Telik Announces First Quarter 2008 Financi...( PALO ALTO Calif. May 8 /- Telik I...)

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 th
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