Tikcro Technologies Reports 2013 Second Quarter Results

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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,
2013
Unaudited

December 31,
2012
Audited

Assets
Current assets
Cash and short-term marketable securities$9,429$9,234
Other receivables1031
Investment in BioCancell115243
Total current assets10,0169,508
 
 
Total assets$9,554$9,508
 
Liabilities and Shareholders' Equity
 
Current liabilities
Other current liabilities$129$171
 
Shareholders' equity9,4259,337
 
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
June 30,

Six Months Ended
June 30,

2013201220132012
 

Research and development expenses

$-$15$18$22
 
General and administrative expenses, net$107 $75 $226 $173 
 
Total operating expenses107 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

INDUSTRY KEYWORDS:

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