avaluation framework 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. Based on this guidance, the Companyexpects to adopt the provisions of SFAS 157 as related to nonfinancialassets and nonfinancial liabilities, effective January 1, 2009 and thisadoption is not expected to have a material impact on the Company’’sfinancial statements.
The Company did not elect the fair value measurement option underSFAS No. 159, "The Fair Value Option for Financial Assets andLiabilities”“ and presently, the Company does not have any financialassets and liabilities that would need to be measured under the fair measurementoption under SFAS 159.
In December 2007, the FASB issued SFAS No. 160,"Non--controlling Interests in Consolidated Financial Statements: an amendmentof ARB No. 51" ("SFAS No. 160"). SFAS No. 160 replaces the termminority interests with the newly--defined term of non--controlling interestsand establishes this line item as an element of stockholders’’equity, separate from the parent’’s equity. SFAS No. 160 alsoincludes expanded disclosure requirements regarding the interests of the parentand its non--controlling interest. The Company is continuing to review theprovisions of SFAS No. 160, which is effective the first quarter of fiscal2010, and currently does not expect this new accounting standard to have asignificant impact on the Financial 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"). SFAS No. 161 changes thedisclosure requirements for derivative instruments and hedging activities. TheCompany is reviewing the provisions of SFAS No. 161, which is effective thefirst quarter of fiscal 2010, and currently does not anticipate that this newaccounting standard will have 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). SFAS No. 162identifies the sources of accounting principles and the framework for selectingprinciples used in the preparation of financial statements.  SFAS No.162 is effective 60 days following the SEC’’s approval of the PublicCompany Accounting Oversight Board amendments to AU Section 411, "The Meaning ofPresent Fairly in Conformity with Generally Accepted Accounting Principles". Theeffective date of SFAS No. 162 has not yet been determined.  The implementationof this standard will not have a material impact on the FinancialStatements.
6 

**Reclassifications**
The Company has reclassified certain amounts for the six monthsand three months ended October 31, 2007 to conform to the presentation of theOctober 31, 2008 amounts.  The reclassifications have no effect on the net lossfor the periods ended October 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 sharesrelated to stock options, which is calculated based on the average share pricefor each period using the treasury stock method.  Under the treasury stockmethod, the exercise price of an option, the average amount of compensationcost, if any, for future service that the Company has not yet recognized, andthe amount of tax benefits that would be recorded in additional paid--incapital, if any, when the option is exercised, are assumed to be used torepurchase shares in the current period. For the six months endedOctober 31, 2008 and 2007, there were an aggregate of 793,136 and 711,765,respectively, potential common shares related to share--based instruments,excluded from the diluted EPS computation because their inclusion would have hadan anti--dilutive effect. 
The following is a reconciliation of the computation for basicand diluted EPS:

 

 

 

 

**October 31,** 
**October 31,**
 

 

 

 

**2008** 
**2007**
 

 

 

 
   
Net (loss)

 

 

 $
(399,072)

 $
(136,995) 

 

 

 

 
 
 
 
Weighted--average common shares

 
 
 
  outstanding (basic and diluted)	
 

 
33,270,816 

 
31,233,353 

 

 

 

 
 
 
 

**(3) COMMITMENTS AND CONTINGENCIES**
**Operating leases**
The Company leases, as tenant, space under an operating lease,which expires February 29, 2009. 
Rental expense during the six months and three months endedOctober 31, 2008  was $39,364 and $20,084, respectively.  Rental expenses forthe six months and three months ended October 31, 2007 was $0.
**(4) SHARE BASED COMPENSATION**
The total employee share based compensation cost that has beenrecognized in results of operations for the six months and three months endedOctober 31, 2008 was $25,743 and $12,124, respectively.  As of October 31, 2008,there was $128,749 unrecognized compensation cost related to employee sharebased compensation arrangements.  The cost is expected to be recognized over aweighted average period of 2.69 years.
The total nonemployee consulting share based compensation costthat has been recognized in the results of operations was $182,353 for the sixmonths and $97,380 for the three months ended October 31, 2008.  As of October31, 2008 there was $754,848 unrecognized compensation related to nonemployeeconsulting share based compensation arrangements. The cost is expected to berecognized over a weighted average period of 2.21years.
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 incometaxes are measured based on the tax rates expected to be in effect when thetemporary differences are included in the Company’’s consolidatedtax return. Deferred tax assets and liabilities are recognized based onanticipated future tax consequences attributable to differences betweenfinancial statement carrying amounts of assets and liabilities and theirrespective tax bases.
At October 31, 2008 and 2007, deferred tax assets consist of thefollowing:  

   

 

2008  
2007
Deferred tax asset 

$

2,613,700  
$

2,534,700  Less:  valuation allowance	
(2,613,700)
 
(2,534,700) 

Net deferred tax asset

$

--0--  
 
$

--0--  

At October 31, 2008 and 2007, the Company had federal netoperating loss carryforwards in the approximate amounts of $7,467,619 and$7,241,240 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 thesix months and three months ended October 31, 2008, the Company paidcompensation to the Chairman for these services which are provided in theordinary course of business.  The Company believes the compensation is on thesame basis as if the same services were provided by unrelated parties.   TheChairman of the Company is a director of Alfacell Corporation and a formerdirector of ImClone Systems, Incorporated, companies which have entered intocontracts for the Company to perform services.  During the six months and threemonths ended October 31, 2008, the Company recorded revenue of $77,091 and$12,345 from Alfacell Corporation.  During the six months and three months endedOctober 31, 2008, the Company recorded revenue of $62,843 and had deferredrevenue of $135,607 from ImClone Systems, Incorporated.  All services providedunder these contracts are in the ordinary course of business at prices and onterms and conditions that the Company believes are the same as those that wouldresult from arm’’s length negotiations between unrelatedparties.
8 

**Item 2.     Management’’s Discussion andAnalysis of Financial Condition and Results of Operations.**
       As used in thisQuarterly Report 10--Q, "Champions Biotechnology," "Champions," "we," "ours,"and "us" refer to Champions Biotechnology, Inc., except where the contextotherwise requires or as otherwise indicated.
DISCLOSURE REGARDING FORWARD--LOOKINGSTATEMENTS

       This document contains"forward--looking statements" within the meaning of Section 27A of theSecurities Act of 1933 ("Securities Act") and Section 21E of the SecuritiesExchange Act of 1934 ("Exchanges Act") that inherently involve risk anduncertainties.  The Company generally uses words such as "believe," "may,""could," "will," "intend," "estimate," "expect," "anticipate," "plan," "likely,""promise" and similar expressions to identify forward--looking statements.  Oneshould not place undue reliance on these forward--looking statements.  TheCompany’’s actual results could differ materially from thoseanticipated in the forward--looking statements for many unforeseen factors,which may include, but are not limited to, changes in general economicconditions, the ongoing threat of terrorism, ability to have access to financingsources on reasonable terms and other risks. Those risks include, but are notlimited to, the risks identified in our periodic reports filed with theSecurities and Exchange Commission, including our most recent Annual Report onform 10--KSB.  Although the Company believes the expectations reflected in theforward--looking statements are reasonable, they relate only to events as of thedate on which the statements are made, and the Company’’s futureresults, levels of activity, performance or achievements may not meet theseexpectations.  The Company does not intend to update any of the forward--lookingstatements after the date of this document to conform these statements to actualresults or to changes in the Company’’s expectations, except asrequired by law.
**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 Europe 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 reposition 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 most promising 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 Tumorgrafts 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.  In thefourth quarter of fiscal year 2008 we established an agreement with ImCloneSystems Incorporated for the preclinical evaluation of certain therapeuticantibodies in ImClone’’s clinical development pipeline. As part ofthe agreement, ImClone will utilize our Biomerk Tumorgrafts in the initialpreclinical evaluation.
       Once we enter into anagreement with a pharmaceutical or biotechnology company to perform BiomerkTumorgraft testing services it takes several months to propagate the Tumorgraftsprior to beginning the drug testing.  In the second quarter of fiscal 2009 weperformed drug testing under several contracts.  We are currently providingservices or in discussions to provide services to a number of othercompanies.
**RESULTS OF  OPERATIONS**
We began our operations as a biotechnology company after weacquired Biomerk, Inc. in May 2007.  Accordingly, ’the results describedbelow for the 2007 period are for less than a full six months.
**Three Months Ended October 31, 2008 and2007**
       *Revenues***.  **Forthe three months ended October 31, 2008, the Company’’s operatingrevenue was $1,044,172, compared to $0.00 for the comparable three months endedOctober 31, 2007, an increase of $1,044,172.  For the 2008 period, we primarilyderived our revenue from our Personalized Oncology business and, to a lesserextent, our Preclinical eValuation business.  We began to generate revenue fromour Preclinical eValuation business in the first quarter of fiscal 2009 and grewit in the second quarter as we completed portions of studies for our contractualcustomers during the quarter; those studies and others continue or are inprogress.  Expectations for growth in the future are from continued PersonalizedOncology services and use of our Preclinical eValuation services. Our revenue isdescribed as Personalized Oncology and Preclinical Contract revenue in theCondensed Consolidated Statements of Operations.
       At October 31, 2008, wehad deferred revenue of $461,838 which represents payments in advance on futurePersonalized Oncology services and Preclinical eValuation services which will berecognized as earned when operations are performed.  At October 31, 2007, we hadno deferred revenue.
       *Expenses***.**  Forthe three months ended October 31, 2008, our operating expenses were $1,300,875,compared to $150,198 for the three months ended October 31, 2007, an increase of766%. - Research and development expenses.  For the threemonths ended October 31, 2008, research and development expenses were $419,404,compared to $30,910 for the three months ended October 31, 2007.  The increaseof $388,494 for the three months ended October 31, 2008 was primarily a resultof the increase in Tumorgrafts acquired and their propagation, characterizationand development for utilization in preclinical studies.  Increases also resultedfrom development activities directed toward building our drug pipeline andevaluating synergistic technologies as well as preclinical development expensesfor the Company’’s lead oncology drug candidate,SG410.

- Cost of personalized oncology and preclinical contractservices.  For the three months ended October 31, 2008, the costs ofpersonalized oncology and preclinical contract services were $458,586, comparedto $0.00 for the corresponding 2007 period, an increase of $458,586.  Thesecosts were primarily for conducting the Company’’s personalizedoncology services, including medical information panels and the development andtesting of personalized Tumorgrafts, but also include costs related topreclinical evaluation studies in progress under contract.

- General and administrative expenses.  For the threemonths ended October 31, 2008, general and administrative expenses were$422,885, compared to $119,288 for the three months ended October 31, 2007, anincrease of 255%.  The $422,885 expenses for the 2008 period include $187,347 ofpayroll and employee--related expenses and $96,263 of consultant services andrelated options expenses.  Our expenses increased as we built and grew ourinfrastructure including the addition of personnel, consultants and otherinitiatives to facilitate current and future growth.

10

       Expenses are expectedto increase in the future, commensurate with our increased levels of activityand growth, including our increasing business development efforts in pursuingprospective drug candidates to add to the Company’’s pipeline andsynergistic technologies.
       *NetLoss***.  **Our****net loss for the three months endedOctober 31, 2008 was $231,590, and our net loss for the three months endedOctober 31, 2007 was $145,563, an increase of 59%.  As explained in the aboveanalysis of our revenues and expenses, the primary reason for our increased lossin the 2008 quarter was our increased investments to grow our preclinicalplatform, increase revenues from our Personalized Oncology and PreclinicaleValuation businesses, grow our drug pipeline and continue preclinicaldevelopment of our oncology drug candidate, SG410.
**Six Months Ended October 31, 2008 and2007**
       *Revenues***.  **Forthe six months ended October 31, 2008, the Company’’s operatingrevenue was $1,717,289 compared to $250,000 for the comparable six months endedOctober 31, 2007, an increase of $1,467,289 or 587%.  For the 2008 period, weprimarily derived our revenue from our Personalized Oncology business and, to alesser extent, our Preclinical eValuation business.  We began to generaterevenue from our Preclinical eValuation business in the first quarter of fiscal2009 and grew revenue in the second quarter.  Expectations for growth in thefuture are from continued Personalized Oncology services and use of ourPreclinical eValuation services. Our revenue is described as PersonalizedOncology and Preclinical Contract revenue in the Condensed ConsolidatedStatements of Operations.
       At October 31, 2008, wehad deferred revenue of $461,838 which represents payments in advance on futurePersonalized Oncology services and Preclinical eValuation services which will berecognized as earned when operations are performed.  At October 31, 2007, we hadno deferred revenue.
       *Expenses***.**For the six months ended October 31, 2008, our operating expenses were$2,162,190, compared to $396,989 for the six months ended October 31, 2007, anincrease of 1,765,201 or 445%. - Research and development expenses.  For thesix months ended October 31, 2008, research and development expenses were$636,567, compared to $105,910 for the corresponding 2007 period.  The increaseof $530,657 for the six months ended October 31, 2008 was primarily a result ofthe increase in Tumorgrafts acquired and their propagation, characterization anddevelopment for utilization in preclinical studies.  Increases also resultedfrom development activities directed toward building our drug pipeline andevaluating synergistic technologies as well as preclinical development expensesfor the Company’’s lead oncology drug candidate,SG410.

- Cost of personalized oncology and preclinical contractservices.  For the six months ended October 31, 2008, the costs ofpersonalized oncology and preclinical contract services were $718,186, comparedto $63,039 for the six months ended October 31, 2007, an increase of $655,147 or1039%.  These costs were primarily for conducting the Company’’spersonalized oncology services, including medical information panels and thedevelopment and testing of personalized tumorgrafts, but also include costsrelated to preclinical evaluation studies in progress undercontract.

- General and administrative expenses.  Forthe six months ended October 31, 2008, general and administrative expenses were$807,437, compared to $228,040 for the six months ended October 31, 2007, anincrease of $579,397 or 254%.  The $807,437 expenses for the six months endedOctober 31, 2008 include $383,634 of payroll and employee--related expenses and$190,564 of consultant services and related options expenses.  Our expensesincreased as we built and  grew our infrastructure including the addition ofpersonnel, consultants and other initiatives to facilitate current and futuregrowth.

       Expenses are expectedto increase in the future, commensurate with our increased levels of activityand growth, including our increasing efforts in pursuing attractive prospectivedrug candidates and technologies.
       *NetLoss***.  **Our net loss for the six months ended October 31,2008 was $399,072, and our net loss for the six months ended October 31, 2007was $136,995, an increase of 262,077 or 191%.  As explained in the aboveanalysis of our revenues and expenses, the primary reason for our increased lossin the 2008 period was our increased investments to grow our preclinicalplatform, increase revenues from our Personalized Oncology and PreclinicaleValuation businesses, grow our drug pipeline and continue preclinicaldevelopment of our oncology drug candidate, SG410.
11

**FINANCIAL CONDITION AND LIQUIDITY**
       TheCompany’’s cash position on October 31, 2008, was $3,052,558compared to $365,916 on October 31, 2007.  For the six months ended October 31,2008, the net cash used by operating activities was $664,021. For the six monthsended October 31, 2007, the net cash used by operating activities was$65,526.
       Our working capital asof October 31, 2008 was $2,555,599 compared to negative $28,427 at October 31,2007. The increased working capital was due to the receipt of proceeds of$2,500,000 from private investment financing in March 2008 and the receipt ofpayments in advance on future operations as deferred revenue. 
       The Company hassufficient resources to provide for the next twelve months of operations basedon its current level of expenditure, its anticipated level of future expenditureand revenue growth and its ability to curtail expenditures 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 Acting Chief Financial Officer have evaluated this systemof disclosure controls and procedures as of the end of the period covered bythis quarterly report, and have concluded that the system is not effective.There have been no changes in our internal control over financial reportingduring the most recent fiscal quarter that have materially affected, or arereasonably likely 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**
None
**Item 6**.     **Exhibits**
Exhibit No.

31.1

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

31.2

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

32.1

Section 1350 Certifications
  

13

**SIGNATURES**        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.	 
CHAMPIONS BIOTECHNOLOGY, INC.
 
(Registrant)
      
Date: December 15, 2008

By:

/s/ Douglas D. Burkett
 
  

Douglas D. Burkett
 
  

Principal Executive Officer
       
By:

/s/ Durwood C. Settles
 
  

Durwood C. Settles
 
  

Acting Chief Financial Officer

14

**Exhibit31.1**

CERTIFICATION

       I,Douglas D. Burkett, certify that:
       1.   I have reviewed this Quarterly Report on Form 10--Q ofChampions Biotechnology, Inc., a Delaware corporation:
       2.Based on my knowledge, this report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statementsmade, in light of the circumstances under which such statements were made, notmisleading with respect to the period covered by this report;
       3.Based on my knowledge, the financial statements, and other financial informationincluded in this report, fairly present in all material respects the financialcondition, results of operations and cash flows of the Registrant as of, andfor, the periods presented in this report;
       4.The Registrant’’s other certifying officer and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a--15(e) and 15d--15(e)) and internal control overfinancial reporting (as defined in Exchange Act Rules 13a--15(f) and 15d--15(f))for the Registrant and have:
                   (a) Designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to the Registrant, including itsconsolidated subsidiaries, is made known to us by others within those entities,particularly during the period in which this report is being prepared;
                   (b) Designed such internal control over financial reporting, or caused suchinternal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principals;
                   (c) Evaluated the effectiveness of the Registrant’’s disclosurecontrols and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; and
                   (d) Disclosed in this report any change in the Registrant’’sinternal control over financial reporting that occurred during theRegistrant’’s most recent fiscal quarter (theRegistrant’’s fourth fiscal quarter in the case of an annual report)that has materially affected, or is reasonably likely to materially affect, theRegistrant’’s internal control over financial reporting;and
       5.The Registrant’’s other certifying officer and I have disclosed,based on our most recent evaluation of internal control over financialreporting, to the Registrant’’s auditors and the audit committee ofRegistrant’’s board of directors (or persons performing theequivalent function):
                   (a) All significant deficiencies and material weaknesses in the design oroperation of internal control over financial reporting which are reasonablylikely to adversely affect the Registrant’’s ability to record,process, summarize and report financial information; and
                   (b) Any fraud, whether or not material, that involves management or otheremployees who have a significant role in the Registrant’’s internalcontrol over financial reporting.

Date: December 15, 2008

/s/ Douglas D. Burkett

  

Douglas D. Burkett

  

Principal Executive Officer

 

**Exhibit 31.2**

CERTIFICATION

       I,Durwood C. Settles, certify that:
       1.     Ihave reviewed this Quarterly Report on Form 10--Q of Champions Biotechnology,Inc., a Delaware corporation:
       2.     Basedon my knowledge, this report does not contain any untrue statement of a materialfact or omit to state a material fact necessary to make the statements made, inlight of the circumstances under which such statements were made, not misleadingwith respect to the period covered by this report;
       3.     Basedon my knowledge, the financial statements, and other financial informationincluded in this report, fairly present in all material respects the financialcondition, results of operations and cash flows of the Registrant as of, andfor, the periods presented in this report;
       4.     TheRegistrant’’s other certifying officer and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a--15(e) and 15d--15(e)) and internal control overfinancial reporting (as defined in Exchange Act Rules 13a--15(f) and 15d--15(f))for the Registrant and have: 
                   (a) Designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to the Registrant, including itsconsolidated subsidiaries, is made known to us by others within those entities,particularly during the period in which this report is being prepared;
                   (b) Designed such internal control over financial reporting, or caused suchinternal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principals;
                   (c) Evaluated the effectiveness of the Registrant’’s disclosurecontrols and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; and
                   (d) Disclosed in this report any change in the Registrant’’sinternal control over financial reporting that occurred during theRegistrant’’s most recent fiscal quarter (theRegistrant’’s fourth fiscal quarter in the case of an annual report)that has materially affected, or is reasonably likely to materially affect, theRegistrant’’s internal control over financial reporting;and
5.     TheRegistrant’’s other certifying officer and I have disclosed, basedon our most recent evaluation of internal control over financial reporting, tothe Registrant’’s auditors and the audit committee ofRegistrant’’s board of directors (or persons performing theequivalent function):
                   (a) All significant deficiencies and material weaknesses in the design oroperation of internal control over financial reporting which are reasonablylikely to adversely affect the Registrant’’s ability to record,process, summarize and report financial information; and
                   (b) Any fraud, whether or not material, that involves management or otheremployees who have a significant role in the Registrant’’s internalcontrol over financial reporting.

Date: December 15, 2008

/s/ Durwood C. Settles

  

Durwood C. Settles

  

Acting Chief Financial Officer

 

**Exhibit32.1**

SECTION 1350CERTIFICATIONS

       Inconnection with the Quarterly Report of Champions Biotechnology, Inc. (the““Company”“) on Form 10--Q for the period ending October31, 2008 as filed with the Securities and Exchange Commission and to which thisCertification is an exhibit (the ““Report”“), theundersigned hereby certify, pursuant to Section 906 of the Sarbanes--Oxley Actof 2002, that:
The Report fully complies with therequirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;and
The information contained in the Reportfairly presents, in all material respects, the financial condition and result ofoperations of the Company for the periods reflected therein.

Date: December 15, 2008

/s/ Douglas D. Burkett

  

Douglas D. Burkett

  

Principal Executive Officer
    
  

/s/ Durwood C. Settles

  

Durwood C. Settles

  

Acting Chief Financial Officer

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