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Palo Alto, CA, - April 24, 2003 — Telik, Inc. (Nasdaq:
TELK) reported a net loss of $11.1 million, or $0.31 per share,
for the first quarter ended March 31, 2003, compared with a net
loss of $5.2 million, or $0.19 per share, for the quarter ended
March 31, 2002. The company’s net loss in the first quarter
of 2003 is due primarily to increases in research and development
spending as the company’s lead compounds, TELCYTA™
(the trademark selected for TLK286) and TLK199, advanced in clinical
development.
Research and development expenses were $9.7 million in the quarter
ended March 31, 2003, compared with $4.3 million in the comparable
period in 2002. The increase in research and development expenses
reflects the expansion of the TELCYTA™ clinical development
program, including the initiation of a Phase 3 registration trial
in ovarian cancer and ongoing Phase 2 trials in non-small cell lung,
breast and ovarian cancer. In addition, development expenses are
increasing for the company’s second compound, TLK199, which
is advancing in a Phase 1-2a clinical trial in myelodysplastic syndrome,
a form of pre-leukemia.
At March 31, 2003, Telik had $92.4 million in cash, cash equivalents
and investments including restricted cash, compared to $104.3 million
at December 31, 2002.
Key developments at Telik since the beginning of 2003 have included:
- The initiation of a Phase 3 registration trial of TELCYTA™
in ovarian cancer patients whose disease has progressed following
platinum-based chemotherapy and one second-line treatment. The
multinational trial, designated the ASSIST-1 (ASsessment
of Survival In Solid Tumors-1)
trial, is designed to evaluate whether TELCYTA™ treatment
reduces the risk of death, leading to an increase in survival,
as compared to the control group treatments.
- The publication of new preclinical data that support the ongoing
clinical development of TELCYTA™. These data elaborate on
the proposed mechanism of activation and activity of TELCYTA™
and describe the use of TELCYTA™ in combination with standard
chemotherapeutic drugs
- The announcement of positive interim results from the ongoing
Phase 1-2a clinical trial of Telik’s TLK199 product candidate
in patients with myelodysplastic syndrome (MDS), a form of pre-leukemia.
The abstract for the study was published in the March 2003 Proceedings
of the Annual Meeting of the American Association for Cancer Research
(AACR).
- The formation of a collaboration with Roche to utilize Telik’s
proprietary small molecule drug discovery technology, TRAP, to
identify drug candidates active against a pharmaceutical target
selected by Roche.
- The publication of results from collaborations with leading
cancer research centers that describe new TRAP-identified small
molecule drug candidates to potential new cancer targets.
Telik will host its quarterly conference call at 4:30 p.m. Eastern
time today. A live webcast of the conference call will be available
by logging on to www.telik.com. A replay of the webcast will be
will be available from approximately 8:30 p.m. Eastern time April
24 through May 1, 2003. The call may also be accessed live by
calling 612-332-0107.
About Telik, Inc.
Telik, Inc. of Palo Alto, CA is a biopharmaceutical company working
to discover, develop and commercialize small molecule drugs to treat
serious diseases for which there is significant demand for new therapies.
The company’s most advanced drug development candidate is
TELCYTA™ (TLK286), a tumor activated small molecule drug that
is in a Phase 3 registration trial in ovarian cancer, as well as
in Phase 2 clinical trials in non-small cell lung, breast and ovarian
cancer. TLK199 is in a Phase 1-2a trial in myelodysplastic syndrome,
a form of pre-leukemia. 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.
You should not rely on forward-looking statements contained in
this press release, including statements regarding the potential
for TELCYTA™ (TLK286) or TLK199 to treat one or more types
of cancer. Telik can give no assurance with regard to these statements.
Past financial results may not be indicative of future results.
Factors that could affect future financial results include but are
not limited to the numerous technical, operational and financial
uncertainties associated with drug development. TELCYTA™ and
TLK199 are in clinical development and have not been approved for
marketing, and there can be no assurance that the clinical trials
required to successfully develop these compounds will have a successful
outcome, or that regulatory approval will be obtained. Telik is
reliant on external manufacturing of TELCYTA™ and TLK199.
More 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. Telik
assumes no obligation to update any information provided in this
press release or during its conference call.
See 1Q 2003 Statements of Operations
(PDF)
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Contact:
Carol DeGuzman
Senior Director, Corporate Communications
Telik, Inc.
Tel 650-845-7728
Email cdeguzman@telik.com
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