On December 14, 2020 Champions Oncology, Inc. (Nasdaq: CSBR), a leading global oncology technology solutions provider engaged in transforming drug discovery through innovative pharmacology, biomarker and data platforms, reported its financial results for the second fiscal quarter ended October 31, 2020 (Press release, Champions Oncology, DEC 14, 2020, View Source [SID1234572808]).

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Second Quarter and Recent Highlights:

•Launched our Lumin Bioinformatics proprietary SaaS platform
•Delivered record quarterly revenue of $10.1 million, an increase of 33% year-over-year
•Reported income from operations, excluding stock-based compensation, depreciation and amortization, of $400,000
•Raising our full-year revenue guidance to 20%-25%

Ronnie Morris, CEO of Champions, commented, "This quarter was highlighted by a significant milestone for Champions as we unveiled Lumin Bioinformatics, our proprietary SaaS program that provides customers with tools to interrogate our vast database and perform computational research in an effort to identify new targets in their drug discovery and development programs. Through both internal and public datasets, we have built tools and visualizations that provide a powerful mechanism for cancer biologists to leverage computational analytics in discovery and development programs."

David Miller, CFO of Champions added, "We reached another quarterly revenue record, exceeding $10 million for the first time equating to a 33% year over year revenue increase. The success of our recent product launches has led to continued bookings growth, positioning Champions to deliver further revenue milestones in the coming quarters. Accordingly, we are raising our full-year revenue guidance to 20%-25%. In addition, the launch of our Lumin platform represents another product rollout that Champions expects to become a meaningful contributor to the continued expansion of the Company over the coming years."

Second Fiscal Quarter Financial Results

For the second quarter of fiscal 2021, revenue increased 32.7% to $10.1 million compared to $7.6 million for the second quarter of fiscal 2020. The increase in revenue was due to a continued increase in sales, both in number and size of studies, and the expansion of both our platform and product lines. Our contract amounts have increased as we perform more complex studies and end point analysis testing. Total costs and operating expenses for the second quarter of fiscal 2021 were $10.1 million compared to $7.3 million for the second quarter of fiscal 2020, an increase of $2.8 million or 37.9%.

Exhibit 99.1

For the second quarter of fiscal 2021, Champions reported income from operations of $7,000, including $85,000 in stock-based compensation and $307,000 in depreciation and amortization expenses, a decrease of $284,000 compared to the income from operations of $291,000, inclusive of $77,000 in stock-based compensation and $178,000 in depreciation and amortization expenses, in the second quarter of fiscal 2020. Excluding stock-based compensation, depreciation and amortization expenses, Champions reported non-GAAP income from operations of $401,000 for the second quarter of fiscal 2021 compared to non-GAAP income from operations of $546,000 in the second quarter of fiscal 2020, a decrease of $144,000.
Cost of oncology solutions was $5.6 million for the three-months ended October 31, 2020, an increase of $1.8 million, or 45.4% compared to $3.9 million for the three-months ended October 31, 2019. For the three- months ended October 31, 2020, gross margin was 44.2% compared to 49.1% for the three-months ended October 31, 2019. The increase in cost of oncology services for the three-month period was mainly due to an increase in compensation, lab supply, and outsourced lab service expenses. Outsourced lab services accounted for $1.4 million of the total increase. Excluding outsourced lab services, the overall expense increase in cost of sales is generally in line with the expected contribution based on the growth in revenue, study volume, and expansion into new services. Gross margin varies based on timing differences between expense and revenue recognition and was driven lower by the increase in costs on growing study volume in advance of revenue recognition. The cost of outsourced lab services amplified this impact.
Research and development expense for the three-months ended October 31, 2020 was $1.7 million, an increase of $308,000 or 23.0%, compared to $1.3 million for the three-months ended October 31, 2019, respectively. The increase was due to increased compensation and lab supply expense as we continued to develop new service capabilities and endpoint analysis testing. Additionally, we incurred sequencing costs as our investment in characterizing our TumorBank continued, adding valuable data to our platform. Sales and marketing expense for the three-months ended October 31, 2020 was $1.3 million, an increase of $371,000, or 38.0%, compared to $977,000 for the three-months ended October 31, 2019. The increase was primarily due to compensation expense driven by the continued investment in expanding our business development team. General and administrative expense for the three-months ended October 31, 2020 was $1.5 million, an increase of $333,000, or 29.3%, compared to $1.1 million for the three-months ended October 31, 2019, respectively. General and administrative expenses are primarily comprised of compensation, insurance, accounting fees, and depreciation expenses and have increased to support the overall infrastructure growth of the company.
Net cash generated from operating activities was $880,000 for the three-months ended October 31, 2020 compared to $360,000 for the same period last year. The increase in cash flow from operations is primarily due to the improvement in financial operating results.

The Company ended the quarter in a strong cash position with a $8.6 million cash balance compared to $2.8 million at the end of the same period last year. The Company has no debt.

Year-to-Date Financial Results

For the first six months of fiscal 2021, revenue increased 36.9% to $19.7 million, as compared to $14.4 million for the first six months of fiscal 2020. For the first six months of fiscal 2021, total operating expenses increased 33.7% to $19.6 million, as compared to $14.7 million for the first six months of fiscal 2020. The increase in revenue was due to increased sales, both in number and size of studies, an

Exhibit 99.1
increase in demand for our services, the growth of the platform, and the expansion of our product line. Our customers are seeking more complex study designs and end point analysis testing, contributing to the larger contract sizes.

For the first six months of fiscal 2021, Champions reported income from operations of $31,000, which includes $205,000 in stock-based compensation and $584,000 in depreciation and amortization expenses, an increase of $357,000 or 109.6%, compared to a loss from operations of $323,000, inclusive of $208,000 in stock-based compensation and $360,000 depreciation, for the first six months of fiscal 2020. Excluding stock-based compensation and depreciation, Champions reported operating income of $822,000 for the first six months of fiscal 2021 compared to income of $244,000 in the same period last year.

Cost of oncology solutions was $11.0 million for the first six months of fiscal 2021 compared to $7.6 million for the first six months of fiscal 2020, an increase of $3.3 million or 43.8%. Gross margin was 44.2% for the first six months of fiscal 2021 compared to 46.9% for the first six months of fiscal 2020. The increase in cost of oncology services for the six-month period was mainly due to an increase in compensation, lab supply and outsourced lab service expenses. Excluding outsourced lab services, the overall expense increase is generally in line with the expected contribution based on the growth in revenue, study volume, and expansion into new services. Gross margin varies based on timing differences between expense and revenue recognition and was driven lower by the increase in costs on growing study volume in advance of revenue recognition. The cost of outsourced lab services amplified this impact.

Research and development expense was $3.2 million for the first six months of fiscal 2021 an increase of $603,000, or 22.8% compared to $2.6 million for the first six months of fiscal 2020. The increase was due to increased compensation and lab supply expense as we continued to develop new service capabilities and endpoint testing analysis, and incurred sequencing costs as we continued to characterize our TumorBank. Sales and marketing expense for the first six months of fiscal 2021 was $2.6 million, an increase of $709,000, or 38.4% compared to $1.8 million for the first six months of fiscal 2020. The increase was primarily due to compensation expense driven by the continued investment in expanding our sales force. General and administrative expense was $2.9 million for the first six months of fiscal 2021 , an increase of $289,000, or 11.3% compared to $2.6 million for the first six months of fiscal 2020. General and administrative expenses are primarily comprised of compensation, insurance, accounting fees, and depreciation expenses and have increased to support the overall infrastructure growth of the company.

Net cash provided by operations was $164,000 for the first six months of fiscal 2021 compared to net
provided by operations of $81,000 in fiscal 2020, an increase of $45,000 or 55.6%.

Conference Call Information:
The Company will host a conference call today at 4:30 p.m. EST (1:30 p.m. PST) to discuss its third quarter financial results. To participate in the call, please call 877-407-8035 (domestic) or 201-689-8035 (international) ten minutes ahead of the call and give the verbal reference "Champions Oncology."
Full details of the Company’s financial results will be available Tuesday, December 15, 2020 in the Company’s Form 10-Q at www.championsoncology.com.
* Non-GAAP Financial Information

See the attached Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss) for an explanation of the amounts excluded to arrive at Non-GAAP net income (loss) and related Non-GAAP earnings (loss) per share amounts for the three months ended October 31, 2020 and 2019. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company’s basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net income (loss) and Non-GAAP earnings (loss) per share are not, and should not, be viewed as a substitute for similar GAAP items. Champions defines Non-GAAP dilutive earnings (loss) per share amounts as Non-GAAP net earnings (loss) divided by the weighted average number of diluted shares outstanding. Champions’ definition of Non-GAAP net earnings (loss) and Non-GAAP diluted earnings (loss) per share may differ from similarly named measures used by other companies.

On December 14, 2020 Addex Therapeutics Ltd (SIX: ADXN and Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development reported that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed underwritten public offering of shares, including those to be settled in the form of American Depositary Shares (ADSs) (Press release, Addex Therapeutics, DEC 14, 2020, View Source [SID1234572807]). Each ADS represents the right to receive six shares of Addex. The terms of the offering have not been determined, and the offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed. The Company will be concurrently offering the shares in Europe (other than Switzerland) in a private placement to qualified investors, and in Switzerland through private placements.

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H.C. Wainwright & Co. is acting as sole book-running manager for the offering.

The proposed offering will be made only by means of a prospectus. Once available, an electronic copy of the preliminary prospectus relating to, and describing the terms of, the offering may be obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or e-mail at [email protected] or on the SEC’s website.

A registration statement on Form F-1 relating to the proposed sale of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. There is no intention or permission to publicly offer, solicit, sell or advertise, directly or indirectly, any securities of Addex Therapeutics Ltd in or into Switzerland within the meaning of the Swiss Financial Services Act ("FinSA"). Neither this document nor any other offering or marketing material relating to these securities, such as the shares, constitutes or will constitute a prospectus pursuant to the FinSA, and neither this document nor any other offering or marketing material relating to the shares constitutes a prospectus pursuant to the FinSA, and neither this document nor any other offering or marketing material relating to the shares may be publicly distributed or otherwise made publicly available in Switzerland.

On December 14, 2020 Xenetic Biosciences, Inc. (NASDAQ:XBIO) ("Xenetic" or the "Company"), a biopharmaceutical company focused on advancing XCART, a personalized CAR T platform technology engineered to target patient- and tumor-specific neoantigens, reported the closing of its previously announced registered direct offering with several institutional and accredited investors for 2,448,980 shares of the Company’s common stock at a purchase price of $2.45 per share, priced at-the-market under Nasdaq rules (Press release, Xenetic Biosciences, DEC 14, 2020, View Source [SID1234572806]). The gross proceeds to the Company totaled approximately $6.0 million before deducting placement agent fees and other related offering expenses payable by Xenetic.

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H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The Company intends to use the net proceeds of this offering for general corporate purposes, working capital, and for the advancement of the XCART platform, the Company’s differentiated, proprietary approach to personalized CAR T therapy in development for the treatment of multiple tumor types of B-cell Non-Hodgkin lymphomas.

The shares described above were offered by Xenetic pursuant to a "shelf" registration statement on Form S-3 (File No. 333-227572) previously filed with the U.S. Securities and Exchange Commission ("SEC") on September 27, 2018 and declared effective by the SEC on October 12, 2018. Such shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to the offering were filed with the SEC and will be available on the SEC’s website at www.sec.gov. Alternatively, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at [email protected] or by phone at (646) 975-6996.

This press release does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

On December 14, 2020 Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, reported the sale of a $12.0 million senior secured convertible note (the "Note") and shares of Seelos common stock (the "Closing Shares") to investors (the "Investors"), including Lind Global Asset Management II, LLC, an investment fund managed by The Lind Partners, a New York based institutional fund manager and an existing investor in Seelos. Seelos received $10.0 million in gross proceeds (Press release, Apricus Biosciences, DEC 14, 2020, View Source [SID1234572805]).

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Seelos intends to use the proceeds for general corporate purposes and to advance the development of its product candidates.

"This financial commitment from Lind enables us to continue to execute our plans of advancing Seelos’ key programs, including the acute suicidal ideation and behavior trial for SLS-002," said Raj Mehra, Ph.D., Chairman and CEO of Seelos.

The following are some of the key features of the Note:

24-month maturity with a 0% coupon
Repayment of principal in eighteen monthly cash payments beginning in June 2021 equal to the then-outstanding principal amount of the Note, divided by the number of months remaining until the Note’s maturity date
Starting six months after the date of issuance of the Note, convertible at the option of the Investors into shares of Seelos common stock at a fixed conversion price of $1.60 per share
Seelos has the right to prepay without penalty (i) up to 662/3% of the outstanding principal amount of the Note prior to the six-month anniversary of the issuance date of the Note, and (ii) up to the outstanding principal amount of the Note on or after the seven-month anniversary of the issuance date of the Note, subject to an Investor’s right to convert a portion of proposed prepayment amounts into Seelos common stock at $1.60 per share
"Lind is pleased to increase its investment in Seelos at such an important time in their development. Their intranasal Ketamine program, SLS-002, is being studied for acute suicidal ideation and behavior in patients with major depression," said Phillip Valliere, Managing Director at The Lind Partners. "It is a very timely and relevant asset to be developing and we look forward to tracking its progress. We have great confidence in Dr. Raj Mehra and the Seelos team and are thrilled to support their upcoming trials."

The Note and the Closing Shares were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the Note, have not been registered under the Act or applicable state securities laws. Accordingly, the Note, the Closing Shares and the underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About The Lind Partners

The Lind Partners is a New York-based institutional fund manager and leading provider of growth capital to small- and mid-cap companies publicly traded in the US, Australia, Canada and the UK. Lind’s core investment strategy is to provide new growth capital via direct investment with initial investments ranging from US$1 to US$30 million plus follow-ons. Lind also invests in syndicated equity offerings and selectively buys on market. Founded in 2011, Lind has completed more than 100 direct investments totaling over $1 Billion in total value and has an established reputation as a flexible and supportive capital partner to investee companies.

On December 14, 2020 GT Biopharma, Inc. (OTCQB: GTBP) (GTBP.PA) an immuno-oncology company focused on innovative therapies based on the Company’s proprietary NK cell engager (TriKE) technology platform reported that it has submitted an application to uplist its common stock to the NASDAQ Capital Market (Press release, GT Biopharma, DEC 14, 2020, View Source [SID1234572804]).

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Anthony Cataldo, CEO and Chairman of GT Biopharma commented, "It is our belief that uplisting to a major exchange will allow a broader base of worldwide institutions, funds and retail investors to participate in our future success. Moreover, with the success of the data most recently presented at the ASH (Free ASH Whitepaper) conference we have received tremendous institutional interest and believe that this transition will increase corporate visibility, improve our stock’s trading liquidity, and broaden awareness of GT Biopharma in the investment community."

Acceptance for listing the Company’s shares is subject to approval and satisfaction of several factors, including minimum listing requirements for the Nasdaq Capital Market. The Company is optimistic that it can satisfy all of the applicable listing requirements, however, there is no assurance that its application will be approved.