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Telik Announces Third Quarter 2012 Financial Results
Date:11/9/2012

PALO ALTO, Calif., Nov. 9, 2012 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) today reported a net loss of $1.9 million, or $0.78 per share, for the third quarter ended September 30, 2012, compared with a net loss of $2.8 million, or $1.58 per share (adjusted for the 1-for-30 reverse split of the company's common stock effected on March 30, 2012), for the comparable period in 2011.

For the quarter ended September 30, 2012, total operating costs and expenses were $1.9 million, compared with $2.9 million in the third quarter of 2011. Operating expenses in the 2012 third quarter included stock-based compensation expense of approximately $0.1 million. Operating expenses were approximately 34% lower in the third quarter of 2012 compared with the same period in 2011, primarily due to lower headcount, corporate and stock-based compensation expenses.

For the nine months ended September 30, 2012, Telik reported a net loss of $6.2 million, or $3.07 per share, compared with a net loss of $9.5 million, or $5.30 per share, for the same period in 2011.  Total operating expenses for the first nine months of 2012 were $6.2 million, compared with $9.6 million for the same period in 2011. Operating expenses in the first nine months of 2012 included approximately $0.6 million in stock-based compensation expense. The reduction in operating expenses of approximately 35% in the first nine months of 2012 compared with the same period in 2011 was primarily due to lower headcount, reduced clinical trial expenses, and lower corporate and stock-based compensation expenses.

At September 30, 2012, Telik had $6.6 million in cash, cash equivalents and investments including restricted investments, compared to $11.7 million at December 31, 2011. In order to meet its current cash requirements beyond the first quarter of 2013, the company will have to raise additional funds throu
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