Navigation Links
Telik Announces First Quarter 2013 Financial Results
Date:5/10/2013

PALO ALTO, Calif., May 10, 2013 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) today reported financial results for the first quarter ended March 31, 2013.  The net loss for the quarter ended March 31, 2013 was $1.9 million, or $0.46 per share, compared with a net loss of $2.3 million, or $1.25 per share, for the same period in 2012. 

Total research and development expenses (R&D) in the first quarter of 2013 were $0.8 million, compared to $1.0 million for the same period in 2012.  The decrease in R&D expenses was primarily due to lower headcount and related costs, and lower clinical development expenditures as a result of cost reduction efforts.

Total general and administrative expenses (G&A) in the first quarter of 2013 were $1.2 million, compared to $1.3 million for the same period in 2012.  The decrease in G&A expenses was primarily due to lower headcount and related expenses, and lower administrative expenses as a result of cost reduction efforts.

Telik is currently focusing on the clinical development of its lead product candidate, TELINTRA® for Myelodysplastic Syndrome (MDS) and other blood disorders. The design of the company's randomized placebo-controlled Phase 3 registration trial of TELINTRA for the treatment of low to intermediate-1 risk MDS using red-blood-cell transfusion independence as the primary endpoint, in accordance with the FDA's guidance, has been completed.  In order to initiate the registration trial, the company is currently looking to secure funding through the establishment of a corporate partnership, funding from a non-profit agency, or other financing sources. 

As of March 31, 2013, cash, cash equivalents and investments totaled $5.6 million, compared with $5.0 million for the quarter ended December 31, 2012.  The increase was the result of raising approximately $3.6 million in net proceeds through its At Market Issuance Sales Agreement in the first two months of 2013.  The company will have to raise additional funds through corporate partnering, or through equity or debt financings in order to fund its registration trial and to meet its cash requirements beyond 2013.  There is no assurance Telik will be successful in obtaining additional funding.

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.

This press release contains "forward-looking" statements, including statements regarding the anticipated net cash utilization and operating expenses, and future development of TELINTRA.  These forward-looking statements are based upon Telik's current expectations.  There are important factors that could cause Telik's results to differ materially from those indicated by these forward-looking statements, including, among others, that Telik would be unable to continue to fund its operations if it is unable to raise adequate funding; if the development of its drug candidates is delayed or unsuccessful, if Telik does not enter into collaborative arrangements to advance its programs, the rate of product development will be delayed and expenditures may increase; if Telik is delisted from the Nasdaq Capital Market, its ability to raise additional financing and the liquidity of its common stock could be adversely affected. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in Telik's periodic filings with the Securities and Exchange Commission, including factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the year ended December 31, 2012.  Telik does not undertake any obligation to update forward-looking statements contained in this press release.

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 March 31,20132012Operating costs and expenses:Research and development 

$
786$
989General and administrative 

1,1601,289Total operating costs and expenses

1,9462,278Loss from operations

(1,946)(2,278)Interest and other income (expense), net

91Net loss

$
(1,937)$
(2,277)Basic and diluted net loss per share

$
(0.46)$
(1.25)Weighted average shares used to calculate basic and diluted net loss per share*

4,1991,816Selected Balance Sheet Data(in thousands)(unaudited)March 31,December 31,20132012Cash, cash equivalents, investments and restricted investments

$
5,617$
4,997Total assets

6,2075,628Stockholders' equity

4,8353,062 

 


'/>"/>
SOURCE Telik, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Telik Announces the Publication of Two Reports in the Journal Of Hematology & Oncology Describing the Results of a Clinical Study of Telintra® in Combination With Revlimid® and a Genomic Study Designed to Identify Genes That Predict Response to Teli
2. Telik Announces Third Quarter 2012 Financial Results
3. Telik Announces Fourth Quarter And 2012 Year End Financial Results And 2013 Financial Guidance
4. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
5. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
6. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
7. Misonix Announces New Distribution Agreement For Panama
8. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
9. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
10. Boston Scientific Announces CE Mark and European Launch of Emerge™ PTCA Dilatation Catheter
11. Soligenix Announces Further Progress with ThermoVax™ for Long-Term Vaccine ThermoStability
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/27/2017)... , March 27, 2017  Sanderling Ventures, portfolio ... Ethicon, a division of Johnson & Johnson. Torax manufactures ... the treatment of gastro-esophageal reflux disease (GERD). The ... (MSA) technology and the procedure is currently available ... Torax Medical was founded by Sanderling Ventures, ...
(Date:3/27/2017)... 2017 BioLineRx Ltd. (NASDAQ/TASE: BLRX), a ... that AGI-134, an immunotherapy for the treatment of multiple cancers, ... be featured at the upcoming American Association for Cancer ... to be held on April 1-5, 2017. ... An abstract ...
(Date:3/27/2017)... -- The global clinical chemistry analyzers ... 2025, according to a new study by Grand View ... anticipated to be responsible for the high urgency to ... for growth during the forecast period. In addition, growing ... susceptible to chronic diseases, is presumed to impel the ...
Breaking Medicine Technology:
(Date:3/27/2017)... ... March 27, 2017 , ... ... the New England Journal of Medicine and NEJM Journal Watch, announces the release ... Review was created by a panel of pediatricians from leading medical centers. The ...
(Date:3/27/2017)... ... March 27, 2017 , ... ... management program at Women’s Excellence will help patients lose weight and keep it ... The specialists at Women's Excellence will measure BMI, body fat composition, and ...
(Date:3/27/2017)... , ... March 27, 2017 , ... Janet Schloz is still in shock after receiving ... days I’ve had in a long time,” she said. , She thinks the coming week ... that I never thought I would have to help my students.” , The award will ...
(Date:3/27/2017)... ... March 27, 2017 , ... ... settlement agreement to resolve the pending litigation between itself and 1800 Vending DBA ... of Utah). , “I am thrilled to announce that we have now reached ...
(Date:3/26/2017)... ... March 26, 2017 , ... ... the RealSelf 100 Award, a prestigious award honoring the top influencers on RealSelf—the ... find and connect with doctors and clinics. , In 2016, more than 82 ...
Breaking Medicine News(10 mins):