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. | |||||||||||
March 31, | December 31, | ||||||||||
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 | |||||
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 | 8,817 | 8,720 | |||
For more information contact: |
Investor Relations Jeff Corbin / Rob Fink KCSA Strategic Communications (212) 896-1214 / 1206 |
SOURCE Tikcro Technologies Ltd.
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