EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1
 
 
For more information contact:
 
PRESS RELEASE
Investor Relations
Garth Russell
KCSA Strategic Communications
(212) 896-1250
grussell@kcsa.com
  
 
Tikcro Technologies Reports 2016 Year End and Fourth Quarter Results
 
Tel Aviv, Israel, March 9, 2017 - Tikcro Technologies Ltd. (OTCQB: TIKRF) today reported its financial results for the year-end and the fourth quarter ended December 31, 2016.
 
Aviv Boim, CEO of Tikcro, commented, “We are continuing our strategy to generate blocking antibodies to a handful of targeted domains of immune modulators for cancer treatment. Our approach aims to identify highly selective antibodies targeting desired discontinued epitopes. These efforts are focused on pre-clinical research to identify new immune-modulation antibodies by leveraging a unique immunization approach, which includes the use of proprietary antigens, followed by high throughput screening of derived B-cells. We are implementing this process with several targets and intend to continue to conduct rounds of these studies."
 
Net loss for the fourth quarter of 2016 was $340,000, or $0.03 per diluted share. As of December 31, 2016, the company reported $7.5 million in cash and cash equivalents.
 
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,
2016
    
December 31,
2015
  
   
Unaudited
    
Audited
  
Assets
            
Current assets
            
Cash and cash equivalents
  
$
7,507
    
$
8,560
  
Receivables and other financial asset
    
89
      
173
  
     Total current assets
    
7,596
      
8,733
  
                 
    Property and equipment, net
    
136
      
67
  
                 
     Total assets
  
$
7,732
    
$
8,800
  
                 
Liabilities and Shareholders' Equity
          
                 
Current liabilities
                
Other current liabilities
  
$
237
    
$
226
  
                 
Shareholders' equity
    
7,495
      
8,574
  
                 
Total liabilities and shareholders' equity
  
$
7,732
    
$
8,800
  


Tikcro Technologies Ltd.
Statements of Operations
(US dollars in thousands, except per share data)
 
   
Three Months Ended
December 31,
    
Year Ended
December 31
  
   
2016
    
2015
    
2016
    
2015
  
                         
Research and development expenses
  
$
163
    
$
25
    
$
601
    
$
247
  
                                 
General and administrative expenses, net
    
176
      
179
      
676
      
609
  
                                 
Total operating expenses
    
339
      
204
      
1,277
      
856
  
                                 
Operating loss
    
(339
)
    
(204
)
    
(1,277
)
    
(856
)
                                 
Financial expenses, net
    
(1
)
    
(1
)
    
(3
)
    
(29
)
                                 
Net loss
  
$
(340
)
  
$
(205
)
  
$
(1,280
)
  
$
(885
)
                                 
Basic and diluted net loss per share
  
$
(0.03
)
  
$
(0.02
)
  
$
(0.13
)
  
$
(0.10
)
                                 
Weighted average number of shares used computing basic and diluted loss per share
    
9,879
      
8,848
      
9,879
      
8,840