PALO ALTO, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) announced today that it is implementing a reorganization to focus on its most advanced preclinical and clinical drug development programs. The reorganization will enable the company to continue the development of TELINTRA(R) and the two leading preclinical drug candidates: a prodrug cytotoxic, TLK58747, and dual Aurora-VEGFR kinase inhibitor, TLK60404.
The restructuring will involve a workforce reduction of 44% primarily in early-stage discovery and support positions. Employees directly affected by the restructuring plan will receive severance payments, continuation of benefits and outplacement assistance. The company estimates incurring personnel-related restructuring charges of approximately $0.9 million in the first quarter of 2009.
"This reorganization will allow us to focus our resources on the clinical development of our lead compound, TELINTRA, currently in Phase 2 Studies for Myleodysplastic Syndrome and Chemotherapy Induced Neutropenia, as well as other potential indications. We also plan to advance our two leading preclinical drug candidates and continue to support our TRAP(R) technology collaborations," said Michael Wick, M.D., Ph.D., Chairman and Chief Executive Officer. "We are thankful for the significant contributions our employees have made."
Telik, Inc. of Palo Alto, CA, is a clinical stage drug development company focused on discovering and developing small molecule drugs to treat cancer and inflammatory diseases. The company's most advanced investigational drug candidates in clinical development are TELINTRA, 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 ovar
|SOURCE Telik, Inc.|
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