Outstanding Note in BioCancell Repaid
Tikcro Technologies Reports 2012 Second Quarter Results
KCSA Strategic Communications212-896-1214 / 1206
Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the second quarter ended June 30, 2012.
Net loss for the second quarter was $124,000, or $0.01 per diluted share. Results for the second quarter included financial expense of approximately $80,000 that resulted from the valuation of Tikcro's holdings in BioCancell Therapeutics, Inc., a clinical-stage biopharmaceutical company operating in the area of cancer treatment. Excluding this non-cash financial expense, net loss for the second quarter was $44,000 or $0.01 per diluted share.
As of June 30, 2012, the Company had net cash totaling $7.0 million.
As of August 1, 2012, Tikcro's note in BioCancell in the principal amount of $2.0 million was repaid in full, including accrued interest, in the total amount of approximately $2.48 million. Total net cash following this repayment is $9.5 million.
Tikcro holds approximately 3.5% of BioCancell's outstanding common stock and approximately 10.5%, when taking into account the exercise of the warrants that Tikcro holds. The common stock of BioCancell is listed on the Tel Aviv Stock Exchange (TASE: BICL).
Tikcro has holdings in BioCancell Therapeutics, Inc., a clinical-stage biopharmaceutical company operating in the area of cancer treatment.
For more information, visit Tikcro website at .