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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.&#
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SOURCE Telik, Inc.
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