Telik Announces Second Quarter 2011 Financial Results

Aug 11, 2011, 16:05 ET from Telik, Inc.

PALO ALTO, Calif., Aug. 11, 2011 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) today reported a net loss of $3.0 million, or $0.06 per share, for the second quarter ended June 30, 2011, compared with a net loss of $4.9 million, or $0.09 per share, for the comparable period in 2010.

For the quarter ended June 30, 2011, total operating costs and expenses were $3.0 million, compared with $5.0 million in the 2010 second quarter.  Operating expenses in the 2011 second quarter included stock-based compensation expense of approximately $0.4 million. Operating expenses were approximately 40% lower in the second quarter of 2011 compared with the same period in 2010, primarily due to lower headcount and related costs, lower clinical development expenses and lower facility costs.

For the six months ended June 30, 2011, Telik reported a net loss of $6.7 million, or $0.12 per share, compared with a net loss of $10.3 million, or $0.19 per share, for the six months ended June 30, 2010.  Total operating expenses for the first six months of 2011 were $6.7 million, compared with $10.4 million for the first six months of 2010.  Operating expenses in the first six months of 2011 included approximately $0.7 million in stock-based compensation expense.  The reduction in operating expenses of approximately 36% in the first six months of 2011 compared with the same period in 2010 was primarily due to lower headcount and related expenses, lower clinical development and lower facility expenses.

At June 30, 2011, Telik had $17.1 million in cash, cash equivalents and investments including restricted investments, compared to $24.1 million at December 31, 2010.

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. The company's most advanced drug candidate is Telintra®, a modified glutathione analog intended for the treatment of hematologic disorders including myelodysplastic syndrome; followed by Telcyta®, a cancer activated prodrug for the treatment of a variety of cancers. 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

Six Months Ended

June 30,

June 30,

2011

2010

2011

2010

Operating costs and expenses:

Research and development

$   1,465

$          2,808

$  3,159

$    5,633

General and administrative

1,546

2,197

3,540

4,755

Restructuring costs

-

-

-

-

Total operating costs and expenses

3,011

5,005

6,699

10,388

Loss from operations

(3,011)

(5,005)

(6,699)

(10,388)

Interest and other income (expense), net

10

59

24

115

Net loss

$ (3,001)

$        (4,946)

$ (6,675)

$ (10,273)

Basic and diluted net loss per share

$   (0.06)

$          (0.09)

$   (0.12)

$     (0.19)

Weighted average shares used to calculate basic

and diluted net loss per share

53,956

53,522

53,824

53,494

Selected Balance Sheet Data

(In thousands)

(Unaudited)

June 30,

December 31,

2011

2010

Cash, cash equivalents, investments and restricted investments

$ 17,111

$        24,064

Total assets

$ 17,906

25,029

Stockholders' equity

$ 12,648

18,369

SOURCE Telik, Inc.



RELATED LINKS

http://www.telik.com