Tikcro Technologies Ltd. (OTC PK: TIKRF) today reported results for the first quarter ended March 31, 2011.
Net loss for the first quarter was $30,000 or $(0.00) per diluted share.
Tikcro holds approximately 25% of BioCancell, taking into account the conversion of a convertible note and exercise of warrants, and approximately 18% 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.
BioCancell is a clinical stage biotechnology company focused on developing targeted cancer therapies for solid cancer tumors. The Company's lead drug-candidate, BC-819, is progressing toward a US FDA Phase IIb clinical trial for pancreatic cancer. The Phase IIb clinical trial follows recently published one-year, multi-center Phase I/IIa results, addressing patients with non-resectable (inoperable) pancreatic cancer, with no metastases.
Following three months of treatment with BC-819 in the Phase I/IIa trial, five out of nine patients showed significant tumor reduction or stability, and two out of six patients in the higher dosage group became resectable (operable).
Approximately 80% of patients with pancreatic cancer die within a year of diagnosis and 95% within five years. BC-819 uses the H19 gene to synthesize Diphtheria Toxin in cancerous cells only, in order to destroy the cells. BC-819 is also undergoing Phase IIb testing for bladder cancer and Phase I/IIa testing for ovarian cancer.
As of March 31, 2011, the Company had net cash and marketable securities totaling $7.3 million.