Tikcro Technologies Reports Fourth Quarter and Year End 2017 Results

 

Strong Results in Animal Trial of Full-Human CTLA-4 Antibody

NESS-ZIONA, Israel, March 5, 2018 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF), a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the fourth quarter and full year ended December 31, 2017.

Aviv Boim, CEO of Tikcro, commented, "We continue to promote a full human cytotoxic T lymphocyte-associated antigen 4 ("CTLA-4") blocking antibody, currently in small animal efficacy models for cancer treatment. This antibody shows strong results in cancer inhibition animal models. Further, we plan to pursue additional pre-clinical work through 2018 to support regulatory applications for the commencement of clinical trials."

The CTLA-4 blocking antibody approved market is for the treatment of melanoma. The market size for CTLA-4 blocking antibodies exceeds $1 billion per annum. Several pharma companies, including Tikcro, are pursuing new CTLA-4 antibodies to broaden its clinical scope and to reduce its immune related adverse effects.

Financial Results for the Fourth Quarter Ended December 31, 2017
Net loss for the fourth quarter of 2017 was $277,000, or $0.03 per diluted share, compared to a net loss of $340,000, or $0.03 per diluted share, for the same period last year.

Financial Results for the Year Ended December 31, 2017
Net loss for the year ended December 31, 2017 was $1,251,000, or $0.13 per diluted share, compared to a net loss of $1,280,000, or $0.13 per diluted share, for the year ended December 31, 2016.

As of December 31, 2017, the Company had a cash and cash equivalents balance of $6.6 million.

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 engaged with development of certain antibodies selected and verified in pre-clinical trials with a focus on antibodies targeting immune modulator pathways for cancer treatment. For more information, 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 of our proposed products, 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 Form 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, 
2017

Unaudited


December 31, 
2016

Audited



Assets







Current assets







Cash and cash equivalents

$

6,562


$

7,507




Receivables and other financial asset

21


89




     Total current assets

6,583


7,596











    Property and equipment, net

125


136











     Total assets

$

6,708


$

7,732










Liabilities and Shareholders' Equity









Current liabilities







Other current liabilities

$

309


$

237











Shareholders' equity

6,399


7,495











Total liabilities and shareholders' equity

$

6,708


$

7,732













 

 

Tikcro Technologies Ltd.
Statements of Operations
(US dollars in thousands, except per share data)






























Three Months Ended   
December  31


Year Ended
December  31




2017


2016


2017


2016










Research and development

expenses

$

145

$

163

 

$

 

678

 

$

 

601










General and administrative
expenses, net


171


176


 

618


 

676










Total operating expenses


316


339


1,296


1,277










Operating loss


(316)


(339)


(1,296)


(1,277)











Financial income (expenses), net


39


(1)


45


(3)











Net loss

$

(277)

$

(340)

$

(1,251)

$

(1,280)










Basic and diluted net loss per share

$

(0.03)

$

(0.03)

 

$

(0.13)

 

$

(0.13)



















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


9,879


9,879


 

 

9,879


 

 

9,879










 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/tikcro-technologies-reports-fourth-quarter-and-year-end-2017-results-300607680.html

SOURCE Tikcro Technologies Ltd.



RELATED LINKS
http://tikcro.com

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