TEL AVIV, Israel, Oct. 21, 2015 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF) today reported financial results for the third quarter ended September 30, 2015.
Aviv Boim, CEO of Tikcro, commented, “In the quarter, we made further progress with our pre-clinical efforts to generate functional specific antibodies, with a focus on blocking antibodies for CTLA-4 and PD1 cancer immune modulators. Both are clinically validated targets for cancer immunotherapy treatment. Leveraging a unique approach for the generation of antibodies, we aim to bring functional antibodies with exclusive blocking qualities to such targeted domains. Antibodies used in the clinic to block these targets continue to gain attention as the U.S. Food and Drug Administration (FDA) recently approved its combination treatment for late stage melanoma and also approved PD1 antibody treatment for certain types of lung cancers. We are on track to screen and validate such new antibodies for immunotherapy treatment and to have initial comparative data with other available antibodies.”
Net loss for the third quarter of 2015 was $222,000, or $0.03 per diluted share.
About Tikcro Technologies:
Tikcro Technologies Ltd. (OTCQB: TIKRF) supports early stage development in growth areas, with a focus on biotechnology projects originated in Israeli academic centers. Tikcro is currently engaged with development of certain antibodies selected and verified in pre-clinical trials with a focus on antibodies binding to cancer immune checkpoints CTLA-4 and PD1. For more information about Tikcro, visit Tikcro’s 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 risks related to early stage biotechnology projects, including, but not limited to, obtaining required licenses at reasonable commercial terms, the development, testing, regulatory approval and commercialization,intellectual property rights, competition,exposure to lawsuits and 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) | ||||||||||||
September 30, Unaudited | December 31, Audited | |||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 8,161 |
$ | 8,722 | ||||||||
Other receivables | 20 | 25 | ||||||||||
Investment in BioCancell | 54 | 85 | ||||||||||
Total current assets | 8,235 | 8,832 | ||||||||||
Property and equipment, net | 52 | 88 | ||||||||||
Total assets | $ | 8,287 | $ | 8,920 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Current liabilities | ||||||||||||
Other current liabilities |
$ | 150 | $ | 184 | ||||||||
Shareholders’ equity | 8,137 | 8,736 | ||||||||||
Total liabilities and shareholders’ equity |
$ | 8,287 | $ | 8,920 | ||||||||
Tikcro Technologies Ltd. | ||||||||||
Statements of Operations | ||||||||||
(US dollars in thousands, except per share data) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Research and development expenses | $ | 103 | $ | 50 |
$ |
222 | $ |
72 | ||
General and administrative expenses, net | 123 | 82 |
430 |
247 | ||||||
Total operating expenses | 226 | 132 | 652 | 319 | ||||||
Operating loss | (226) | (132) | (652) | (319) | ||||||
Financial income (expenses), net | 4 | (122) | (28) | (69) | ||||||
Net loss | $ | (222) | $ | (254) | $ | (680) | $ | (388) | ||
Basic and diluted net loss per share | $ | (0.03) | $ | (0.03) |
$ |
(0.08) |
$ |
(0.04) | ||
Weighted average number of shares used computing basic and diluted loss per share | 8,838 | 8,837 | 8,838 | 8,824 | ||||||
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SOURCE Tikcro Technologies Ltd.
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