Tikcro Technologies Reports 2012 Third Quarter Results

Before you go, we thought you'd like these...
Before you go close icon

Tikcro Technologies Reports 2012 Third Quarter Results

TEL AVIV, Israel--(BUSINESS WIRE)-- Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the third quarter ended September 30, 2012.

Net loss for the third quarter was $444,000, or $0.05 per diluted share. Results for the third quarter included financial expense of approximately $298,000 that resulted from the valuation of Tikcro's holdings in BioCancell Therapeutics, Inc., a clinical-stage biopharmaceutical company operating in the area of cancer treatment.


As of August 1, 2012, Tikcro's note in BioCancell in the principal amount of $2.0 million was repaid in full, including accrued interest, in the gross amount of approximately $2.4 million.

Tikcro supports early stage development in growth areas, with a focus on biotechnology, having projects in several fields originated by researchers from Israeli universities. Tikcro holds approximately 3.6% of BioCancell's outstanding common stock and approximately 10.6%, when taking into account the exercise of the warrants.

About Tikcro Technologies:

Tikcro is seeking early stage growth opportunities. It has holdings in BioCancell Therapeutics, Inc., a clinical-stage biopharmaceutical company operating in the area of cancer treatment.

For more information, visit Tikcro website at www.tikcro.com.

Safe Harbor Statement

Certain of the statements contained herein may be considered forward-looking statements that involve risks and uncertainties including, but not limited to, risks related to our ability to raise financing and the business of BioCancell, including, but not limited to, the development, testing, regulatory approval and commercialization of its products, its intellectual property rights, its funding, its competition, its exposure to lawsuits and its dependence on key suppliers and personnel. Such risks and uncertainties are set forth in the Company's SEC reports, including the Company's Forms 20-F. Actual results may materially differ. Results of operations in any past period should not be considered indicative of the results to be expected for future periods.We undertake no duty to update any forward-looking information.

 
Tikcro Technologies Ltd.
Condensed Balance Sheets
(US dollars in thousands)
   
Sep 30,December 31,

2012

2011

Assets
Current assets

 

Cash and short-term marketable securities$9,240$6,985
Other receivables90165
Investment in BioCancell - stock, convertible note and warrant2783,033
Total current assets9,60810,183
 
 
Total assets$9,608$10,183
 
Liabilities and Shareholders' Equity
Current liabilities
Other current liabilities$243$302
 
Shareholders' equity9,3659,881
 
Total liabilities and shareholders' equity$9,608$10,183
 
    
Tikcro Technologies Ltd.
Statement of Operations
(US dollars in thousands, except per share data)
 
 
Three Months EndedNine Months Ended
Sep 30,Sep 30,
2012201120122011
 
Research and development

expenses

$10$46$32$46
 
General and administrative expenses$84$73$257$373
 
Total operating expenses94119289419
 
Operating loss(94)(119)(289)(419)
 
Financial expenses, net(263)(828)(153)(2,000)
 
Tax expenses(87)(18)(109)(40)
 
Net loss$(444)$(965)$(551)$(2,459)
 
Basic net loss per share$(0.05)$(0.11)$(0.06)$(0.29)
 
Diluted net loss per share$(0.05)$(0.11)$(0.06)$(0.29)
 
Basic weighted average shares8,6638,5688,6328,553
 
Diluted weighted average shares8,6638,5688,6328,553
 



Investor Relations
KCSA Strategic Communications
Jeff Corbin / Rob Fink, 212-896-1214 / 1206
jcorbin@kcsa.com/rfink@kcsa.com

KEYWORDS:   Middle East  Israel

INDUSTRY KEYWORDS:

The article Tikcro Technologies Reports 2012 Third Quarter Results originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners