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Palo Alto, CA, - July 30, 2003 — Telik, Inc. (Nasdaq:
TELK) reported a net loss of $11.9 million, or $0.33 per share,
for the second quarter ended June 30, 2003, compared with a net
loss of $9.1 million, or $0.33 per share, for the second quarter
ended June 30, 2002. The company’s net loss in the second
quarter of 2003 was due primarily to increases in research and development
spending as the company’s lead product candidates, TELCYTA™
(TLK286) and TLK199, advance in clinical development.
Research and development expenses were $10.3 million for the quarter
ended June 30, 2003, compared with $8.0 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 ongoing 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 have increased
for the company’s second product candidate, TLK199, which
is advancing in a Phase 1-2a clinical trial in myelodysplastic syndrome,
a form of pre-leukemia.
Telik’s net loss for the six months ended June 30, 2003
was $23.0 million, or $0.64 per share, compared to $14.3 million,
or $0.52 per share, for the first half of 2002. Research and development
expenses in the first half of 2003 were $20.0 million, compared
to $12.4 million for the same period in 2002.
At June 30, 2003, Telik had $80.8 million in cash, cash equivalents
and investments including restricted cash, compared to $104.3 million
at December 31, 2002.
At the annual meeting of the American Society of Clinical Oncology
(ASCO) in May 2003, Telik reported positive new interim results
from Phase 2 clinical trials of TELCYTA™ in ovarian, non-small
cell lung and breast cancer. Key findings included:
- Ovarian cancer: New interim clinical results confirmed
the significant clinical activity reported in the previous Phase
2 clinical trial of TELCYTA™ in women with advanced ovarian
cancer, and support the ongoing Phase 3 trial in this potential
indication.
- Non-small cell lung cancer: Interim results from a second
Phase 2 clinical trial in poor prognosis patients who have failed
platinum-containing regimens confirmed the results reported in
the prior Phase 2 clinical trial in non-small cell lung cancer,
in which disease stabilization was associated with a median survival
that was significantly improved over that expected for these patients.
- Breast cancer: Interim results from the first clinical
trial of TELCYTA™ in advanced metastatic breast cancer demonstrated
significant clinical activity including one complete response.
In these clinical trials, as in the previous clinical trials, TELCYTA™
treatment was well-tolerated, with most side effects mild and reversible.
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 July
30 through August 6, 2003. The call may also be accessed live by
calling 612-288-0318.
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 product candidate is TELCYTA™
(TLK286), a tumor activated small molecule product candidate that
is in a Phase 3 registration trial in advanced ovarian cancer, and
in earlier stage clinical trials in ovarian, non-small cell lung
and breast cancer. 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.
For this purpose, any statements contained in this press release
that are not statements of historical fact may be deemed to be forward-looking
statements, including any statements regarding the potential for
TELCYTA™ (TLK286) or TLK 199 to treat one or more types of
cancer. There are a number of important factors that could cause
Telik's results to differ materially from those indicated by these
forward-looking statements, including, among others, the following:
none of Telik’s product candidates, including TELCYTA™,
has been determined to be safe or effective in humans or received
regulatory approval for marketing; it may take us several years
to complete clinical trials of our product candidates, including
TELCYTA™, prior to seeking regulatory approval for any indication;
success in preclinical testing and early clinical trials does not
ensure that later clinical trials will be successful, and interim
results of clinical trials do not necessarily predict final results;
if our competitors develop and market products that are more effective
than our product candidates, or obtain regulatory approval before
we do, our commercial opportunity will be reduced or eliminated;
if we do not obtain regulatory approval to market products in the
United States and foreign countries, we will not be permitted to
commercialize our product candidates; if we are unable to contract
with third parties to manufacture our product candidates in sufficient
quantities and at an acceptable cost, clinical development of product
candidates could be delayed; and if we are unable to raise adequate
funds in the future, we will not be able to continue to fund our
operations and clinical trials to develop our product candidates.
These and other risks are detailed from time to time in our SEC
reports, including our Annual Report on Form 10-K for the year ended
December 31, 2002 and our most recent Quarterly Report on Form 10-Q
for the quarter ended March 31, 2003. Telik does not undertake any
obligation to update forward-looking statements.
See 2Q 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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