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Tikcro Technologies Reports Fourth Quarter 2013 Results

TEL AVIV, Israel, March 31, 2014 /PRNewswire/ -- Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the fourth quarter and fiscal year ended December 31, 2013.

Net loss for the fourth quarter was $436,000, or $0.05 per diluted share. Results for the fourth quarter included a financial loss of approximately $313,000 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 fourth quarter was $123,000 or $0.01 per diluted share.

Net profit for the full year ended December 31, 2013 was $8,000, or $0.00 per diluted share. Results for the full year ended December 31, 2013 included a financial gain of approximately $579,000 resulting primarily from the receipt of new shares of BioCancell Therapeutics, Inc., which were awarded to Tikcro pursuant to an arbitration award in July 2013. Excluding this gain, net loss for the full year ended December 31, 2013 was $571,000 or $0.07 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)











December 31,       
2013

Unaudited


December 31, 
2012

Audited



Assets







Current assets







Cash and short-term marketable 
  securities

$

9,120


$

9,234




Other receivables

14


31




Investment in BioCancell

397


243




     Total current assets

9,531


9,508


















     Total assets

$

9,531


$

9,508










Liabilities and Shareholders' Equity









Current liabilities







Other current liabilities

$

128


$

171











Shareholders' equity

9,403


9,337











Total liabilities and shareholders'
equity

$

9,531


$

9,508















 











Tikcro Technologies Ltd.

Statement of Operations

(US dollars in thousands, except per share data)




















Three Months Ended  
December 31, 


Year Ended  
December 31, 




2013


2012


2013


2012










Research and development

expenses

$

6

$

8

$

29

$

40










General and administrative
expenses, net

$

117

$

103

$

542

$

360










Total operating expenses


123


111


571


400










Operating loss


(123)


(111)


(571)


(400)











Financial income (expenses), net


(313)


(5)


579


(158)

Gain (Loss) before taxes


(436)


(116)


8


(558)











Tax expenses



-


75


-


(34)











Net Gain (loss)

$

(436)

$

(41)

$

8

$

(592)










Basic and diluted net gain
(loss) per share

$

0.05

$

(0.01)

$

0.00

$

(0.07)



















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


8,804


8,692


8,755


8,649






















 

 

For more information contact:


Investor Relations

Jeff Corbin / Rob Fink

KCSA Strategic Communications

(212) 896-1214 / 1206

[email protected] / [email protected]

SOURCE Tikcro Technologies Ltd.

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