−Removed: We are engaged in the development and sale of advanced technology solutions and products to personalize the development and use of oncology drugs.
−Removed: Utilizing our TumorGraft Technology Platform, we provide select services to pharmaceutical and biotechnology companies seeking personalized approaches to drug development.
+Added: We are engaged in the development and sale of advanced technology solutions and products utilized in the development and use of oncology drugs.
+Added: Utilizing our TumorGraft Technology Platform (the "Platform"), a comprehensive bank of unique, well-characterized “Patient Derived XenoGrafts” or “PDX Models”, we provide select services to pharmaceutical and biotechnology companies seeking personalized approaches to drug development.
By performing studies to predict the efficacy of oncology drugs, our Platform facilitates drug discovery with lower costs and increased speed of drug development as well as increased adoption of existing drugs.
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Our platform provides a novel approach to simulating the results of human clinical trials used in developing oncology drugs.
−Removed: According to a 2013 study conducted by Cutting Edge Information, it can cost up to $100,000 per patient in oncology clinical trials and the typical cost for each phase of development per year increases from approximately $3 million in the pre-clinical setting to approximately $150 million in phase III.
+Added: It can cost up to $100,000 per patient in oncology clinical trials and the typical cost for each phase of development per year increases from approximately $3 million in the pre-clinical setting to approximately $150 million in phase III clinical trials.
Simulating trials before executing them provides benefits to both pharmaceutical companies and patients.
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The tumors and information in the TumorBank are then available for work with pharmaceutical company customers.
−Removed: In addition, we are looking for additional opportunities to monetize the data we are gathering about the tumors to develop proprietary biomarkers and signatures of response that can predict the resistance or sensitivity of individual patients to oncology drugs.
+Added: In addition, we are currently working on a platform to monetize the data we are gathering about the tumors to develop proprietary biomarkers and signatures of response that can predict the resistance or sensitivity of individual patients to oncology drugs.
Translational Oncology Solutions Business
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Personalized Oncology Solutions Business
−Removed: Our Personalized Oncology Solutions ("POS") business, which supports our TOS business, offers physicians and patients information to help guide the development of personalized treatment plans.
+Added: Our Personalized Oncology Solutions ("POS") business, offers physicians and patients information to help guide the development of personalized treatment plans.
Our core products, TumorGraft implants and drug panels, utilize TumorGraft technology to empirically test the response of a patient’s tumor to multiple oncology drugs or drug combinations.
The response of the tumors in the mice is tracked over time and analyzed to determine which drug or drug combination is providing the highest level of tumor growth inhibition in the mice.
−Removed: This process simulates the results of multiple, simultaneous clinical trials in which a patient might consider participating.
−Removed: By providing this product, we achieve an important goal of adding PDX Models to our TumorBank, and gain valuable data about the accuracy of PDX Models in predicting patient response and in building the operational capabilities to collect, implant and grow tumors from patients, physicians and hospitals around the United States and internationally.
−Removed: Our data, which is currently limited in nature, indicates that there may be a correlation between the response to drugs of a tumor in a mouse with the response to drugs of a tumor in a patient.
−Removed: In addition to our core TumorGraft POS products, we offer non-core related POS products to our customers, including personalized tumor boards and gene sequencing.
−Removed: Personalized tumor boards are designed to provide access to oncologists with expertise in particular tumor types.
−Removed: We also provide access to gene sequencing that analyzes the genetic makeup of a patient’s tumor for the purpose of identifying potentially useful drugs.
−Removed: As previously disclosed, our POS business is not the focus of our growth moving forward.
−Removed: We continue to offer the POS products in support of our TOS business.
−Removed: For the year ended April 30, 2019 , revenues from our POS business totaled approximately $1.3 million , a decrease of approximately 12.2% from the previous year.
+Added: By providing this product over the years, we achieved an important goal of adding PDX Models to our TumorBank, and gained valuable genomic data, both of which supports our TOS business.
+Added: As previously disclosed, however, our POS business is not the focus of our growth moving forward.
+Added: We will continue to phase out our POS offerings.
+Added: For the year ended April 30, 2020 , revenues from our POS business totaled approximately $790,000 , a decrease of approximately 38.1% from the previous year.
Our Growth and Expansion Strategy
Our strategy is to continue to use TumorGrafts as a platform technology to drive multiple synergistic revenue streams.
−Removed: Our current strategy for growth has three components:
+Added: Our current strategy for growth has multiple components:
Growing our TumorBank:
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Information on our website is not part of this Annual Report.
−Removed: Through our website, we make available, free of charge, access to all reports filed with the United States Securities and Exchange Commission, or SEC, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, our Proxy Statements on Schedules 14A and amendments to those reports, as filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
+Added: Through our website, we make available, free of charge, access to all reports filed with the United States Securities and Exchange Commission, or SEC, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, our Proxy Statements on Schedules 14A and amendments to those reports, as filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
Copies of any materials we file with, or furnish to, the SEC can also be obtained free of charge through the SEC’s website at http://www.sec.gov or at the SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, DC 20549.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.