Telik reports net loss of $4.9 million for second-quarter 2010

Telik, Inc. (Nasdaq: TELK) today reported a net loss of $4.9 million, or $0.09 per share, for the second quarter ended June 30, 2010, compared with a net loss of $5.7 million, or $0.11 per share, for the comparable period in 2009.

For the quarter ended June 30, 2010, total operating costs and expenses were $5.0 million, compared with $6.3 million in the 2009 second quarter.  Operating expenses in the 2010 second quarter included stock-based compensation expense of approximately $0.4 million.  Operating expenses were approximately 21% lower in the second quarter of 2010 compared with the same period in 2009, primarily due to lower headcount and corporate administrative expenses, reduced research related expenses and lower stock compensation expense.

For the six months ended June 30, 2010, Telik reported a net loss of $10.3 million, or $0.19 per share, compared with a net loss of $13.4 million, or $0.25 per share, for the six months ended June 30, 2009.  Total operating expenses for the first six months of 2010 were $10.4 million, compared with $14.0 million for the first six months of 2009.  Operating expenses in the first six months of 2010 included approximately $1.1 million in stock-based compensation expense.  The reduction in operating expenses of approximately 26% in the first six months of 2010 compared with the same period in 2009 was primarily due to lower headcount, reduced administrative and research expenses and lower stock-based compensation expense.

At June 30, 2010, Telik had $30.8 million in cash, cash equivalents and investments including restricted investments, compared to $40.4 million at December 31, 2009.