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Telik Announces Fourth Quarter and 2011 Year End Financial Results and 2012 Financial Guidance
Date:2/23/2012

PALO ALTO, Calif., Feb. 23, 2012 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) reported a net loss of $2.5 million, or $0.05 per share, for the three months ended December 31, 2011, compared with a net loss of $9.8 million, or $0.18 per share, for the comparable period in 2010.  For the year ended December 31, 2011, net loss was $12.0 million, or $0.22 per share, compared with a net loss of $24.7 million, or $0.46 per share, for the year ended December 31, 2010.

For the quarter ended December 31, 2011, total operating costs and expenses were $2.5 million compared with $11.0 million in the fourth quarter of 2010, representing a reduction of approximately 77%. 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 and a restructuring charge of $0.4 million comprised of employee severance and related costs, for which there were none in 2011. Excluding facility exit costs and the restructuring charge, total operating costs and expenses were approximately 52% lower in the fourth quarter of 2011 compared with the same period in 2010 primarily due to lower facilities, headcount and clinical development expenses.  Also included in the fourth quarter of 2010 was $1.2 million in grants for Qualifying Therapeutic Discovery Projects awarded by the U.S. Government which was reported as other income. No such grant was awarded in 2011.

Operating costs and expenses for the year ended December 31, 2011 were $12.1 million, compared with $26.1 million for the same period in 2010. Operating costs and expenses in 2011 included approximately $1.6 million in stock-based compensation expense compared to $2.1 million in 2010. Excluding the facility exit costs and restructuring charge in the fourth quarter of 2010, the reduction in operating costs and expenses of approximately 40% in the
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