Telik first-quarter net loss decreases to $5.3 million

Telik, Inc. (Nasdaq: TELK) today reported financial results for the first quarter ended March 31, 2010.  The net loss for the quarter ended March 31, 2010 was $5.3 million, or $0.10 per share, compared with a net loss of $7.7 million, or $0.14 per share, for the same period in 2009.

Total research and development expenses (R&D) in the first quarter of 2010 were $2.8 million, compared to $4.0 million for the same period in 2009.  The decrease in R&D expenses was primarily due to lower headcount and lower clinical development expenditures.

Total general and administrative expenses (G&A) in the first quarter of 2010 were $2.6 million, compared to $2.9 million for the same period in 2009.  The decrease in G&A expenses was primarily due to lower stock-based compensation expense and lower corporate administrative expense.

The company anticipates its 2010 net cash utilization to be in the range of $18.0 million to $20.0 million, with total operating expenses in the range of $20.0 million to $22.0 million of which approximately 53% is expected to be R&D expense and 47% G&A expense.

As of March 31, 2010, cash, cash equivalents, restricted cash and investments totaled $35.2 million, compared with $40.4 million for the quarter ended December 31, 2009.

Telik continues to focus on developing TELINTRA® for Myelodysplastic Syndrome (MDS) and other blood disorders.  Ongoing clinical trials for TELINTRA include a Phase 2 study in patients with low to intermediate-1 risk MDS, a Phase 1 multicenter, dose escalation study in combination with lenalidomide (Revlimid®) in patients with low to intermediate-1 risk MDS, and a Phase 2 randomized parallel-group, multicenter study for the treatment of Severe Chronic Idiopathic Neutropenia (SCN).  Telik anticipates release of data for the Phase 2 study in patients with low to intermediate-1 risk MDS in the second quarter of 2010.