Tikcro Technologies Reports Third Quarter 2018 Results

NESS-ZIONA, Israel, Nov. 14, 2018 /PRNewswire/ --

-- Continued Advancement of a New CTLA-4 Antibody with Superior Pre-clinical Qualities --

Tikcro Technologies Ltd. (OTCQB: TIKRF), a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the third quarter ended September 30, 2018.

Aviv Boim, CEO of Tikcro, commented, "We are pleased to report that our cytotoxic T lymphocyte-associated antigen 4 (CTLA-4) blocking antibody continues to show strong comparative results in pre-clinical cancer inhibition assays. From a clinical demand perspective, treatment combination with a CTLA-4 blocking antibody has recently gained an additional level of traction with indicative clinical results for high tumor mutation burden (HTMB) of late stage non-small cell lung cancer (NSCLC). If these results prove to be clinically sufficient for a CTLA-4 antibody treatment, this indication will be in addition to the 2018 U.S. Food and Drug Administration (FDA) approvals for sub-types of renal and colon cancer. This may expand the CTLA-4 antibody target market to a multi-billion U.S. dollar market addressing an unmet need of several solid cancer indications."

Several pharma companies, including Tikcro, are pursuing new CTLA-4 antibodies to further broaden its clinical scope and to reduce immune related adverse effects.

Financial Results for the Third Quarter Ended September 30, 2018

Net loss for the third quarter of 2018 was $266,000, or $0.03 per diluted share, compared to a net loss of $288,000, or $0.03 per diluted share, for the same period last year.

As of September 30, 2018, the company reported $5.6 million in cash, cash equivalents and short-term bank deposits.

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,
                                                                                2018
                                                                                                                2017
                                                                           Unaudited
                                                                                                             Audited



                              Assets


          
            
              Current assets


          
            Cash and cash equivalents                                             $
       2,011                       $
       6,562


          
            Short-term bank deposits                                                   3,584


                   Receivables and other financial asset                          35                               21



                                   Total current assets                        5,630                            6,583




                                  Property and equipment, net                    108                              125




          
            
                   Total assets                                      $
     
         5,738                   $
     
         6,708





                              Liabilities and Shareholders' Equity




                              Current liabilities


          
            Other current liabilities                                               $
       207                         $
       309





                              Shareholders' equity                             5,531                            6,399





                              Total liabilities and shareholders'
                               equity                                                $
     
         5,738                   $
     
         6,708





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




                                                                                                                         Three Months Ended                                                        Nine Months Ended
                                                                                                                                                                                         September 30,
                                                                                                                           September 30,


                                                                                                                   2018                           2017                           2018                                              2017





                                                                  Research and development                    $
        117                     $
         147

                                                              
     
     expenses                                                                                               $
         528                                         $
        533




                                                                  General and administrative expenses,
                                                                   net                                              175                            145

                                                                                                                                                                483                                                447





                                                                  Total operating expenses                          292                            292                          1,011                                               980





                                                              
     
     Operating loss                                  (292)                         (292)                       (1,011)                                            (980)




                                                                  Financial income, net                              26                              4                             27                                                 6





                                                              
     
     Net loss                              $
      
         (266)       $
              
         (288)               $
     
          (984)                                    $
     
        (974)





                                                                  Basic and diluted net loss per share $
      
         (0.03)      $
              
         (0.03)

                                                                                                                                                        $
     
     (0.10)                   $
              
                (0.10)






              
                Weighted average number of shares                                    9,879             9,879                          9,879                          9,879
    used computing basic and diluted
    loss per share


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SOURCE Tikcro Technologies Ltd.