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Telik Announces Second Quarter 2009 Financial Results
Date:8/6/2009

PALO ALTO, Calif., Aug. 6 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) today reported a net loss of $5.7 million, or $0.11 per share, for the second quarter ended June 30, 2009, compared with a net loss of $13.6 million, or $0.26 per share, for the comparable period in 2008.

For the quarter ended June 30, 2009, total operating costs and expenses were $6.3 million, compared with $11.0 million in the 2008 second quarter. Operating expenses in the 2009 second quarter included stock-based compensation expense of approximately $0.5 million. Operating expenses were approximately 43% lower in the second quarter of 2009 compared with the same period in 2008, primarily due to lower headcount as a result of our restructuring in February 2009, reduced research, clinical trial and related expenses and lower stock compensation expense.

For the six months ended June 30, 2009, Telik reported a net loss of $13.4 million, or $0.25 per share, compared with a net loss of $23.4 million, or $0.44 per share, for the six months ended June 30, 2008. Total operating expenses for the first six months of 2009 were $14.0 million, compared with $21.6 million for the first six months of 2008. Operating expenses in the first six months of 2009 included approximately $1.3 million in stock-based compensation expense. The reduction in operating expenses of approximately 35% in the first six months of 2009 compared with the same period in 2008 was primarily due to lower headcount, reduced research and clinical trial expenses and lower stock-based compensation expense.

At June 30, 2009, Telik had $50.6 million in cash, cash equivalents and investments including restricted investments, compared to $63.5 million at December 31, 2008.

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