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Press Release - Telik, Inc. (TELK-NASDAQ) |
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“Telik is a biopharmaceutical company focused on using its proprietary drug discovery technology (called TRAP™) to enable us to identify small molecule drug candidates that could be developed as treatments for a wide variety of cancers. All of our drug candidates were discovered internally using TRAP and this continues to be our vision since we joined the company in 1997.” - Dr. Michael M. Wick, M.D., Ph.D. (TELK) (Interview published March 7, 2008) |
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PALO ALTO, Calif., May 8 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) today reported a net loss of $9.8 million, or $0.19 per share, for the first quarter ended March 31, 2008, compared with a net loss of $16.3 million, or $0.31 per share, for the comparable period in 2007. For the quarter ended March 31, 2008, total operating costs and expenses were $10.6 million, compared with $18.0 million during the 2007 first quarter. Operating expenses in the 2008 first quarter included stock-based compensation expense of approximately $1.4 million. Operating expenses were 41% lower in the first quarter of 2008 compared with the year-ago quarter primarily as a result of reduced clinical trial and related expenses, lower headcount and lower stock-based compensation expense. At March 31, 2008, Telik had $82.5 million in cash, cash equivalents and investments including restricted investments, compared to $93.2 million at December 31, 2007. Conference Call and Webcast Telik will conduct its quarterly conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). The conference call will be accessible via Telik's website at http://www.telik.com or by telephone at 800-230-1085 or 612-332-1214. An archive of the conference call will be available on the Telik website or by telephone at 800-475-6701 or 320-365-3844, access code 920773. The archive will be available from approximately 6:30 p.m. Eastern time on May 8 through May 20, 2008. About Telik
Telik, Inc. of
Palo Alto, CA, is a biopharmaceutical company focused on
discovering, developing and commercializing novel small molecule
drugs to treat serious diseases. The company's most advanced
investigational drug candidates in clinical development are
TELINTRA(R), a modified glutathione analog for the treatment of
cytopenias due to myelodysplastic syndrome or chemotherapy, and
TELCYTA(R), a tumor-activated prodrug for the treatment of advanced
ovarian cancer and non-small cell lung cancer. Telik's product
candidates were discovered using its proprietary drug discovery
technology, TRAP(R), which enables the rapid and efficient discovery
of small molecule drug candidates. This press release contains "forward-looking" statements, including statements regarding the future development of TELCYTA and TELINTRA. These forward-looking statements are based upon Telik's current expectations. There are important factors that could cause Telik's results to differ materially from those indicated by these forward-looking statements, including, among others, if clinical trials of TELCYTA or TELINTRA are delayed or unsuccessful, Telik's business would suffer, if Telik's competitors develop and market products that are more effective than its product candidates, or obtain marketing approval before Telik does, Telik's commercial opportunity will be reduced or eliminated, and if Telik does not obtain regulatory approval to market products in the U.S. and foreign countries, Telik will not be permitted to commercialize these product candidates. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in Telik's periodic filings with the Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the year ended December 31, 2007. Telik does not undertake any obligation to update forward-looking statements contained in this press release. TELIK, the Telik logo, TELCYTA, TELINTRA and TRAP are trademarks or registered trademarks of Telik, Inc. Telik, Inc. Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 2007 Operating costs and expenses: Research and development $8,195 $12,944 General and administrative 2,413 3,652 Restructuring costs - 1,389 Total operating costs and expenses 10,608 17,985
Loss from operations (10,608) (17,985)
Interest and other income (expense), net 800 1,663 Net loss $(9,808) $(16,322)
Basic and diluted net loss per share $(0.19) $(0.31)
Weighted average shares used to calculate basic and diluted net loss per share 52,992 52,408
Selected Balance Sheet Data (In thousands) (Unaudited) March 31, December 31, 2008 2007
Cash, cash equivalents, investments and restricted investments $82,490 $93,233
Total assets 87,126 98,528
Stockholders' equity 78,094 87,319
SOURCE Telik, Inc. -0- 05/08/2008 /CONTACT: Patricia P. Frias, Corporate Communications of Telik, Inc., +1-650-845-7927, pfrias@telik.com/ /Web site: http://www.telik.com / (TELK)
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