Telik Announces Fourth Quarter and 2008 Year End Financial Results and 2009 Financia...( PALO ALTO Calif. Feb. 26 /- Telik Inc...),Health

PALO ALTO, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) reported a net loss of $0.4 million, or $0.01 per share, for the three months ended December 31, 2008, compared with a net loss of $12.9 million, or $0.25 per share, for the same period in 2007. For the twelve months ended December 31, 2008, Telik reported a net loss of $31.8 million, or $0.60 per share, compared with a net loss of $55.2 million, or $1.05 per share, for the year ended December 31, 2007. The results for the three and twelve months ended December 31, 2008 included an unrealized net gain of $4.6 million and $0.7 million, respectively, due to changes in fair value of investments and related rights. As of December 31, 2008, cash, cash equivalents, restricted cash and investments totaled $63.5 million.

Total research and development expenses (R&D) in the fourth quarter of 2008 were $2.7 million, compared to $8.8 million for the same period in 2007. Total R&D expense for the twelve months ended December 31, 2008, were $24.0 million, compared to $43.0 million for the same period in 2007. The decrease in R&D expenses in fourth quarter and full year 2008, compared to the comparable periods in 2007, was primarily due to a decrease in clinical development expenditures related to TELCYTA.

Total general and administrative expenses (G&A) for the fourth quarter of 2008 were $2.6 million, compared to $4.6 million for the same period in 2007. The decrease in G&A expenses, compared to the same period in 2007, was primarily due to a decrease in personnel related expenses. Total G&A expense for the twelve months ended December 31, 2008, was $10.6 million, compared to $15.9 million for the same period in 2007. The decrease in G&A expenses in 2008, compared to the same period in 2007, was primarily due to a decrease in pers
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