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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.

About Telik

Telik, Inc. of Palo Alto, CA, is a clinical stage drug development company focused on discovering and developing small molecule drugs to treat cancer and inflammatory diseases. The company's most advanced investigational drug candidates in clinical development are TELINTRA®, a modified glutathione analog for the treatment of cytopenias due to myelodysplastic syndrome or chemotherapy, and TELCYTA®, a tumor-activated prodrug for the treatment of advanced ovarian cancer and non-small cell lung cancer. Telik's product candidates were discovered using its proprietary drug discovery technology, TRAP®, which enables the rapid and efficient discovery of small molecule drug candidates. Additional information is available at www.telik.com.

TELIK, the Telik logo, TELINTRA, TELCYTA and TRAP are trademarks or registered trademarks of Telik, Inc.

                                    Telik, Inc.
                             Statements of Operations
                     (In thousands, except per share amounts)
                                    (Unaudited)

                                        Three Months Ended  Nine Months Ended
                                           September 30,      September 30,
                                           -------------      -------------
                                           2009     2008      2009      2008
                                           ----     ----      ----      ----
    Operating costs and expenses:
      Research and development            $3,416   $4,820   $10,428   $21,251
      General and administrative           2,759    2,822     8,845     8,008
      Restructuring costs                      -      199       951       199
                                             ---      ---       ---       ---
        Total operating costs and
         expenses                          6,175    7,841    20,224    29,458
                                           -----    -----    ------    ------

    Loss from operations                  (6,175)  (7,841)  (20,224)  (29,458)

    Interest and other income
     (expense), net                           68     (168)      731    (1,928)
                                             ---     ----       ---    ------
    Net loss                             $(6,107) $(8,009) $(19,493) $(31,386)
                                         =======  =======  ========  ========

    Basic and diluted net loss per share  $(0.11)  $(0.15)   $(0.37)   $(0.59)
                                          ======   ======    ======    ======

    Weighted average shares used to
     calculate basic and diluted net
     loss per share                       53,381   53,241    53,351    53,139
                                          ======   ======    ======    ======



                          Selected Balance Sheet Data
                                (In thousands)
                                  (Unaudited)

                                                  September 30,  December 31,
                                                        2009         2008
                                                        ----         ----
    Cash, cash equivalents, investments and
     restricted investments                           $45,200      $63,469

    Total assets                                       51,325       75,413

    Stockholders' equity                               44,717       62,372


SOURCE Telik, Inc.


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SOURCE Telik, Inc.
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