Tikcro Technologies announces financial results for the second-quarter ended June 30, 2009

Aug 26 2009

Tikcro Technologies Ltd. (OTC BB: TIKRF) today reported results for the second quarter and six months ended June 30, 2009.

Net income for the second quarter was $4.2 million or $0.50 per diluted share. Net income for the six months ended June 30, 2009 was $4.1 million or $0.49 per diluted share. Results for the second quarter included financial income of $4.2 million 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. As of June 30, 2009, the Company had net cash and marketable securities totaling $7.6 million.

Tikcro holds 36% of Biocancell, taking into account the conversion of a convertible note and exercise of warrants, and 27% on a fully diluted basis. Shares of Biocancell are traded on the Tel Aviv Stock Exchange.

Tikcro disclosed in a recent press release that the United States Department of Health and Human Services granted Biocancell Orphan Drug status for its ovarian cancer drug, which is currently in phase I/IIa clinical trial. This grant will allow for 7 years of exclusivity in the sales of the drug from its approval date.