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Telik Announces First Quarter 2011 Financial Results
Date:5/16/2011

PALO ALTO, Calif., May 16, 2011 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) today reported financial results for the first quarter ended March 31, 2011.  The net loss for the quarter ended March 31, 2011 was $3.7 million, or $0.07 per share, compared with a net loss of $5.3 million, or $0.10 per share, for the same period in 2010.

Total research and development expenses (R&D) in the first quarter of 2011 were $1.7 million, compared to $2.8 million for the same period in 2010.  The decrease in R&D expenses was primarily due to lower headcount and related costs, lower clinical development expenditures and lower facility allocation cost as a result of the relocation of our corporate offices in the fourth quarter of 2010.

Total general and administrative expenses (G&A) in the first quarter of 2011 were $2.0 million, compared to $2.6 million for the same period in 2010.  The decrease in G&A expenses was primarily due to lower stock-based compensation expense, lower headcount and lower facility allocation cost.

The company anticipates its 2011 net cash utilization to be in the range of $14.0 million to $15.0 million, with total operating expenses in the range of $13.0 million to $15.0 million of which approximately 53% is expected to be R&D expense and 47% G&A expense.

As of March 31, 2011, cash, cash equivalents, restricted cash and investments totaled $20.2 million, compared with $24.1 million for the quarter ended December 31, 2010.

Telik continues to focus on advancing the clinical development of TELINTRA® for Myelodysplastic Syndrome (MDS) and other blood disorders.  Ongoing clinical trials for TELINTRA include a Phase 1 multicenter, dose escalation study in combination with lenalidomide (Revlimid®) in patients with low to intermediate-1 risk MDS and a Phase 2 randomized
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