Tikcro Technologies Reports 2013 First Quarter Results

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Tikcro Technologies Reports 2013 First Quarter Results

TEL AVIV, Israel--(BUSINESS WIRE)-- Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the first quarter ended March 31, 2013.

Net gain for the first quarter was $469,000, or $0.05 per diluted share. Results for the first quarter included financial income of approximately $599,000 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 first quarter was $130,000 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.

About Tikcro Technologies:

Tikcro is seeking early stage growth opportunities.

For more information, visit the 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. 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)

       

March 31,
2013
Unaudited

December 31,
2012
Audited

Assets
Current assets
Cash and short-term marketable securities$9,533$9,234
Other receivables1831
Investment in BioCancell465243
Total current assets10,0169,508
 
 
Total assets$10,016$9,508
 
Liabilities and Shareholders' Equity
 
Current liabilities
Other current liabilities$195$171
 
Shareholders' equity9,8219,337
 
Total liabilities and shareholders' equity$10,016$9,508
 
 

Tikcro Technologies Ltd.
Condensed Statement of Operations
(US dollars in thousands, except per share data)

      
 

Three Months Ended
March 31,

2013   2012
Unaudited
Research and development

expenses

$18$7
 
General and administrative expenses, net$119$98
 
Total operating expenses137105
 
Operating loss(137)(105)
 
Financial Income, net606132
 
Gain before taxes46927
Tax expenses-(10)
 
Net Gain$469$17
 
Basic and Diluted net gain per share$0.05$0.00
 

Weighted average number of
shares used in computing basic
and diluted loss per share

8,7208,600
 



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

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

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