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Telik Announces Fourth Quarter and 2010 Year End Financial Results and 2011 Financial Guidance
Date:2/22/2011

PALO ALTO, Calif., Feb. 22, 2011 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) reported a net loss of $9.8 million, or $0.18 per share, for the three months ended December 31, 2010, compared with a net loss of $4.2 million, or $0.08 per share, for the comparable period in 2009.  For the year ended December 31, 2010, net loss was $24.7 million, or $0.46 per share, compared with a net loss of $23.7 million, or $0.44 per share, for the year ended December 31, 2009.

For the quarter ended December 31, 2010, total operating costs and expenses were $11.0 million, compared with $4.3 million in the fourth quarter of 2009. Operating costs and expenses in the 2010 fourth quarter included facility exit costs of $5.4 million associated with the relocation of our corporate offices, restructuring charge of $0.4 million comprised of employee severance and related costs and stock-based compensation expense of approximately $0.5 million. In addition, Telik recorded $1.2 million in grants for Qualifying Therapeutic Discovery Projects awarded by the U.S. Government reported as other income. Operating costs and expenses excluding facility exit costs and restructuring charge were approximately 22% higher in the fourth quarter of 2010, compared with the same period in 2009, primarily due to expenses related to the sublease of and exit from our previous corporate facility and higher expenses associated with business development activities.

Operating costs and expenses for the year ended December 31, 2010 were $26.1 million, compared with $24.5 million for the same period in 2009. Operating costs and expenses in 2010 included approximately $2.1 million in stock-based compensation expense compared to $2.2 million in 2009. Excluding the facility exit costs and restructuring charge, the reduction in operating costs and expenses of approximately 14% in the year ended December 31, 2010, compared
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