Tikcro Technologies Reports 2013 Second Quarter Results
Tikcro Technologies Reports 2013 Second Quarter Results
TEL AVIV, Israel--(BUSINESS WIRE)-- Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results the second quarter ended June 30, 2013.
Net loss for the second quarter was $411,000, or $0.05 per diluted share. Results for the second quarter included financial loss of approximately $304,000 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. Excluding this non-cash financial expense, net loss for the second quarter was $107,000 or $0.01 per diluted share.
Tikcro supports early stage development in growth areas, with a focus on biotechnology, having projects in several fields originated by researchers from Israeli universities.
Subsequent to the reporting period, in July 2013, Tikcro was awarded an additional 4.5 million shares of BioCancell from an arbitration ruling which represents 3.8% of the outstanding shares of BioCancell.
About Tikcro Technologies:
Tikcro is seeking early stage growth opportunities.
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) | |||||||
June 30, | December 31, | ||||||
Assets | |||||||
Current assets | |||||||
Cash and short-term marketable securities | $ | 9,429 | $ | 9,234 | |||
Other receivables | 10 | 31 | |||||
Investment in BioCancell | 115 | 243 | |||||
Total current assets | 10,016 | 9,508 | |||||
Total assets | $ | 9,554 | $ | 9,508 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | |||||||
Other current liabilities | $ | 129 | $ | 171 | |||
Shareholders' equity | 9,425 | 9,337 | |||||
Total liabilities and shareholders' equity | $ | 9,554 | $ | 9,508 | |||
Tikcro Technologies Ltd. Statement of Operations (US dollars in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Research and development expenses | $ | - | $ | 15 | $ | 18 | $ | 22 | ||||||||
General and administrative expenses, net | $ | 107 | $ | 75 | $ | 226 | $ | 173 | ||||||||
Total operating expenses | 107 | 90 | 244 | 195 | ||||||||||||
Operating loss | (107 | ) | (90 | ) | (244 | ) | (195 | ) | ||||||||
Financial income (expenses), net | (304 | ) | (22 | ) | 302 | 110 | ||||||||||
Gain (Loss) before taxes | (411 | ) | (112 | ) | 58 | (85 | ) | |||||||||
Tax expenses | - | (12 | ) | - | (22 | ) | ||||||||||
Net Gain (loss) | $ | (411 | ) | $ | (124 | ) | $ | 58 | $ | (107 | ) | |||||
Basic and diluted net gain (loss) per share | $ | (0.05 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.01 | ) | |||||
Weighted average number of shares used computing basic and diluted gain/loss per share | 8,748 | 8,632 | 8,734 | 8,616 | ||||||||||||
Investor Relations
Jeff Corbin / Rob Fink
KCSA Strategic Communications
212-896-1214 / 1206
jcorbin@kcsa.com/rfink@kcsa.com
KEYWORDS: United States North America New York Middle East Israel
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