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Telik Announces Fourth Quarter and 2007 Year End Financial Results and 2008 Guidance
Date:2/27/2008

investments, compared to $141.7 million at December 31, 2006.

Telik also announced its financial guidance for 2008. Telik is forecasting total operating expenses of approximately $52 million, which includes approximately $8.5 million in stock-based compensation expense. This represents a decrease of approximately $8 million in operating expenses as compared with the year ended December 31, 2007, and reflects the company's focus on the Phase 2 clinical trials of TELINTRA Tablets, preclinical studies on TLK58747 and reduced development of TELCYTA. The stock-based compensation expense estimate is dependent on market price assumptions used in estimating the fair value and the levels of share-based payments. Telik is forecasting net cash utilization in 2008 of approximately $45 million.

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 800-398-9398 or 612-332-0530. 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 910785. The archive will be available from approximately 6:30 p.m. Eastern time on February 27 through March 12, 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 drug development candidates are TELCYTA(R), a tumor-activated prodrug for the treatment of advanced ovarian cancer and non-small cell lung cancer, and TELINTRA(R), a modified glutathione analog for the treatment of myelodysplastic syndrome. Telik's product candidates were discovered using its proprietary drug discovery technology, TRAP(TM), which enables the rapid and efficient discovery of
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