NESS-ZIONA, Israel, Oct. 7, 2019 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF), a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the second quarter ended June 30, 2019.

"We continue to pursue the development of a new cytotoxic T lymphocyte-associated antigen 4 (CTLA-4) antibody, which has shown strong comparative results in pre-clinical cancer treatment assays," said Aviv Boim, CEO of Tikcro. "The need to have a more effective CTLA-4 antibody is supported by results from early phase clinical trials in additional cancer indications. Results show objective response rates of the combination treatment of a PD-1 antibody with a mid-dose of a CTLA-4 antibody. Our development efforts aim to increase the efficacy of a CTLA-4 treatment and to broaden its approved indications. However, as CTLA-4 antibody treatment continues to gain attention, there is also increased competition involved. Based on pre-clinical results, our new CTLA-4 antibody has the potential to offer improved efficacy."

Several established and emerging pharma companies, including Tikcro, are pursuing new CTLA-4 antibodies to further broaden its clinical scope.

Financial Results for the Second Quarter Ended June 30, 2019
Net loss for the second quarter of 2019 was $248,000, or $0.03 per diluted share, compared to a net loss of $341,000, or $0.03 per diluted share, for the same period last year.

As of June 30, 2019, the company reported $4.68 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)











June 30,
2019

Unaudited


December 31,
2018

Audited



Assets







Current assets







Cash and cash equivalents

$

4,679


$

280




Short-term bank deposits


-



5,015




Receivables and other financial asset

93


52




Total current assets

4,772


5,347











Property and equipment, net

83


100




Operating lease right-of-use asset

191


-













Total assets

$

5,046


$

5,447










Liabilities and Shareholders' Equity









Current liabilities:







Other current liabilities

$

209


$

300




Operating lease – short term liability

138


-





347


300











Operating lease – long term liability

67


-











Shareholders' equity

4,632


5,147











Total liabilities and shareholders' equity

$

5,046


$

5,447













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










Three Months Ended
June 30,


Three Months Ended
June 30,




2019


2018


2019


2018










Research and development expenses

$

128

$

188

$

265

$

411










General and administrative expenses, net


141


159


287


308










Total operating expenses


269


347


552


719










Operating loss


(269)


(347)


(552)


(719)











Financial income, net


21


6


33


1











Net loss

$

(248)

$

(341)

$

(519)

$

(718)










Basic and diluted net loss per share

$

(0.03)

$

(0.03)

$

(0.05)

$

(0.07)










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


9,879


9,879


9,879


9,879

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SOURCE Tikcro Technologies Ltd.


Source: Tikcro Technologies Ltd.