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Telik Announces Third Quarter 2009 Financial Results
Date:11/13/2009

PALO ALTO, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) today reported a net loss of $6.1 million, or $0.11 per share, for the third quarter ended September 30, 2009, compared with a net loss of $8.0 million, or $0.15 per share, for the comparable period in 2008.

For the quarter ended September 30, 2009, total operating costs and expenses were $6.2 million, compared with $7.8 million in the 2008 third quarter. Operating expenses in the 2009 third quarter included stock-based compensation expense of approximately $0.5 million, compared with approximately $1.6 million in the 2008 third quarter. Operating expenses were approximately 21% lower in the third quarter of 2009 compared with the same period in 2008, primarily due to lower headcount, reduced research and clinical trial expenses and lower stock compensation expense.

For the nine months ended September 30, 2009, Telik reported a net loss of $19.5 million, or $0.37 per share, compared with a net loss of $31.4 million, or $0.59 per share, for the same period in 2008. Total operating expenses for the first nine months of 2009 were $20.2 million, compared with $29.5 million for the same period in 2008. Operating expenses in the first nine months of 2009 included approximately $1.8 million in stock-based compensation expense, compared with approximately $4.9 million in the 2008 third quarter. The reduction in operating expenses of approximately 31% in the first nine months of 2009 compared with the same period in 2008 was primarily due to lower headcount, reduced research and clinical trial expenses and lower stock-based compensation expense.

At September 30, 2009, Telik had $45.2 million in cash, cash equivalents and investments including restricted investments, compared to $63.5 million at December 31, 2008.

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