Tikcro Technologies Reports Third Quarter 2017 Results

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,        December 31,
                                                                             2017                 2016
                                                                      Unaudited             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'                 $6,974               $7,732
                              equity


    Tikcro Technologies Ltd.

    Statements of Operations

    (US dollars in thousands, except per share data)






                                                           Three Months Ended       Nine Months Ended
                                                              September 30,           September  30

                                                                         2017                     2016               2017                2016
                                                                         ----                     ----               ----                ----


    Research and development                                             $147                     $160

    expenses                                                                                              $533                $438


    General and administrative                         145                      163
    expenses, net
                                                                                                           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                       9,879                    9,879
    shares used computing basic and
    diluted loss per share

                                                                                                         9,879               9,879


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SOURCE Tikcro Technologies Ltd.