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Telik Announces Financial Results For 2008 Second Quarter
Date:8/11/2008

PALO ALTO, Calif., Aug. 11 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) reported a net loss of $13.6 million, or $0.26 per share, for the second quarter ended June 30, 2008, compared with a net loss of $14.3 million, or $0.27 per share, for the comparable period in 2007. The $13.6 million net loss for the second quarter ended June 30, 2008, includes a $3.1 million impairment charge related to auction rate securities, which is reflected in interest and other income (expense).

For the quarter ended June 30, 2008, total operating costs and expenses were $11.0 million, compared with $15.8 million in the 2007 second quarter. Operating expenses in the 2008 second quarter included stock-based compensation expense of approximately $2.0 million. Operating expenses were approximately 30% lower in the second quarter of 2008 compared with the same period in 2007, primarily as a result of reduced clinical trial and related expenses as well as lower headcount.

For the six months ended June 30, 2008, Telik reported a net loss of $23.4 million, or $0.44 per share, compared with a net loss of $30.6 million, or $0.58 per share, for the six months ended June 30, 2007. Total operating expenses for the first six months of 2008 were $21.6 million, compared with $33.8 million for the first six months of 2007. Operating expenses in the first six months of 2008 included approximately $3.3 million in stock-based compensation expense. The reduction in operating expenses of approximately 36% in the first six months of 2008 compared with the same period in 2007 was primarily due to reduced clinical trial and related expenses, lower stock-based compensation expense as well as lower headcount.

At June 30, 2008, Telik had $72.4 million in ca
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SOURCE Telik, Inc.
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