Tikcro Technologies Reports 2012 Third Quarter Results
TEL AVIV, Israel--(BUSINESS WIRE)-- Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the third quarter ended September 30, 2012.
Net loss for the third quarter was $444,000, or $0.05 per diluted share. Results for the third quarter included financial expense of approximately $298,000 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.
As of August 1, 2012, Tikcro's note in BioCancell in the principal amount of $2.0 million was repaid in full, including accrued interest, in the gross amount of approximately $2.4 million.
Tikcro supports early stage development in growth areas, with a focus on biotechnology, having projects in several fields originated by researchers from Israeli universities. Tikcro holds approximately 3.6% of BioCancell's outstanding common stock and approximately 10.6%, when taking into account the exercise of the warrants.
About Tikcro Technologies:
Tikcro is seeking early stage growth opportunities. It has holdings in BioCancell Therapeutics, Inc., a clinical-stage biopharmaceutical company operating in the area of cancer treatment.
For more information, visit Tikcro website at www.tikcro.com.
Safe Harbor Statement
Certain of the statements contained herein may be considered forward-looking statements that involve risks and uncertainties including, but not limited to, risks related to our ability to raise financing and the business of BioCancell, including, but not limited to, the development, testing, regulatory approval and commercialization of its products, its intellectual property rights, its funding, its competition, its exposure to lawsuits and its dependence on key suppliers and personnel. Such risks and uncertainties are set forth in the Company's SEC reports, including the Company's Forms 20-F. Actual results may materially differ. Results of operations in any past period should not be considered indicative of the results to be expected for future periods. We undertake no duty to update any forward-looking information.
|Tikcro Technologies Ltd.|
|Condensed Balance Sheets|
|(US dollars in thousands)|
|Sep 30,||December 31,|
|Cash and short-term marketable securities||$||9,240||$||6,985|
|Investment in BioCancell - stock, convertible note and warrant||278||3,033|
|Total current assets||9,608||10,183|
|Liabilities and Shareholders' Equity|
|Other current liabilities||$||243||$||302|
|Total liabilities and shareholders' equity||$||9,608||$||10,183|
|Tikcro Technologies Ltd.|
|Statement of Operations|
|(US dollars in thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|Sep 30,||Sep 30,|
Research and development
|General and administrative expenses||$||84||$||73||$||257||$||373|
|Total operating expenses||94||119||289||419|
|Financial expenses, net||(263)||(828)||(153)||(2,000)|
|Basic net loss per share||$||(0.05)||$||(0.11)||$||(0.06)||$||(0.29)|
|Diluted net loss per share||$||(0.05)||$||(0.11)||$||(0.06)||$||(0.29)|
|Basic weighted average shares||8,663||8,568||8,632||8,553|
|Diluted weighted average shares||8,663||8,568||8,632||8,553|
KEYWORDS: Middle East Israel
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