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Telik Announces Financial Results for 2008 Third Quarter
Date:11/5/2008

Research and development expenses for the quarter ended September 30, 2008 were $4.8 million, compared to $8.2 million in the second quarter of 2008 and $9.4 million for the third quarter in 2007. General and administrative expenses for the quarter ended September 30, 2008 were $2.8 million, compared to $2.8 million in the prior quarter and $3.7 million for the comparable period in 2007.

For the nine months ended September 30, 2008, Telik reported a net loss of $31.4 million, or $0.59 per share, compared with a net loss of $42.3 million, or $0.81 per share, for the nine months ended September 30, 2007. Total operating expenses for the first nine months of 2008 were $29.5 million, compared with $46.8 million for the first nine months of 2007. Operating expenses in the first nine months of 2008 included approximately $4.9 million in stock-based compensation expense. The reduction in operating expenses of approximately 37% in the first nine months of 2008 compared with the same period in 2007 was primarily due to reduced clinical trial and related expenses, lower headcount and administrative expenses as well as lower stock-based compensation expense.

Conference Call and Webcast

Telik will conduct its quarterly conference call today at 4:30 p.m. Eastern time (1:30 pm. Pacific time). The conference call will be accessible via Telik's website at http://www.telik.com or by telephone at 800-398-9367 or 612-332-7517. 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 966597. The archive will be available from approximately 6:30 p.m. Eastern time on November 5 through November 19, 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 dr
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SOURCE Telik, Inc.
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