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Tikcro Technologies Reports First Quarter 2014 Results


6/11/2014 7:35:22 AM

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TEL AVIV, Israel, June 11, 2014 /PRNewswire/ -- Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the quarter ended March 31, 2014.

Net loss for the quarter was $42,000, or $0.005 per diluted share. Results for the quarter included a financial gain of approximately $76,000 that resulted primarily from the valuation of Tikcro's holdings in BioCancell Therapeutics, Inc. (TASE: BICL), a clinical-stage biopharmaceutical company engaged with the discovery, development, and commercialization of therapies for treating cancer-related diseases. Excluding this loss, net loss for the quarter was $118,000, or $0.013 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 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)










March 31,
2014
Unaudited


December 31,
2013
Audited


Assets






Current assets






Cash and short-term marketable securities

$

9,065


$

9,120



Other receivables

9


14



Investment in BioCancell

425


397



Total current assets

9,499


9,531















Total assets

$

9,499


$

9,531








Liabilities and Shareholders' Equity











Current liabilities






Other current liabilities

$

123


$

128









Shareholders' equity

9,376


9,403









Total liabilities and shareholders' equity

$

9,499


$

9,531








Tikcro Technologies Ltd.

Statement of Operations

(US dollars in thousands, except per share data)










Three Months Ended
March 31,



2014


2013






Research and development expenses

$

13

$

18






General and administrative expenses, net

$

105

$

119






Total operating expenses


118


137






Operating loss


(118)


(137)






Financial income, net


76


606






Net Gain (loss)

$

(42)

$

469






Basic and diluted net gain (loss) per share

$

0.005

$

(0.054)











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


8,817


8,720






For more information contact:

Investor Relations

Jeff Corbin / Rob Fink

KCSA Strategic Communications

(212) 896-1214 / 1206

jcorbin@kcsa.com / rfink@kcsa.com

SOURCE Tikcro Technologies Ltd.



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