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Telik Announces Third Quarter 2010 Financial Results
Date:11/3/2010

PALO ALTO, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) today reported a net loss of $4.7 million, or $0.09 per share, for the third quarter ended September 30, 2010, compared with a net loss of $6.1 million, or $0.11 per share, for the comparable period in 2009.

For the quarter ended September 30, 2010, total operating costs and expenses were $4.7 million, compared with $6.2 million in the 2009 third quarter.  Operating expenses in the 2010 third quarter included stock-based compensation expense of approximately $0.4 million.  Operating expenses were approximately 24% lower in the third quarter of 2010 compared with the same period in 2009, primarily due to lower headcount, reduced research and clinical trial expenses and lower stock compensation expense.

For the nine months ended September 30, 2010, Telik reported a net loss of $14.9 million, or $0.28 per share, compared with a net loss of $19.5 million, or $0.37 per share, for the same period in 2009.  Total operating expenses for the first nine months of 2010 were $15.1 million, compared with $20.2 million for the same period in 2009.  Operating expenses in the first nine months of 2010 included approximately $1.5 million in stock-based compensation expense.  The reduction in operating expenses of approximately 26% in the first nine months of 2010 compared with the same period in 2009 was primarily due to lower headcount, reduced research and clinical trial expenses, and lower stock-based compensation and corporate administrative expenses.

At September 30, 2010, Telik had $27.4 million in cash, cash equivalents and investments including restricted investments, compared to $40.4 million at December 31, 2009.

About Telik

Telik, Inc. of Palo Alto, CA, is a clinical stage drug development company focused on discovering and developing small
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SOURCE Telik, Inc.
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