Tikcro Technologies Reports Third Quarter 2017 Results

 

In-progress of Pre Clinical Trials of Full-Human CTLA-4 Antibodies

NESS-ZIONA, Israel, Dec. 15, 2017 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF), a supporter of early stage development of biotechnology projects and antibodies, today reported its financial results for the third quarter ended September 30, 2017.

Aviv Boim, CEO of Tikcro, commented, "We promote a full human cytotoxic T lymphocyte-associated antigen 4 ("CTLA-4") blocking antibody for small animal efficacy models for cancer treatment. This antibody has shown high blocking affinities towards a discontinued epitope of the CTLA-4 receptor's interaction area with its ligands. Currently, we are in-progress of supporting pre-clinical in-vivo animal trials of this full human CTLA-4 antibody. 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 treat additional clinical cancer indications and to reduce its immune related adverse effects.

"We showed in-vitro superiority over industry reference CTLA-4 antibodies, and pursue animal trials for cancer treatment. If successful, we should be in a position to further promote this antibody to be part of this market," concluded Mr. Boim.

Financial Results for the Third Quarter Ended September 30, 2017

Net loss for the third quarter of 2017 was $288,000, or $0.03 per diluted share, compared to a net loss of $325,000, or $0.03 per diluted share, for the same period last year.

As of September 30, 2017, the Company had a cash and cash equivalents balance of $6.7 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)











September 30,
2017
Unaudited


December 31,
2016
Audited



Assets







Current assets







Cash and cash equivalents

$

6,735


$

7,507




Receivables and other financial asset

110


89




     Total current assets

6,845


7,596











    Property and equipment, net

129


136











     Total assets

$

6,974


$

7,732










Liabilities and Shareholders' Equity









Current liabilities







Other current liabilities

$

337


$

237











Shareholders' equity

6,637


7,495











Total liabilities and shareholders'
equity

$

6,974


$

7,732













 

Tikcro Technologies Ltd.

Statements of Operations

(US dollars in thousands, except per share data)

































Three Months Ended
September 30,


Nine Months Ended
September  30




2017


2016


2017


2016










Research and development

expenses

$

147

$

160

 

$

 

533

 

$

 

438










General and administrative
expenses, net


145


163


 

447


 

500










Total operating expenses


292


323


980


938










Operating loss


(292)


(323)


(980)


(938)











Financial income (expenses), net


4


(2)


6


(2)











Net loss

$

(288)

$

(325)

$

(974)

$

(940)










Basic and diluted net loss per share

$

(0.03)

$

(0.03)

 

$

 

(0.10)

 

$

 

(0.10)



















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-third-quarter-2017-results-300572031.html

SOURCE Tikcro Technologies Ltd.



RELATED LINKS
http://www.tikcro.com

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