Tikcro Technologies Ltd. (OTC BB: TIKRF) today reported results for the first quarter ended March 31, 2010.
Net income for the first quarter was $1.9 million or $0.23 per share. Results for the first quarter included financial income of $2.0 million primarily from the valuation of Tikcro's holdings in BioCancell Therapeutics, Inc., a clinical-stage biopharmaceutical company engaged in the development and commercialization of therapies for the treatment of cancer. Excluding this non-cash financial expense, net loss for the first quarter was $56,000 or (0.01) per share.
Tikcro holds approximately 30% of BioCancell, taking into account the conversion of a convertible note and exercise of warrants, and approximately 21% on a fully diluted basis. Shares of Biocancell are traded on the Tel Aviv Stock Exchange (TASE). The valuation of the holding in Biocancell is influenced, among other factors, by the share price of Biocancell on TASE.
As of March 31, 2010, the Company had net cash, marketable securities and bank deposits totaling $7.4 million.
BioCancell is conducting three clinical trials pursuant to U.S. FDA approved protocols using its lead product candidate BC-819: phase IIb clinical trial for the treatment of superficial bladder carcinoma cancer, phase I/IIa trial for the treatment of pancreatic cancer, and a phase I/IIa clinical trial for the treatment of ovarian cancer. Its BC-819 clinical stage product candidate is a double stranded DNA plasmid construct that incorporates the gene for diphtheria toxin (DTA) under the regulation of the promoter sequence for H19 gene. The net result of the mechanism of the drug is selective tumor cell destruction.
SOURCE Tikcro Technologies Ltd.