Navigation Links
Telik Announces First Quarter 2008 Financial Results
Date:5/8/2008

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.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Telik Announces Presentation and Webcast at Bear Stearns Healthcare Conference
2. Telik Announces Presentation and Webcast at UBS Global Life Sciences Conference
3. Telik Announces Presentation and Webcast at JPMorgan Healthcare Conference
4. Telik Announces Year-End Financial Release, Conference Call and Webcast
5. Telik Announces Revised Date for Year-End Financial Release, Conference Call and Webcast
6. Telik Announces Fourth Quarter and 2007 Year End Financial Results and 2008 Guidance
7. Telik Presents Preclinical Data at 99th Annual Meeting of the American Association for Cancer Research
8. Dendreon Announces Publication of Phase 1 Study Highlighting Immunologic and Clinical Activity of Lapuleucel-T (Neuvenge(R)) in Advanced Breast Cancer Patients
9. YM BIOSCIENCES ANNOUNCES COMPLIANCE WITH AIM RULE 26
10. Emisphere Technologies, Inc. Announces Pricing of Registered Direct Offering
11. BioLife Solutions Announces Exclusive CryoStor(TM) Supply Agreement With the New England Cryogenic Center, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/15/2017)... NC (PRWEB) , ... August 15, 2017 , ... ... 2017, celebrating 10 years of successes helping medical technology companies and inventors develop and ... to a renowned full-service national engineering firm with a portfolio of clients in the ...
(Date:8/15/2017)... ... August 15, 2017 , ... The Conference Forum ... Immuno-Oncology 360° (IO360°) programming through a series of upcoming panels and events. The partnership ... 2018, at The Roosevelt Hotel in New York City. , “With our experience in ...
(Date:8/14/2017)... ... August 14, 2017 , ... The Conference Forum has confirmed the ... place on September 6, 2017 at the Marriott Copley Place in Boston, MA. , ... Informatics, and Regulatory Strategy, Pfizer Innovative Research Lab, Pfizer, who leads 19 industry speakers ...
(Date:8/10/2017)... ... 09, 2017 , ... As a full-service marketing agency, 212 ... with the right message. Their effective, cutting-edge inbound marketing strategies are available to ... crucial the agriculture industry is,” said David Phelps, chief marketing officer at 212 ...
Breaking Biology Technology:
(Date:3/27/2017)... 2017  Catholic Health Services (CHS) has been ... (HIMSS) Analytics for achieving Stage 6 on the ... In addition, CHS previously earned a place in ... electronic medical record (EMR). "HIMSS Analytics ... EMR usage in an outpatient setting.  This recognition ...
(Date:3/23/2017)... India , March 23, 2017 The report "Gesture ... Touchless Biometric), Industry, and Geography - Global Forecast to 2022", published by MarketsandMarkets, ... at a CAGR of 29.63% between 2017 and 2022. ... ... ...
(Date:3/22/2017)... March 21, 2017 Optimove , ... by retailers such as 1-800-Flowers and AdoreMe, today ... Recommendations and Replenishment. Using Optimove,s machine learning algorithms, ... product and replenishment recommendations to their customers based ... predictions of customer intent drawn from a complex ...
Breaking Biology News(10 mins):