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<SEC-DOCUMENT>0000950123-09-017351.txt : 20090625
<SEC-HEADER>0000950123-09-017351.hdr.sgml : 20090625
<ACCEPTANCE-DATETIME>20090625171753
ACCESSION NUMBER:		0000950123-09-017351
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090619
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20090625
DATE AS OF CHANGE:		20090625

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17263
		FILM NUMBER:		09910363

	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>8-K
<SEQUENCE>1
<FILENAME>c87314e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>Form 8-K</TITLE>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): June &#091;19&#093;, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-17263</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>52-1401755</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Science and Technology Park at John Hopkins<BR>855 N. Wolfe Street, Baltimore, MD</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>21205</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(410) 369-0365</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
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</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
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<P align="left" style="font-size: 10pt">ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR
COMPLETED INTERIM REVIEW


<P align="left" style="font-size: 10pt; text-indent: 4%">Management has identified errors in the Company&#146;s annual financial statements for the fiscal years ended April&nbsp;30,
2008 and 2007 as well its quarterly consolidated financial statements for the fiscal quarters ended July&nbsp;31, 2008,
October&nbsp;31, 2008 and January&nbsp;31, 2009 and that those
financial statements need to be restated. Accordingly, on June&nbsp;19, 2009, the Audit Committee concluded, after discussions and consultations with
management and upon management&#146;s recommendation, that the consolidated financial statements included in the Company&#146;s
Form 10-K for the fiscal years ended April&nbsp;30, 2008 and 2007 and in its Form 10-Q for the quarters ended July&nbsp;31 and
October&nbsp;31, 2008 and January&nbsp;31, 2009, should no longer be relied upon.


<P align="left" style="font-size: 10pt; text-indent: 4%">The restatement is not expected to have an impact on the Company&#146;s cash balances for any of the affected periods.


<P align="left" style="font-size: 10pt; text-indent: 4%">Following is a preliminary description of the identified errors:


<P align="left" style="font-size: 10pt; text-indent: 4%"><U>Stock Based Compensation</U>. The Company determined that it incorrectly accounted for stock based awards
made to non-employees. In addition, the Company has determined that the amount of the stock based compensation that
should be reflected as additional paid-in capital should be limited to the compensation expense of the fair value of
the shares earned through the provision of consulting services, rather than recognizing the gross amount of the award
in additional paid-in capital with a corresponding offset to Prepaid Consulting.


<P align="left" style="font-size: 10pt; text-indent: 4%"><U>Costs Associated with Pending Patents</U>. The Company previously capitalized costs, including legal fees and
the value of common stock issued associated with its acquisition of patent rights to two Benzoylphenylurea sulfur
analog compounds, instead of expensing the amounts at the time of the
acquisition as it is not currently deemed probable that any
products will ultimately be licensed or commercialized successfully.


<P align="left" style="font-size: 10pt; text-indent: 4%">Because management and the Audit Committee are still in the process of reviewing these errors, the Company has not
determined the final amounts of the restatements. Once management and the Audit Committee have completed their
restatement analysis, the Company will file appropriate amendments to prior consolidated financial statements.


<P align="left" style="font-size: 10pt; text-indent: 4%">Management is assessing the effect of the restatement on internal control over financial reporting. Management
does not expect to reach a final conclusion on the restatements effect on internal control over financial reporting and
disclosures controls and procedures until completing of the restatement process.


<P align="left" style="font-size: 10pt; text-indent: 4%">The Company&#146;s management and Audit Committee have discussed the above mentioned errors for the periods indicated
as well as the content of this filing with our auditors.





<P align="center" style="font-size: 10pt">2
<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


<P align="left" style="font-size: 10pt">Dated: June 25, 2009



<P align="left" style="margin-left:46%; font-size: 10pt">CHAMPIONS BIOTECHNOLOGY, INC.



<P align="left" style="margin-left:46%; font-size: 10pt"><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas D. Burkett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<DIV align="left" style="margin-left:46%; font-size: 10pt">By:&nbsp;&nbsp;&nbsp;Douglas D. Burkett<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer</DIV>



<P align="center" style="font-size: 10pt">3

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