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Telik Announces Fourth Quarter And 2012 Year End Financial Results And 2013 Financial Guidance
Date:3/15/2013

PALO ALTO, Calif., March 15, 2013 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) reported a net loss of $1.8 million, or $0.66 per share, for the three months ended December 31, 2012, compared with a net loss of $2.5 million, or $1.38 per share, for the comparable period in 2011.  For the year ended December 31, 2012, net loss was $8.0 million, or $3.64 per share, compared with a net loss of $12.0 million, or $6.69 per share, for the year ended December 31, 2011.  Net loss per share for both periods were adjusted for the 1-for-30 reverse split of the company's common stock effected on March 30, 2012.

For the quarter ended December 31, 2012, total operating costs and expenses were $1.8 million compared with $2.5 million in the fourth quarter of 2011, representing a reduction of approximately 29%, primarily due to lower headcount, reduced clinical trial expenses, and lower corporate and stock-based compensation expenses.

Operating costs and expenses for the year ended December 31, 2012 were $8.0 million, compared with $12.1 million for the same period in 2011. Operating costs and expenses in 2012 included approximately $0.7 million in stock-based compensation expense compared to $1.6 million in 2011. The reduction in operating costs and expenses of approximately 34% in the year ended December 31, 2012, compared with 2011, were primarily due to lower headcount, reduced clinical trial expenses, and lower corporate and stock-based compensation expenses.

At December 31, 2012, Telik had $5.0 million in cash, cash equivalents, restricted cash and investments, compared with $11.7 million at December 31, 2011.

2012 Highlights

Regulatory:

  • Telik's product candidate, ezatiostat HCL (Telintra), was granted orphan drug designation by the US Food and Drug Administration (FDA) for the treatment of myelodysplastic synd
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