Telik Announces Fourth Quarter and 2007 Year End Financial Results and 200...( PALO ALTO Calif. Feb. 27 /- Telik...)

PALO ALTO, Calif., Feb. 27 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) reported a net loss of $12.9 million, or $0.25 per share, for the fourth quarter ended December 31, 2007, compared with a net loss of $17.6 million, or $0.34 per share, for the comparable period in 2006.

For the quarter ended December 31, 2007, total operating costs and expenses were $13.5 million, compared with $19.5 million in the 2006 fourth quarter. Operating expenses in the 2007 fourth quarter included stock-based compensation expense of approximately $1.8 million. Operating expenses were approximately 31% lower in the fourth quarter of 2007 compared with the same period in 2006, primarily as a result of reduced headcount following the company's restructuring implemented in February 2007, reduced clinical trial and related expenses, and lower stock-based compensation expense.

For the year ended December 31, 2007, Telik reported a net loss of $55.2 million, or $1.05 per share, compared with a net loss of $79.6 million, or $1.52 per share, for the year ended December 31, 2006. Total operating expenses for the year ended December 31, 2007 were $60.3 million, compared with $87.8 million for the same period in 2006. Operating expenses in 2007 included approximately $8.6 million in stock-based compensation expense. The reduction in operating expenses of approximately 31% in the year ended December 31, 2007 compared with 2006 was primarily due to reduced headcount following the restructuring, which was completed during the second quarter of 2007, reduced clinical trial and related expenses, and lower stock-based compensation expense.

At December 31, 2007, Telik had $93.2 million in cash, cash equivalents and investments including restricted
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