Joel Ackerman - Chief Executive Officer

Good afternoon everyone. My name is Kyla and I will be your conference operator today. At this time, I would like to welcome everyone to the Champions Oncology Quarterly Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (Operator Instructions) Thank you. And Mr. Ackerman you may begin your call.

Thank you. Good afternoon everyone, I’m Joel Ackerman the CEO of Champions Oncology. Thank you for joining us for our quarterly earnings call. After a brief introduction I will cover the most significant updates since our last call, talk about the financial results and then open it up to questions. Before I start, I will remind you that I will be making forward-looking statements during the call and actual results could differ materially from what is described in those statements. Also, additional information on factors that could cause results to differ is available in our Forms 10-Q and 10-K. Reconciliation of the non-GAAP financial measures that maybe discussed on the call to GAAP financial measures is available in the earnings release. The most positive event of the first quarter was the signing of our first fully powered clinical trial simulation contract in the TOS business. As our platform expands and the number of models in the bank continues to grow, our customers have been looking to run larger studies with more models that can replicate the size and power of phase II clinical trials. This study will utilize 100 models of a single tumor type. This is comparable in size with typical human phase II study, but will cost our TOS client approximately 10% of the cost of the typical human trial. We see this is an important evolution in the use to our technology and a validation of the commercial value of a larger tumor bank. Booking these studies is very challenging, because of the difficulty and massing the right models and the proper information about these models. For this study we will be using a sizeable number of models from our current bank, supplemented by a large number of models that we have yet to develop. Overtime, we…

(Operator Instructions) And at this time there are no questions. Thank you.

Well, thank you very much all. We appreciate your listening in on the call and we look forward to keeping you updated in the future.

This concludes this afternoon’s teleconference. You may now disconnect your lines.