-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Tm/u46kVhIU0+ekoeEYItd99FVyNByXw6NtKITPWjSDTTYk1KYq6/1wWo9QVU8Nx
 9aTyHE2ujhD6Wa2bBe2Rkg==

<SEC-DOCUMENT>0001297077-08-000022.txt : 20080306
<SEC-HEADER>0001297077-08-000022.hdr.sgml : 20080306
<ACCEPTANCE-DATETIME>20080305180709
ACCESSION NUMBER:		0001297077-08-000022
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080306
DATE AS OF CHANGE:		20080305

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHAMPIONS BIOTECHNOLOGY, INC.
		CENTRAL INDEX KEY:			0000771856
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				521401755
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17263
		FILM NUMBER:		08669032

	BUSINESS ADDRESS:	
		STREET 1:		2200 WILSON BLVD
		STREET 2:		SUITE 102-316
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22201
		BUSINESS PHONE:		703-526-0400

	MAIL ADDRESS:	
		STREET 1:		2200 WILSON BLVD.
		STREET 2:		SUITE 102-316
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHAMPIONS SPORTS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL GROUP INC
		DATE OF NAME CHANGE:	19860319
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>cbi10qsb_013108.htm
<TEXT>
<html>
<head><meta content="text/html; charset=">
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>

<body >
<ul>
</ul>

<p>
<br><br><br><br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>Washington, D.C.  20549</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>FORM 10-QSB</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
</p>
<div style="position:relative; left: 35"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="541.333198" colspan="1" rowspan="1" >
<p>
<font size="2">Mark One</font></p>
</td>
</tr>
</table></div>
<p>
</p>
<div style="position:relative; left: 67"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="41.333323" colspan="1" rowspan="1" >
<p>
<font size="2">[X]</font></p>
</td>
<td width="419.999895" colspan="1" rowspan="1" >
<p>
<font size="2">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF</font></p>
</td>
</tr>
<tr valign="top">
<td width="41.333323" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="419.999895" colspan="1" rowspan="1" >
<p>
<font size="2">THE SECURITIES EXCHANGE ACT OF 1934</font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><u>For the quarterly period ended   January 31, 2008</u></font></p align="center">
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">OR</font></p align="center">
</td>
</tr>
</table></div>
<p>
</p>
<div style="position:relative; left: 67"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="41.333323" colspan="1" rowspan="1" >
<p>
<font size="2">[&nbsp;&nbsp;&nbsp;]</font></p>
</td>
<td width="419.999895" colspan="1" rowspan="1" >
<p>
<font size="2">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF</font></p>
</td>
</tr>
<tr valign="top">
<td width="41.333323" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="419.999895" colspan="1" rowspan="1" >
<p>
<font size="2">THE SECURITIES EXCHANGE ACT OF 1934</font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">For the transition period from    <u>                </u>&nbsp;&nbsp;to</font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">Commission file number            <u>&nbsp;0-17263</u></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<b><u>CHAMPIONS BIOTECHNOLOGY, INC.</u></b></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">(Exact name of registrant as specified in its charter)</font></p align="center">
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="323.999919" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><u>Delaware</u></font></p align="center">
</td>
<td width="329.333251" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><u>52-1401755</u></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="323.999919" colspan="1" rowspan="1" >
<p align="center">
<font size="2">(State or other jurisdiction of</font></p align="center">
</td>
<td width="329.333251" colspan="1" rowspan="1" >
<p align="center">
<font size="2">(I.R.S. Employer</font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="323.999919" colspan="1" rowspan="1" >
<p align="center">
<font size="2">organization)</font></p align="center">
</td>
<td width="329.333251" colspan="1" rowspan="1" >
<p align="center">
<font size="2">Identification No.)</font></p align="center">
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><u>2200 Wilson Blvd., Suite 102-316, Arlington VA 22201</u></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">(Address of principal executive offices)</font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">(Zip code)</font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><u>(703) 526-0400</u></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2">(Registrant&#8217;s telephone number, including area code)</font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities </font><br><font size="2">Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), </font><br><font size="2">and (2) has been subject to such filing requirements for the past 90 days.  Yes  <u>&nbsp;x    </u>&nbsp;&nbsp;No    <u>    </u>&nbsp;</font><br><br><font size="2">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes __   No    <u>x    </u>&nbsp;&nbsp;</font><br><br><font size="2">As of February 27, 2008 the Registrant had a total of 31,794,146 shares of common stock outstanding.</font><br><br><font size="2">Transitional Small Business Disclosure Format (check one): &nbsp;&nbsp;Yes <u>&nbsp;x    </u>No    <u>&nbsp;</u></font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2" color="#000080">&nbsp;</font></p>
</td>
</tr>
</table></div>
<p>
<br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC.</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>FORM 10-QSB</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><u>INDEX</u></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br></p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><u>Page</u></font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
<p>
<font size="2">Part I. </font></p>
</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Financial Information</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Item 1.&nbsp;&nbsp;&nbsp;Financial Statements</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Balance Sheet as of January 31, 2008 (Unaudited)</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">5</font></p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Operations</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the Nine months and Three months ended January 31, 2008 and  2007 (Unaudited)</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">6</font></p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Cash Flows for the</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine months ended January 31, 2008 and  2007 (Unaudited)</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">7</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Condensed Consolidated Financial Statements (Unaudited)</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">8-16</font></p>
</td>
</tr>
<tr valign="top">
<td width="619.999845" colspan="3" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Item 2.&nbsp;&nbsp;&nbsp;Management&#8217;s Discussion and Analysis or Plan of Operation</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">17-19</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Item 3.&nbsp;&nbsp;&nbsp;Controls and Procedures</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">19-20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
<p>
<font size="2">Part II.</font></p>
</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Other Information and Signatures</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Item 1.   Legal Proceedings</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds </font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Item 3.   Defaults Upon Senior Securities</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Item 4.&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Item 5.   Other Information</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
<p>
<font size="2">Item 6.&nbsp;&nbsp;&nbsp;Exhibits </font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">20</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Signatures</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">21</font></p>
</td>
</tr>
<tr valign="top">
<td width="53.333320" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="499.999875" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="65.333317" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="554.666528" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">22</font></p>
</td>
</tr>
<tr valign="top">
<td width="554.666528" colspan="2" rowspan="1" >
<p>
<font size="2">Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" >
<p>
<font size="2">23</font></p>
</td>
</tr>
<tr valign="top">
<td width="554.666528" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
</td>
<td width="65.333317" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">24</font></p>
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>2</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br><br><br><br><br><br><br><br><br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="666.666500" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>3</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="563.999859" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="563.999859" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="563.999859" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="563.999859" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br></p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
<p>
<font size="2">CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:</font></p>
</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="509.333206" colspan="2" rowspan="1" >
<p>
<font size="2">Condensed Consolidated Balance Sheet as of January 31, 2008 (Unaudited) </font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
<font size="2">5</font></p>
</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
<p>
<font size="2">Condensed Consolidated Statements of Operations for the Nine months and Three months </font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="485.333212" colspan="1" rowspan="1" >
<p>
<font size="2">ended January 31, 2008 and 2007 (Unaudited)    </font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
<font size="2">6</font></p>
</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
<p>
<font size="2">Condensed Consolidated Statements of Cash Flows for the Nine months ended</font></p>
</td>
</tr>
<tr valign="top">
<td width="23.999994" colspan="1" rowspan="1" >
<p>
<font size="2"> </font></p>
</td>
<td width="485.333212" colspan="1" rowspan="1" >
<p>
<font size="2">January 31, 2008 and 2007 (Unaudited)       </font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
<font size="2">7</font></p>
</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
<p>
<font size="2">  </font></p>
</td>
</tr>
<tr valign="top">
<td width="545.333197" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="509.333206" colspan="2" rowspan="1" >
<p>
<font size="2">Notes to Condensed Consolidated Financial Statements (Unaudited)    </font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
<font size="2">8-16</font></p>
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="685.333162" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>4</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="582.666521" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="582.666521" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="582.666521" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="582.666521" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CONDENSED CONSOLIDATED BALANCE SHEET</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="582.666521" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>AS OF JANUARY 31, 2008 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
</p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="417.333229" colspan="4" rowspan="1" >
<p>
<font size="2"><b>ASSETS</b></font></p>
</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="401.333233" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>CURRENT ASSETS</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" >
<p>
<font size="2">Cash and cash equivalents</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;1,072,453 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Supplies</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>47,466 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>Total Current Assets</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">1,119,919 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Intangibles assets</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">191,745 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" >
<p>
<font size="2">Goodwill</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>661,909 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="401.333233" colspan="3" rowspan="1" >
<p>
<font size="2"><b>TOTAL ASSETS</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;1,973,573 </i></b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="417.333229" colspan="4" rowspan="1" >
<p>
<font size="2"><b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b></font></p>
</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="401.333233" colspan="3" rowspan="1" >
<p>
<font size="2"><b>CURRENT LIABILITIES</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Accounts payable</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">$&nbsp;&nbsp;&nbsp;111,778 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" >
<p>
<font size="2">Other accrued expenses</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>351,394 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>Total current liabilities</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>463,172 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="401.333233" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>COMMITMENTS AND CONTINGENCIES</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="401.333233" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>STOCKHOLDERS&#8217; EQUITY</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" >
<p>
<font size="2">Common stock, $.001 par value; 50,000,000 shares authorized;</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">31,794,146 shares issued and outstanding</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">31,794 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" >
<p>
<font size="2">Additional paid-in capital</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right">
<font size="2">8,526,789 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Accumulated deficit</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> (6,630,234)</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right">
<font size="2">1,928,349 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Less: prepaid consulting</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> (417,948)</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="386.666570" colspan="2" rowspan="1" >
<p>
<font size="2">Total stockholders&#8217; equity</font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right">
<font size="2">1,510,401 </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="370.666574" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="401.333233" colspan="3" rowspan="1" >
<p>
<font size="2"><b>TOTAL LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="55.999986" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;1,973,573 </i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="685.333162" colspan="1" rowspan="1" >
<p align="center">
<font size="2">The accompanying notes are an integral part of these condensed consolidated financial statements</font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="685.333162" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>5</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br></p>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="755.999811" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="755.999811" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="755.999811" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="755.999811" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>FOR THE NINE MONTHS AND THREE MONTHS ENDED JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
</p>
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="177.333289" colspan="3" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="177.333289" colspan="3" rowspan="1" >
<p>
<font size="2"><b>Nine Months Ended January 31</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="183.999954" colspan="3" rowspan="1" >
<p>
<font size="2"><b>Three Months Ended January 31 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b><u>2008</u></b></font></p align="center">
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b><u>2007</u></b></font></p align="center">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b><u>2008</u></b></font></p align="center">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b><u>2007</u></b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b> </b></font></p align="right">
</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="319.999920" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>OPERATING REVENUE</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
<p>
<font size="2">    &nbsp;Services</font></p>
</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;1,174,940 </b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;-   </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;924,940   </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;-   </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="291.999927" colspan="3" rowspan="1" >
<p>
<font size="2"><b>Total operating revenue</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>1,174,940 </b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>924,940   </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="381.333238" colspan="4" rowspan="1" >
<p>
<font size="2"><b>COSTS AND OPERATING EXPENSES </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="231.999942" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>Service expenses</font></p>
</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">264,262</font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">-</font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">201,222</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">-</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="231.999942" colspan="2" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>Supplies</font></p>
</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right">
<font size="2">75,000 </font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right">
<font size="2">-   </font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right">
<font size="2">-   </font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right">
<font size="2">-   </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="319.999920" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>377,724 </b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>74,086 </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>118,776 </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>37,198 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
<p align="right">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p align="right">
</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="291.999927" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>Total costs and operating expenses</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>716,986 </b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>74,086 </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>319,998 </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>37,198 </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="381.333238" colspan="4" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>INCOME (LOSS) BEFORE OTHER INCOME</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> 457,954</font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> (74,086)</font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> 604,942</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> (37,198)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="231.999942" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</font></p>
</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="230.666609" colspan="2" rowspan="1" >
<p>
<font size="2">Interest income</font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>16,057 </b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>6,064 </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>&nbsp;&nbsp;&nbsp;-   </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="230.666609" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>Total other income</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">16,057 </font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">-   </font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">6,064 </font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">-   </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="5" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> 474,011</font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> (74,086)</font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> 611,006</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> (37,198)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="319.999920" colspan="3" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes</font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="411.999897" colspan="6" rowspan="1" >
<p>
<font size="2"><b>NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    474,011</i></b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    (74,086)</i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    611,006</i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    (37,198)</i></b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="397.333234" colspan="5" rowspan="1" >
<p>
<font size="2"><b>BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    0.02</i></b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    (0.00)</i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    0.02</i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$    (0.00)</i></b></font></p>
</td>
</tr>
<tr valign="top">
<td width="89.333311" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="142.666631" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="59.999985" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="411.999897" colspan="6" rowspan="1" >
<p>
<font size="2"><b>WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC) </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>31,386,454 </i></b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>20,489,493 </i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>31,692,654 </i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>18,091,931 </i></b></font></p>
</td>
</tr>
<tr valign="top">
<td width="411.999897" colspan="6" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="411.999897" colspan="6" rowspan="1" >
<p>
<font size="2"><b>WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="82.666646" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>32,468,344</i></b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>-</i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="81.333313" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>32,774,544</i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>-</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="973.333090" colspan="1" rowspan="1" >
<p align="center">
<font size="2">The accompanying notes are an integral part of these condensed consolidated financial statements</font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="762.666476" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>6</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>FOR THE NINE MONTHS ENDED JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br></p>
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>2008</b></font></p align="center">
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>2007</b></font></p align="center">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2"><b>CASH FLOWS FROM OPERATING ACTIVITIES</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$    474,011</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$    (74,086)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) to net cash</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided by (used in) operating activities:</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in supplies</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">(47,466)</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">-  </font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right">
<font size="2">61,268 </font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right">
<font size="2"> (11,589)</font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other accrued expenses</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">15,743</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">24,221   </font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of prepaid consulting services</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>108,950 </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>-   </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>138,495</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> 12,632</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in)  operating activities</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>612,506</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> (61,454)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>CASH FLOWS FROM FINANCING ACTIVITIES</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Payment of) proceeds from officers loan</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> (43,693)</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">43,693 </font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of restricted common stock</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>&nbsp;28,505</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>&nbsp;38,000</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(15,188)</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>81,693 </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>NET INCREASE  IN CASH AND</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASH EQUIVALENTS</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right">
<font size="2"> 597,318</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right">
<font size="2">20,239</font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2"><b>CASH AND CASH EQUIVALENTS -</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEGINNING OF PERIOD</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>475,135 </b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>540 </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>CASH AND CASH EQUIVALENTS - END OF PERIOD</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;1,072,453 </i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$20,779 </i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2"><b>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the year for:</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;-   </i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;2,277   </i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;-   </i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>$&nbsp;&nbsp;&nbsp;-   </i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2"><b>SUPPLEMENTAL SCHEDULE OF NON-CASH FLOW INVESTING AND FINANCING ACTIVITIES:</b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">In January 2007, the Company issued 340,000 stock options for prepaid consulting services valued at $44,184.</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i>   </i></b></font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b><i> </i></b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">In May 2007, the Company issued 525,000 stock-options for prepaid consulting services valued at $157,473. </font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" >
<p>
<font size="2">In May 2007, the Company issued 4,000,000 shares for 100% of the shares of Biomerk, Inc.</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="503.999874" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="522.666536" colspan="2" rowspan="1" >
<p>
<font size="2">In October 2007, the Company issued 500,000 stock options for prepaid consulting services valued at $336,287.</font></p>
</td>
<td width="83.999979" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="73.333315" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="698.666492" colspan="5" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="698.666492" colspan="5" rowspan="1" >
&nbsp;</td>
<td width="14.666663" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2">The accompanying notes are an integral part of these condensed consolidated financial statements\</font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>7</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br></p>
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><font size="2"><b>NOTE 1 - <u>ORGANIZATION AND BASIS OF PRESENTATION</u></b></font><br><br><font size="2">Champions Biotechnology, Inc., (the "Company") is a biotechnology company that is engaged in the development  of advanced preclinical </font><br><font size="2">platforms and predictive tumor specific data to  enhance  and accelerate the value of oncology drugs  for companies and physicians. The </font><br><font size="2">Company was incorporated under the laws of the State of Delaware in June 1985 as a merger and acquisition company under the name </font><br><font size="2">"International Group, Inc." In September 1985, the Company completed a public offering, and in January 1986, acquired the world-wide rights to </font><br><font size="2">the Champions sports theme restaurant concept and subsequently changed its name to "Champions Sports, Inc." In 1997, the Company sold its </font><br><font size="2">Champions service mark and concept for sports themed restaurants to Marriott International, Inc. an
d since then until January 2007, had been </font><br><font size="2">seeking a new business direction. In January 2007, the Company changed its name to Champions Biotechnology, Inc. to reflect the decision of </font><br><font size="2">the Company to focus on biotechnology. In May 2007, the Company acquired Biomerk, Inc., a privately owned company focused on generating a </font><br><font size="2">novel preclinical platform of human cancer tumor immune-deficient mice xenografts (Biomerk Tumorgrafts&#8482;).</font><br><br><font size="2">The condensed unaudited interim consolidated financial statements included herein have been prepared, without audit, pursuant to the rules and </font><br><font size="2">regulations of the Securities and Exchange Commission. The condensed consolidated financial statements and notes are presented as permitted </font><br><font size="2">on Form 10-QSB and do not contain information included in the Company&#8217;s annual statements and notes. Certain information and footnote </font><b
r><font size="2">disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States </font><br><font size="2">of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are </font><br><font size="2">adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in </font><br><font size="2">conjunction with the April 30, 2007 audited consolidated financial statements and the accompanying notes thereto. While management believes </font><br><font size="2">the procedures followed in preparing these condensed consolidated financial statements are reasonable, the accuracy of the amounts are in some </font><br><font size="2">respects dependent upon the facts that will exist, and procedures that will be accomplished by the Company later in the year.</font><br><br><font size="2">These condensed 
unaudited consolidated financial statements reflect all adjustments, including normal recurring adjustments, which, in the </font><br><font size="2">opinion of management, are necessary to present fairly the operations and cash flows for the period presented.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>8</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 2 -&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></b></font><br><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Principles of Consolidation</u></b></font><br><br><font size="2">The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany </font><br><font size="2">transactions have been eliminated in consolidation. </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Goodwill and Other Intangible Assets</u></b></font><br><br><font size="2">In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement No. 142 "Goodwill and Other Intangible Assets". This </font><br><font size="2">statement addresses financial accounting and reporting for acquired goodwill and other intangible assets and supersedes APB Opinion No. 17, </font><br><font size="2">"Intangible Assets". It addresses how intangible assets that are acquired individually or with 
a group of other assets (but not those acquired in a </font><br><font size="2">business combination) should be accounted for in financial statements upon their acquisition.  This Statement also addresses how goodwill and </font><br><font size="2">other intangible assets should be accounted for after they have been initially recognized in the financial statements. </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Intangible Assets</u></b></font><br><br><font size="2">Intangible assets represent costs incurred for patent applications. The costs incurred were valued at the fair value of the stock at the time of </font><br><font size="2">issuance.  The Company will establish its estimated useful life upon approval of the application, which will begin the period of amortization of its </font><br><font size="2">cost.  The Company will estimate the fair value of this asset annually. </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Accounting for Acquisition</
u></b></font><br><br><font size="2">The Company has accounted for its acquisition under the purchase method of accounting for business combinations. Under the purchase method </font><br><font size="2">of accounting, the cost, including transaction costs, are allocated to the underlying net assets, based on their respective estimated fair values. The </font><br><font size="2">excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Impairment of Goodwill and Other Intangible Assets</u></b></font><br><br><font size="2">Goodwill and other intangible assets are tested annually for impairment and are tested for impairment more frequently if events and </font><br><font size="2">circumstances indicate that the asset might be impaired.  An impairment loss is recognized to the extent that the carrying amount exceeds the </font><br><font size="2">asset&#8217;s fair value. The Company asse
sses the recoverability of its goodwill and other intangible assets by comparing the projected undiscounted </font><br><font size="2">net cash flows associated with the related asset, over the remaining lives, in comparison to their respective carrying amounts. Impairment, if any, </font><br><font size="2">is based on the excess of the carrying amount over the fair value of those assets. </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Use of Estimates</u></b></font><br><br><font size="2">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States </font><br><font size="2">of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of </font><br><font size="2">contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the </font><br><f
ont size="2">reporting period.  Actual results could differ from those estimates.    </font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>9</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 2 -&nbsp;<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></b>  <b>(CONTINUED)</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Net Loss Per Share</u></b></font><br><br><font size="2">Historical net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share </font><br><font size="2">(EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. </font><br><font size="2">Common stock equivalents were not included in the computation of diluted earnings per share for the nine months ended January 31, 2007 when </font><br><font size="2">the Company reported a loss because to do so would have been antidilutive.  </font><br><br><font size="2">The following is a reconciliation of the computation for basic and diluted EPS:</font><br></p>
<div style="position:relative; left: 17"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="131.999967" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b>January 31,</b></font></p align="center">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b>January 31,</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="131.999967" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b>2008</b></font></p align="center">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><b>2007</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="131.999967" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="110.666639" colspan="2" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="101.333308" colspan="2" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Net income (loss)</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="87.999978" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">474,011&nbsp;</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="83.999979" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2"> (74,086)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="131.999967" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="110.666639" colspan="2" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="101.333308" colspan="2" rowspan="1" >
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="215.999946" colspan="3" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Weighted-average common shares</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">outstanding (basic)</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;</font></p>
</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">31,386,454&nbsp;</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">&nbsp;</font></p align="right">
</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">20,489,493&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="10.666664" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Weighted-average common stock equivalents</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;Stock options</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" >
<p align="right">
<font size="2">439,835</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" >
<p align="right">
<font size="2">-</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">&nbsp;&nbsp;Warrants</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">642,055</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">-  </font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="71.999982" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="131.999967" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="10.666664" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" >
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Weighted-average common</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
</tr>
<tr valign="top">
<td width="203.999949" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">shares outstanding (diluted)</font></p>
</td>
<td width="10.666664" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="35.999991" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="43.999989" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="110.666639" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">32,468,344</font></p align="right">
</td>
<td width="21.333328" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="101.333308" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">20,489,493</font></p align="right">
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>10</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 2 - <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></b>  <b>(CONTINUED)</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Cash and Cash Equivalents</u></b></font><br><br><font size="2">For purposes of the condensed consolidated statements of cash flow, the Company considers all highly liquid debt instruments purchased with a </font><br><font size="2">maturity of three months or less, unless restricted as to use, to be cash equivalents. At various times throughout the years the Company had </font><br><font size="2">amounts on deposit at financial institutions in excess of federally insured limits.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Income Taxes</u></b></font><br><br><font size="2">The Company has adopted the provisions of Statement of Financial Accounting Standards No. 109 (the Statement), Accounting for Income </font><br><font size="2">Taxes. The Statement requires an asset and liability approach for
 financial accounting and reporting for income taxes, and the recognition of </font><br><font size="2">deferred tax assets and liabilities for the temporary differences between the financial reporting bases and tax bases of the Company&#8217;s assets and </font><br><font size="2">liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fair Value of Financial Instruments</u></b></font><br><br><font size="2">The carrying amounts of the Company&#8217;s financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses, </font><br><font size="2">officer loans payable approximate fair values because of the short maturities of these instruments.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stock-Based Compensation</u></b></font><br><br><font size="2">Employee stock awards under the Company&#8217;s compensation plans are accounted f
or in accordance with Statement of Financial Accounting </font><br><font size="2">Standards No. 123 (Revised 2004), "<i>Share-Based Payment</i>" ("SFAS 123R").  SFAS 123R requires that compensation cost related to share-based </font><br><font size="2">payment transactions be recognized in the financial statements. Share-based payment transactions within the scope of SFAS 123R include stock </font><br><font size="2">options, restricted stock plans, performance-based awards, stock appreciation rights, and employee share purchase plans.  The provisions of </font><br><font size="2">SFAS 123R, as amended, are effective for small business issuers beginning as of the next fiscal year after December&nbsp;15, 2005.  Accordingly, the </font><br><font size="2">Company implemented the revised standard in the first quarter of fiscal year 2007. </font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>11</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 2 - <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></b>  <b>(CONTINUED)</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stock-Based Compensation</u> (Continued)</b></font><br><br><font size="2">The Company measures compensation expense for its non-employee stock-based compensation under the Financial Accounting Standards Board </font><br><font size="2">(FASB) Emerging Issues Task Force (EITF) Issue No. 96-18, "<i>Accounting for Equity Instruments that are Issued to Other Than Employees for </i></font><br><font size="2"><i>Acquiring, or in Conjunction with Selling, Goods or Services</i>". The fair value of the option issued is used to measure the transaction, as this is </font><br><font size="2">more reliable than the fair value of the services received. The fair value is measured at the value of the Company&#8217;s common stock on the date that </font><br><font size="2">the commitment for performance by the counterparty has been reached or
 the counterparty&#8217;s performance is complete. The fair value of the equity </font><br><font size="2">instrument is charged directly to compensation expense and additional paid-in capital.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Recent Accounting Pronouncements</u></b></font><br><br><font size="2">In May&nbsp;2005, the FASB issued SFAS No.&nbsp;154, "Accounting Changes and Error Corrections." SFAS No.&nbsp;154 replaces Accounting Principles </font><br><font size="2">Board ("APB") Opinion No.&nbsp;20, "Accounting Changes" and SFAS No.&nbsp;3, "Reporting Accounting Changes in Interim Financial Statements." </font><br><font size="2">SFAS No.&nbsp;154 requires retrospective application to prior periods&#8217; financial statements of a voluntary change in accounting principle unless it is </font><br><font size="2">impracticable. APB No.&nbsp;20 previously required that most voluntary changes in accounting principle be recognized by including the cumulative </font><br><font
 size="2">effect of changing to the new accounting principle in net income in the period of the change. SFAS No.&nbsp;154 is effective for accounting changes </font><br><font size="2">and corrections of errors made in fiscal years beginning after December&nbsp;15, 2005. The adoption of SFAS No.&nbsp;154 did not have a material impact </font><br><font size="2">on the Company&#8217;s financial position, results of operations, or cash flows.</font><br><br><font size="2">In February&nbsp;2006, the FASB issued SFAS No.&nbsp;155, "Accounting for Certain Hybrid Financial Instruments, an amendment of FASB Statements </font><br><font size="2">No.&nbsp;133 and 140." SFAS No.&nbsp;155 resolves issues addressed in SFAS No.&nbsp;133 Implementation Issue No.&nbsp;D1, "Application of Statement 133 to </font><br><font size="2">Beneficial Interests in Securitized Financial Assets," and permits fair value remeasurement for any hybrid financial instrument that contains an </font><br><font size="2">embedded derivative that othe
rwise would require bifurcation, clarifies which interest-only strips and principal-only strips are not subject to the </font><br><font size="2">requirements of SFAS No.&nbsp;133, establishes a requirement to evaluate interests in securitized financial assets to identify interests that are </font><br><font size="2">freestanding derivatives or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation, clarifies that </font><br><font size="2">concentrations of credit risk in the form of subordination are not embedded derivatives and amends SFAS No.&nbsp;140 to eliminate the prohibition on </font><br><font size="2">a qualifying special-purpose entity from holding a derivative financial instrument that pertains to a beneficial interest other than another </font><br><font size="2">derivative financial instrument. SFAS No.&nbsp;155 is effective for all financial instruments acquired or issued after the beginning of the first fiscal </font><br><font size="2">year that begins af
ter September&nbsp;15, 2006. The adoption of FAS 155 did not have a material impact on the Company&#8217;s financial position, results </font><br><font size="2">of operations, or cash flows.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>12</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 2 - <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </u>(CONTINUED)</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Recent Accounting Pronouncements</u></b> <b>(Continued)</b></font><br><br><font size="2">In March&nbsp;2006, the FASB issued SFAS No.&nbsp;156, "Accounting for Servicing of Financial Assets, an amendment of FASB Statement No.&nbsp;140." </font><br><font size="2">SFAS No.&nbsp;156 requires an entity to recognize a servicing asset or liability each time it undertakes an obligation to service a financial asset by </font><br><font size="2">entering into a servicing contract under a transfer of the servicer&#8217;s financial assets that meets the requirements for sale accounting, a transfer of </font><br><font size="2">the servicer&#8217;s financial assets to a qualified special-purpose entity in a  guaranteed mortgage securitization in which the transferor retains all of </font><br><font size="2">the resulting securities and classifi
es them as either available-for-sale or trading securities in accordance with SFAS No.&nbsp;115, "Accounting for </font><br><font size="2">Certain Investments in Debt and Equity Securities" and an acquisition or assumption of an obligation to service a financial asset that does not </font><br><font size="2">relate to financial assets of the servicer or its consolidated affiliates.<b> </b></font><br><br><font size="2">Additionally, SFAS No.&nbsp;156 requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, </font><br><font size="2">permits an entity to choose either the use of an amortization or fair value method for subsequent measurements, permits at initial adoption a one-</font><br><font size="2">time reclassification of available-for-sale securities to trading securities by entities with recognized servicing rights and requires separate </font><br><font size="2">presentation of servicing assets and liabilities subsequently measured at fair value
 and additional disclosures for all separately recognized </font><br><font size="2">servicing assets and liabilities. SFAS No.&nbsp;156 is effective for transactions entered into after the beginning of the first fiscal year that begins after </font><br><font size="2">September&nbsp;15, 2006. The adoption of FAS 156 did not have a material impact on the Company&#8217;s financial position or results of operations.</font><br><br><font size="2">In September 2006, The Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. </font><br><font size="2">157, "Fair Value Measurement" ("SFAS No. 157"). This standard provides guidance for using fair value to measure assets and liabilities. SFAS </font><br><font size="2">No. 157 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair </font><br><font size="2">value in any new circumstances. Prior to SFAS No. 157, the methods for measuri
ng fair value were diverse and inconsistent, especially for items </font><br><font size="2">that are not actively traded. The standard clarifies that for items that are not actively traded, such as certain kinds of derivatives, fair value should </font><br><font size="2">reflect the price in a transaction with a market participant, including an adjustment for risk, not just the company&#8217;s mark-to-model value. SFAS </font><br><font size="2">No. 157 also requires expanded disclosure of the effect on earnings for items measured using unobservable data. SFAS No. 157 is effective for </font><br><font size="2">financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Company is </font><br><font size="2">currently evaluating the impact of this statement on its financial statements and expects to adopt SFAS No.157 January 31, 2008.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>13</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 2 - <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </u>(CONTINUED)</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Recent Accounting Pronouncements</u></b> <b>(Continued)</b></font><br><br><font size="2">In September 2006, the FASB issued SFAS No. 158, "Employers&#8217; Accounting for Defined Benefit Pension and Other Postretirement Plans -- An </font><br><font size="2">Amendment of FASB Statements No. 87, 88, 106, and 132R."  This standard requires an employer to: (a) recognize in its statement of financial </font><br><font size="2">position an asset for a plan&#8217;s overfunded status or a liability for a plan&#8217;s underfunded status; (b) measure a plan&#8217;s assets and its obligations that </font><br><font size="2">determine its funded status as of the end of the employer&#8217;s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of </font><br><font size="2">a defined benefit postretirement plan in 
the year in which the changes occur. Those changes will be reported in comprehensive income. The </font><br><font size="2">requirement to recognize the funded status of a benefit plan and the disclosure requirements are effective as of the end of the fiscal year ending </font><br><font size="2">after December 15, 2006. The requirement to measure plan assets and benefit obligations as of the date of the employer&#8217;s fiscal year-end </font><br><font size="2">statement of financial position is effective for fiscal years ending after December 15, 2008. The Company is evaluating the impact of this </font><br><font size="2">statement on its financial statements and believes that such impact may be material.</font><br><br><font size="2">In February 2007, the FASB issued SFAS No. 159, &#8220;The Fair Value Option for Financial Assets and Liabilities, including an amendment of </font><br><font size="2">FASB Statement No. 115&#8221; (&#8220;SFAS No. 159&#8221;). SFAS No. 159 permits entities to choose, at specifie
d election dates, to measure many financial </font><br><font size="2">instruments and certain other items at fair value that are not currently required to be measured at fair value. Unrealized gains and losses shall be </font><br><font size="2">reported on items for which the fair value option has been elected in earnings at each subsequent reporting date. SFAS No. 159 is effective for </font><br><font size="2">fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before </font><br><font size="2">November 15, 2007, provided the entity also elects to apply the provisions of SFAS No. 157 &#8220;Fair Value Measurements&#8221; (&#8220;SFAS No. 157&#8221;). The </font><br><font size="2">Company is currently assessing the impact that SFAS No. 159 will have on its financial statements.</font><br><br><font size="2"><b>NOTE 3 <u>OTHER ACCRUED EXPENSES</u></b></font><br><br><font size="2">This account represents accrued officer&#8217;s payrol
l and related payroll taxes. </font><br><br><br><font size="2"><b>NOTE 4 - <u>OFFICER LOANS PAYABLE</u></b></font><br><br><font size="2">For the nine months ended January 31, 2007, the Company received working capital advances from an officer of the Company which were repaid </font><br><font size="2">during the nine months ended January 31, 2008 without interest.  </font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>14</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><font size="2"><b>NOTE 5 - <u>STOCKHOLDERS&#8217; EQUITY</u> </b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Common Stock</u> </b></font><br><br><font size="2">The Company has 50,000,000 shares authorized and 31,794,146 shares issued and outstanding at January 31, 2008.</font><br><br><font size="2">On May 18, 2007, the Company entered into an Agreement and Plan of Merger with Biomerk, Inc., a privately owned company, whereby the </font><br><font size="2">Company issued 4,000,000 restricted shares of its common stock to acquire 100% of the outstanding stock of Biomerk, Inc.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stock Options</u></b></font><br><br><font size="2">On January 15, 2007, the Company entered into various agreements with consultants to issue three hundred and forty thousand options, </font><br><font size="2">exercisable over a five year period based on a fair value exercise price on the date of issuance ($0.17) exercisab
le expiring through January 15, </font><br><font size="2">2012 for services to be rendered.  The options vested on January 15, 2008 and have been valued at $44,184 using the Black-Scholes Model with </font><br><font size="2">an annualized volatility rate of 100% and a bond interest rate of 4.43%.  Amortization expense for services rendered was $33,138 for the nine </font><br><font size="2">months ended January 31, 2008.  On May 15, 2007, the Company entered into a consulting agreement to issue five hundred thousand options, </font><br><font size="2">exercisable over a five-year period based on a fair value exercise price on the date of issuance ($0.30) exercisable expiring through May 15, 2012 </font><br><font size="2">for services to be rendered over three years.  The options vest as follows:  166,665 upon the first anniversary of the grant date, 166,665 upon the </font><br><font size="2">second anniversary of the grant date and 166,670 upon the third anniversary of the grant date and have been valued at $1
49,974 using the Black-</font><br><font size="2">Scholes Model with an annualized volatility rate of 270% and a bond interest rate of 4.35%.  Amortization expense for services rendered was </font><br><font size="2">$35,745 for the nine months ended January 31, 2008. On May 15, 2007, the Company entered into a consulting agreement to issue twenty- five </font><br><font size="2">thousand options, exercisable over a five-year period based on a fair value exercise price on the date of issuance ($0.30) exercisable expiring </font><br><font size="2">through May 15, 2012 for services to be rendered over one year.  The options vest on May 15, 2008 and have been valued at $7,499 using the </font><br><font size="2">Black-Scholes Model with an annualized volatility rate of 270% and a bond interest rate of 4.35%.  Amortization expense for services rendered </font><br><font size="2">was $5,364 for the nine months ended January 31, 2008.   On October 10, 2007, the Company entered into a consulting agreement to issue five 
</font><br><font size="2">hundred thousand options, exercisable over a five-year period based on a fair value exercise price on the date of issuance ($0.75) exercisable </font><br><font size="2">expiring through October 10, 2012 for services to be rendered over three years.  The options vest as follows:  166,665 upon the first anniversary </font><br><font size="2">of the grant date, 166,665 upon the second anniversary of the grant date and 166,670 upon the third anniversary of the grant date and have been </font><br><font size="2">valued at $336,287 using the Black-Scholes Model with an annualized volatility rate of 141% and a bond interest rate of 4.38%.  Amortization </font><br><font size="2">expense for services rendered was $34,703 for the nine months ended January 31, 2008.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>15</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC. AND SUBSIDIARIES</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>(FORMERLY CHAMPIONS SPORTS, INC. AND SUBSIDIARIES)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>JANUARY 31, 2008 AND 2007 (UNAUDITED)</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><br><font size="2"><b>NOTE 6 - <u>GOING CONCERN</u></b></font><br><br><font size="2">As shown in the accompanying condensed consolidated financial statements, the Company has sustained net operating losses for the years ended </font><br><font size="2">April 30, 2007 and 2006 and has sustained large accumulated deficits that raise substantial doubt about its ability to continue as a going concern.</font><br><br><font size="2">The Company&#8217;s future success is dependent upon its ability to achieve profitable operations and generate cash from operating activities, and upon </font><br><font size="2">additional financing. There is no guarantee that the Company will be able to raise enough capital or generate revenues to sustain its operations. </font><br><font size="2">The Company&#8217;s operations are generating revenues through its services and the Company is attempting to secure financing for future growth initiatives. </font><br><br><font size="2">The condensed consolidated financial statements d
o not include any adjustments that might result from the outcome of this uncertainty.</font><br><br><br><font size="2"><b>NOTE 7 - <u>PROVISION FOR INCOME TAXES</u></b></font><br><br><font size="2">Deferred income taxes will be determined using the liability method for the temporary differences between the financial reporting basis and </font><br><font size="2">income tax basis of the Company&#8217;s assets and liabilities. Deferred income taxes will be measured based on the tax rates expected to be in effect </font><br><font size="2">when the temporary differences are included in the Company&#8217;s consolidated tax return. Deferred tax assets and liabilities are recognized based on </font><br><font size="2">anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their </font><br><font size="2">respective tax bases.</font><br><br><font size="2">At January 31, 2008 and 2007, deferred tax assets consist of the following: </font
><br></p>
<div style="position:relative; left: 26"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="257.333269" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><u>2008</u></font></p align="center">
</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="center">
<font size="2"><u>2007</u></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="257.333269" colspan="1" rowspan="1" >
<p>
<font size="2">Deferred tax asset </font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p>
<font size="2">$</font></p>
</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2">2,320,582&nbsp;</font></p align="right">
</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2">2,452,896&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="257.333269" colspan="1" rowspan="1" bgcolor=#99CCFF>
<p>
<font size="2">Less:  valuation allowance           </font></p>
</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">(2,320,582)</font></p align="right">
</td>
<td width="11.999997" colspan="1" rowspan="1" bgcolor=#99CCFF>
&nbsp;</td>
<td width="89.333311" colspan="2" rowspan="1" bgcolor=#99CCFF>
<p align="right">
<font size="2">(2,452,896)</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="257.333269" colspan="1" rowspan="1" >
<p>
<font size="2">Net deferred tax asset</font></p>
</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p>
<font size="2">$</font></p>
</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2">-0-&nbsp;</font></p align="right">
</td>
<td width="11.999997" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="17.333329" colspan="1" rowspan="1" >
<p align="right">
<font size="2">$</font></p align="right">
</td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2">-0-&nbsp;</font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="449.333221" colspan="6" rowspan="1" >
&nbsp;</td>
</tr>
</table></div>
<p>
<br><font size="2">At January 31, 2008 and 2007, the Company had federal net operating loss carryforwards in the approximate amounts of $6,630,234 and </font><br><font size="2">$7,008,273 available to offset future taxable income. The Company established valuation allowances equal to the full amount of the deferred tax </font><br><font size="2">assets due to the uncertainty of the utilization of the operating losses in future periods. </font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>16</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br><font size="2">Item 2.&nbsp;&nbsp;&nbsp;Management&#8217;s Discussion and Analysis or Plan of Operation</font><br><br><font size="2"><b>SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of </b></font><br><font size="2"><b>the Securities Exchange Act that inherently involve risk and uncertainties.  The Company generally uses words such as "believe," </b></font><br><font size="2"><b>"may," "could," "will," "intend," "estimate," "expect," "anticipate," "plan," "likely," "promise" and similar expressions to identify </b></font><br><font size="2"><b>forward-looking statements.  One should not place undue reliance on these forward-looking statements.  The Company&#8217;s actual results </b></font><br><font size="2"><b>could differ materially from those anticipated in the forward-looking statements for many unfor
eseen factors., which may include, but </b></font><br><font size="2"><b>are not limited to, changes in general economic conditions, the ongoing threat of terrorism, ability to have access to financing sources on </b></font><br><font size="2"><b>reasonable terms and other risks that are identified under "RISK FACTORS" of the Company&#8217;s most recent Form 10-KSB. Although </b></font><br><font size="2"><b>the Company believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the </b></font><br><font size="2"><b>date on which the statements are made, and the Company&#8217;s future results, levels of activity, performance or achievements may not meet </b></font><br><font size="2"><b>these expectations.  The Company does not intend to update any of the forward-looking statements after the date of this document to </b></font><br><font size="2"><b>conform these statements to actual results or to changes in the Company&#8217;s expectations, except as requ
ired by law. </b></font><br><br><font size="2"><b>Company Overview and Recent Developments</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Biotechnology, Inc. (referred in this 10-QSB by terms "Company", "we" or "our") is engaged in the development  of </font><br><font size="2">advanced preclinical platforms and predictive tumor specific data to enhance and accelerate the value of oncology drugs for companies and </font><br><font size="2">physicians.</font> <font size="2">The Company intends to improve methods and approaches to disease treatment.  Our current plan calls for the development of a </font><br><font size="2">management team, selection and appointment of new members to our Board of Directors, formation of a Scientific Advisory Board and securing </font><br><font size="2">additional funding to accelerate the development of the Company&#8217;s preclinical platform and drug portfolio. </font><br><br><font size="2">Our Preclinical Platform is a novel approach based
 upon the direct implantation of primary human tumors in immune deficient mice </font><br><font size="2">and propagation of the resulting xenografts (Biomerk Tumorgrafts&#8482;) in a manner that preserves the biological characteristics of the </font><br><font size="2">original human tumor.  Biomerk Tumorgrafts&#8482;, unlike cell line derived xenografts used in traditional preclinical testing, are never </font><br><font size="2">passaged in cell tissue culture. The Company believes that these Tumorgrafts more closely reflect human cancer biology and their </font><br><font size="2">response to drugs is more predictive of clinical outcomes in cancer patients. The Company has several patent applications relating to </font><br><font size="2">the use of its preclinical models in identifying potentially active chemotherapeutic agents. </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We plan to leverage our preclinical platform to evaluate drug candidates and develop a portfolio of novel ther
apeutic candidates through </font><br><font size="2">pre-clinical trials.  If drugs reach this early stage of development, the Company intends to sell, partner with or license them to pharmaceutical </font><br><font size="2">and/or biotechnology companies, as appropriate. Management believes this strategy will enable the Company to maximize its return on </font><br><font size="2">investment in a relatively short time frame. </font><br></p>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also offers
its preclinical platform and predictive tumor data to physicians for
personalized patient care and to companies </font><p>
<font size="2">for a more predictive evaluation of oncology drugs in models that
integrate drug evaluation with biomarker discovery.  The Company expanded
</font><p>
<font size="2">its preclinical platform, grew its physician services and
advanced its research collaborations during the quarter.  Recently the Company
entered </font><p>
<font size="2">into a Master Services Agreement for preclinical evaluation of
oncology drug candidates with one of the world&#8217;s leading pharmaceutical
</font><p>
<font size="2">companies. </font></p>
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October, 2007, Dr. David Sidransky was appointed the Chairman of the Board of Directors. Dr. Sidransky is a renowned oncologist </font><br><font size="2">and research scientist named and profiled by TIME magazine in 2001 as one of the top physicians and scientists in America, recognized for his </font><br><font size="2">work with early detection of cancer. He is the Director of the Head and Neck Cancer Research Division at Johns Hopkins University School of </font><br><font size="2">Medicine and Professor of Oncology, Otolaryngology, Cellular &amp; Molecular Medicine, Urology, Genetics, and Pathology at John Hopkins </font><br><font size="2">University and Hospital. Dr. Sidransky is one of the most highly cited researchers in clinical and medical journals in the world, in the field of </font><br><font size="2">oncology during the past decade, with over 300 peer-reviewed publications. He has contributed more than 40 cancer reviews and chapters. Dr. <
/font><br><font size="2">Sidransky is a founder of a number of biotechnology companies and holds numerous biotechnology patents. He has served as Vice Chairman of </font><br><font size="2">the Board of Directors, and presently is a director of ImClone. He is the Chairman of Alfacell and serves on the Board of Directors of </font><br><font size="2">Xenomics. He is serving and has served on scientific advisory boards of MedImmune, Roche, Amgen and Veridex, LLC (a Johnson &amp; Johnson </font><br><font size="2">diagnostic company), among others. Dr. Sidransky serves as Director (2005-2008) of American Association for Cancer Research (AACR).  </font><br><font size="2">He was the chairperson of AACR International Conferences (2006 and 2007) on Molecular Diagnostics in Cancer Therapeutic Development: </font><br><font size="2">Maximizing Opportunities for Individualized Treatment.  Dr. Sidransky is the recipient of a number of awards and honors, including the 1997 </font><br><font size="2">Sarstedt International Pr
ize from the German Society of Clinical Chemistry, the 1998 Alton Ochsner Award Relating Smoking and Health by the </font><br><font size="2">American College of Chest Physicians and the 2004 Hinda and Richard Rosenthal Award from the American Association of Cancer Research.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2007, we acquired Biomerk, Inc., a company focused on generating a novel preclinical platform of human cancer tumor immune-</font><br><font size="2">deficient mice xenografts (Biomerk Tumorgrafts&#8482;).  Biomerk Tumorgrafts&#8482;, unlike standard cell line derived xenografts, are implanted directly </font><br><font size="2">from primary human cancer tumors. The Company believes that these xenografts more closely reflect human cancer biology and are more </font><br><font size="2">predictive of clinical outcome.  The Company believes that it as well as biotechnology and  pharmaceutical companies, as part of their drug </font><br><font size="2">discovery and pos
t marketing efforts, may benefit from utilizing the Company&#8217;s preclinical platform that is more predictive and may provide for </font><br><font size="2">a faster and less expensive path for drug approval. </font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>17</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2007, we acquired the patent rights to two Benzoylphenylurea (BPU) sulfur analog compounds that have shown promising </font><br><font size="2">potent activity against in vitro and in vivo models of prostate and pancreatic cancer (Journal of Medicinal Chemistry, 2006, Vol. 49, No.7, 2357-</font><br><font size="2">2360 and American Association for Cancer Research Journal of Molecular Cancer Therapeutics, Vol. 6, Issue 5, May 2007, 1509-16.). The </font><br><font size="2">acquired rights include pending U.S. Patent Application and the corresponding international patent application filed under the Patent Cooperation </font><br><font size="2">Treaty (PCT), both entitled Design and Synthesis of Novel Tubulin Polymerization Inhibitors:  Benzoylphenylurea (BPU) Sulfur Analogs.  </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company was incorporated under the laws of the State of Delaware in June 1985 as a small 
merger and acquisition company under the </font><br><font size="2">name "International Group, Inc.". In September 1985, the Company completed a public offering, and in January 1986, acquired the world-wide </font><br><font size="2">rights to the Champions sports theme restaurant concept and subsequently changed its name to "Champions Sports, Inc." In 1997, the Company </font><br><font size="2">sold its Champions service mark and concept for sports themed restaurants&nbsp;to Marriott International, Inc. and since then until January 2007, had </font><br><font size="2">been seeking a new business direction.  In January 2007, the Company changed its name to Champions Biotechnology, Inc. to reflect the decision </font><br><font size="2">of the Company to focus on biotechnology. </font><br><br><br><br><font size="2"><b>Results of Operation</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended January 31, 2008, the Company&#8217;s net income was $474,011 producing earn
ings per share of $0.02 and the net </font><br><font size="2">income for the three months ended January 31, 2008 was $611,006 producing earnings per share of $0.02. For the nine months ended January 31, </font><br><font size="2">2007, the Company&#8217;s net loss was $74,086 and the net loss for the three months ended January 31, 2007 was $37,198.  In the nine months ended </font><br><font size="2">January 31, 2008, the Company began its operations as a biotechnology company while in the nine months ended January 31, 2007, it had no </font><br><font size="2">operations. The Company acquired Biomerk, Inc. in May 2007. The Company&#8217;s total assets at January 31, 2008 were $1,926,107. The </font><br><font size="2">Company&#8217;s total assets at January 31, 2007 were $20,779.  </font><br><br><font size="2"><b>Revenues</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s total operating revenues were $1,174,940 for the nine months ended January 31, 2008 and $924,940 
for the three months </font><br><font size="2">ended January 31, 2008. The Company generated revenues for the nine months ended January 31, 2008 for providing oncology services.</font><br><br><font size="2"><b>Expenses</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended January 31, 2008, expenses were $716,986 and $319,998 for the three months ended January 31, 2008 compared  </font><br><font size="2">to $74,086 for the nine months ended January 31, 2007 and $37,198 for the three months ended January 31, 2007. The increased expenses </font><br><font size="2">represented the Company moving forward in executing its new business plan of building a biotechnology company. For the nine months ended </font><br><font size="2">January 31, 2008, service expenses were $264,262 and general and administrative expenses were $377,724.  For the three months ended </font><br><font size="2">January&nbsp;31, 2008, service expenses were $201,222 and general and administrative exp
enses were $118,776. The service expenses were due to </font><br><font size="2">significant increase in the Company&#8217;s operating activities providing oncology services for administrating expert medical information panels and </font><br><font size="2">for preclinical services. The increase in general and administrative expenses was due to increase in professional legal and accounting fees relating </font><br><font size="2">to the acquisition of Biomerk, Inc., fees associated with maintaining the Company&#8217;s patent position and stock option based amortized </font><br><font size="2">compensation.  For the nine months ended January 31, 2007, the expenses of $74,086 were associated with the maintenance of the Company as it </font><br><font size="2">was seeking a new business direction.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>18</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br><font size="2"><b>Liquidity and Capital Resources</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s cash position as of January 31, 2008 was $1,072,453, compared to $3,758 on April 30, 2007. For the nine month period </font><br><font size="2">ended January 31, 2008, the Company&#8217;s operations provided $612,506.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s working capital was $656,747 at January 31, 2008 versus a deficit of $441,065 at April 30, 2007.  This increase in </font><br><font size="2">working capital was due to the operations of the Company during the nine months ended January 31, 2008 after the acquisition, on May </font><br><font size="2">18, 2007, of Biomerk, Inc., a private company.  </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company anticipates that the revenues generated for the nine months ended January 31, 2008 and the Biomerk acquisition, which </font><br><font
 size="2">provided the Company with approximately $475,000 cash, may cover operating costs until longer term capital is obtained to finance the </font><br><font size="2">Company&#8217;s future development. There is no assurance that this can be accomplished on terms satisfactory to the Company.</font><br><br><font size="2"><b>Item 3.&nbsp;&nbsp;&nbsp;Controls and Procedures</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s president currently acts both as its chief executive officer and chief financial officer and is responsible for establishing and </font><br><font size="2">maintaining disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in the reports filed </font><br><font size="2">under the Securities Exchange Act, is recorded, processed, summarized and reported within the time periods specified by the SEC&#8217;s rules and </font><br><font size="2">forms. Disclosure controls are also designed with the 
objective of ensuring that this information is accumulated and communicated to the </font><br><font size="2">Company&#8217;s management, including the Company&#8217;s chief executive officer and chief financial officer, as appropriate, to allow timely decisions </font><br><font size="2">regarding required disclosure.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the </font><br><font size="2">internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute </font><br><font size="2">assurance that all control issues, if any, within a company have been detected.</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management did not use a framework to conduct the required evaluation of the effectiveness of the Company&#8217;s  internal control over </fo
nt><br><font size="2">financial reporting since, in the view of management, comparison with a framework was unwarranted because the size of the Company&#8217;s current </font><br><font size="2">operations are such that management is aware of all current transactions and also that the size of the Company prevents it from being able to </font><br><font size="2">employ sufficient staffing resources to enable the Company to have adequate segregation of duties within its internal control system.  </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An evaluation was conducted by the Company&#8217;s president as to the effectiveness of the design and operation of the Company&#8217;s disclosure </font><br><font size="2">controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the quarterly period ending January 31, </font><br><font size="2">2008 covered by this Quarterly Report on Form 10-QSB. Based upon such evaluation, the Company&#8217;s president conc
luded that, as of the end of </font><br><font size="2">such period, the Company&#8217;s disclosure controls and procedures were not effective as required under Rules 13a-15(e) and 15d-15(e) under the </font><br><font size="2">Exchange Act. </font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This deficiency consists primarily of inadequate staffing and supervision that could lead to the untimely identification and resolution of </font><br><font size="2">accounting and disclosure matters and failure to perform timely and effective reviews. However, the size of the Company prevents it from being </font><br><font size="2">able to employ sufficient resources to enable the Company to have adequate segregation of duties within its internal control system. Management </font><br><font size="2">is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. When the Company is able to </font><br><font size="2">obtain sufficient funding and develop 
its management and staffing, it will apply the necessary corrective action to remedy the weakness.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>19</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There was no change in the Company&#8217;s internal control over financial reporting that occurred during the period covered by this Quarterly </font><br><font size="2">Report on Form 10-QSB that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial </font><br><font size="2">reporting. </font><br><br><font size="2"><b>Critical Accounting Policies</b></font><br><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the notes to the condensed consolidated financial statements for the quarter ended January 31, 2008 included in the Company&#8217;s </b></font><br><font size="2"><b>Form 10-QSB, the Company discussed those accounting policies that are considered to be significant in determining the results of </b></font><br><font size="2"><b>operations and our financial position. We believe that the accounting principles utilized by us conform to accounting principles general
ly </b></font><br><font size="2"><b>accepted in the United States of America.</b></font><br><br><br><font size="2"><b>Part II.&nbsp;&nbsp;&nbsp;Other Information</b></font><br><br><font size="2"><b>Item 1.&nbsp;&nbsp;&nbsp;Legal Proceedings</b></font><br><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>None</font><br><br><font size="2"><b>Item 2.&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds</b></font><br><br><font size="2"> 	None</font><br><br><font size="2"><b>Item 3.&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities</b></font><br><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>None</font><br><br><font size="2"><b>Item 4.&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders</b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</font><br><br><font size="2"><b>Item 5.&nbsp;&nbsp;&nbsp;Other Information</b></font><br><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>None</font><br><
br><font size="2"><b>Item 6.&nbsp;&nbsp;&nbsp;Exhibits </b></font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1	Certification of the Chief Executive and Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1	Certification of the Chief Executive and Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.</font><br><br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>20</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>SIGNATURES</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><font size="2">Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the </font><br><font size="2">undersigned hereunto duly authorized.</font><br></p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="347.999913" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="305.333257" colspan="1" rowspan="1" >
<p>
<font size="2"><b>CHAMPIONS BIOTECHNOLOGY, INC.</b></font></p>
</td>
<td width="5.333332" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="659.999835" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="659.999835" colspan="3" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="347.999913" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="305.333257" colspan="1" rowspan="1" >
<p>
<font size="2"><u>/s/ James Martell</u></font></p>
</td>
<td width="5.333332" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="347.999913" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="310.666589" colspan="2" rowspan="1" >
<p>
<font size="2">James Martell</font></p>
</td>
</tr>
<tr valign="top">
<td width="347.999913" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="310.666589" colspan="2" rowspan="1" >
<p>
<font size="2">CEO, President and CFO</font></p>
</td>
</tr>
<tr valign="top">
<td width="659.999835" colspan="3" rowspan="1" >
<p>
<font size="2">Date: March 5, 2008</font></p>
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>21</i></b></font></p>
</td>
</tr>
</table></div>
<p>
<br></p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CERTIFICATION OF CHIEF EXECUTIVE OFFICER</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>Section 302 Certification</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><font size="2">I, JAMES MARTELL, certify that:</font><br><br><font size="2">(1) I have reviewed this quarterly report on Form 10-QSB of CHAMPIONS BIOTECHNOLOGY, INC., a Delaware corporation (the </font><br><font size="2">"registrant");</font><br><br><font size="2">(2) Based on my  knowledge,  this  quarterly  report does not contain any untrue statement of a material fact or omit to state a material fact  </font><br><font size="2">necessary to make the statements made, in light of the  circumstances  under which such statements were made, not  misleading  with respect to </font><br><font size="2">the period covered by this quarterly report;</font><br><br><font size="2">(3) Based on my  knowledge,  the  financial  statements,  and  other  financial information  included in this quarterly  report,  fairly present in all </font><br><font size="2">material respects the financial  condition,  results of operations  and cash flows of the registrant as of, and for, the periods presented in this </font><br><font
 size="2">quarterly report;</font><br><br><font size="2">(4) The  registrant&#8217;s  other  certifying  officers  and I are  responsible  for establishing and maintaining  disclosure  controls and procedures (as </font><br><font size="2">defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated  </font><br><font size="2">subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being   prepared;</font><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	(b) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and  procedures  as of a date  within 90 days prior to the  filing  date of </font><br><font size="2">this  quarterly report (the "Evaluation Date"); and</font><br><fon
t size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	(c) Presented  in  this  quarterly   report  our  conclusions   about  the effectiveness  of the  disclosure  controls  and  procedures  based  on </font><br><font size="2">our evaluation as of the Evaluation Date;</font><br><br><font size="2">(5) The registrant&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant&#8217;s auditors and the audit </font><br><font size="2">committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all  significant  deficiencies  in the design or  operation of internal controls which could adversely affect the registrant&#8217;s ability to record,  </font><br><font size="2">process,  summarize and report  financial data and have  identified for the registrant&#8217;s auditors any material weaknesses in internal controls; and</font><br><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	(b) any fraud,  whether or not material,  that involves management or other employees who have a significant  role  in  the  registrant&#8217;s  </font><br><font size="2">internal controls; and</font><br><br><font size="2">(6) The registrant&#8217;s  other  certifying  officers and I have  indicated in this quarterly report whether there were significant  changes in internal </font><br><font size="2">controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent  evaluation,  including any </font><br><font size="2">corrective  actions with regard to significant deficiencies and material weaknesses.</font><br><br><font size="2">Date:  March 5, 2008</font><br></p>
<div style="position:relative; left: 35"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="443.999889" colspan="1" rowspan="1" >
<p>
<font size="2">By:&nbsp;</font></p>
</td>
<td width="143.999964" colspan="1" rowspan="1" >
<p>
<font size="2"><u>/s/ James Martell</u></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="443.999889" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="167.999958" colspan="2" rowspan="1" >
<p>
<font size="2">James Martell</font></p>
</td>
</tr>
<tr valign="top">
<td width="443.999889" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="167.999958" colspan="2" rowspan="1" >
<p>
<font size="2">Chief Executive Officer</font></p>
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>22</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CERTIFICATION OF CHIEF FINANCIAL OFFICER</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>Section 302 Certification</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><font size="2">I, James Martell, certify that:</font><br><br><font size="2">(1) I have reviewed this quarterly report on Form 10-QSB of CHAMPIONS BIOTECHNOLOGY, INC., a Delaware corporation (the </font><br><font size="2">"registrant");</font><br><br><font size="2">(2) Based on my knowledge, this  quarterly  report does not contain any untrue statement of a material fact or omit to state a material fact  </font><br><font size="2">necessary to make the statements made, in light of the  circumstances  under which such statements were made, not  misleading  with respect to </font><br><font size="2">the period covered by this quarterly report.</font><br><br><font size="2">(3) Based on my  knowledge,  the  financial  statements,  and  other  financial information  included in this quarterly  report,  fairly present in all </font><br><font size="2">material respects the financial  condition,  results of operations  and cash flows of the registrant as of, and for, the periods presented in this </font><br><fo
nt size="2">quarterly report; </font><br><br><font size="2">(4) The  registrant&#8217;s  other  certifying  officers  and I are  responsible  for establishing and maintaining  disclosure  controls and procedures (as </font><br><font size="2">defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed  such  disclosure  controls  and  procedures  to ensure  that  material information relating to the registrant, including its </font><br><font size="2">consolidated subsidiaries, is  made  known  to  us by  others  within  those  entities, particularly  during  the period in which  this  quarterly  </font><br><font size="2">report is being  prepared;</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures  as of a date  within 90 days prior to the  filing  date of </font><br><font size="2">this quarterly r
eport (the "Evaluation Date"); and</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  Presented  in  this  quarterly   report  our  conclusions   about  the effectiveness  of the  disclosure  controls  and  procedures  based  on </font><br><font size="2">our evaluation as of the Evaluation Date;</font><br><br><font size="2">(5) The registrant&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant&#8217;s auditors and the audit </font><br><font size="2">committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all  significant  deficiencies  in the design or  operation of internal controls which could adversely affect the  registrant&#8217;s  ability to </font><br><font size="2">record, process,  summarize and report  financial data and have  identified for the registrant&#8217;s auditors any material weakness
es in internal </font><br><font size="2">controls; and</font><br><br><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud,  whether or not material,  that involves management or other employees who have a significant  role  in  the  registrant&#8217;s  </font><br><font size="2">internal controls; and</font><br><br><font size="2">(6) The registrant&#8217;s other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal </font><br><font size="2">controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any </font><br><font size="2">corrective actions with regard to significant deficiencies and material weaknesses.</font><br><br><font size="2">Date: March 5, 2008</font><br></p>
<div style="position:relative; left: 35"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="431.999892" colspan="1" rowspan="1" >
<p>
<font size="2">By:&nbsp;</font></p>
</td>
<td width="167.999958" colspan="1" rowspan="1" >
<p>
<font size="2"><u>/s/ James Martell</u></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="431.999892" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="203.999949" colspan="2" rowspan="1" >
<p>
<font size="2">James Martell</font></p>
</td>
</tr>
<tr valign="top">
<td width="431.999892" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="203.999949" colspan="2" rowspan="1" >
<p>
<font size="2">Chief Financial Officer</font></p>
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>23</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p align="center">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="center">
<font size="2"><b>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p align="center">
</td>
</tr>
</table></div>
<p>
<br><br><font size="2">In connection with the quarterly report of Champions Biotechnology, Inc. (the "Company") on Form 10-QSB for the nine months ended January </font><br><font size="2">31, 2008 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, in the capacities and </font><br><font size="2">on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act </font><br><font size="2">of 2002, that to their knowledge:</font><br><br><font size="2">1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </font><br><br><font size="2">2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the </font><br><font size="2">Company. </font><br><br></p>
<div style="position:relative; left: 0"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="341.333248" colspan="1" rowspan="1" >
<p>
<font size="2">Dated: March 5, 2008</font></p>
</td>
<td width="77.333314" colspan="1" rowspan="1" >
<p>
<font size="2">By:&nbsp;</font></p>
</td>
<td width="287.999928" colspan="1" rowspan="1" >
<p>
<font size="2"><u>/s/ James Martell</u></font></p>
</td>
</tr>
<tr valign="top">
<td width="341.333248" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="287.999928" colspan="1" rowspan="1" >
<p>
<font size="2">James M. Martell, Chief Executive Officer and</font></p>
</td>
</tr>
<tr valign="top">
<td width="341.333248" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="77.333314" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="287.999928" colspan="1" rowspan="1" >
<p>
<font size="2">Chief Financial Officer</font></p>
</td>
</tr>
</table></div>
<p>
<br><br></p align="right">
<div style="position:relative; left: -5"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="714.666488" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="3" color="#000080"><b><i>24</i></b></font></p>
</td>
</tr>
</table></div>
<p>
</p>


</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
