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Palo Alto, CA, - April 29, 2004 Telik, Inc. (Nasdaq: TELK)
reported a net loss of $15.3 million, or $0.35 per share, for the
first quarter ended March 31, 2004, compared with a net loss of
$11.1 million, or $0.31 per share, for the comparable period in
2003. For the quarter ended March 31, 2004, total operating expenses
increased to $15.9 million, from $11.7 million for the same quarter
in 2003. The increase in operating expenses for the quarter ended
March 31, 2004 compared to the quarter ended March 31, 2003 was
primarily due to expanded clinical development of TELCYTA™
(TLK286) and TELINTRA™ (TLK199).
At March 31, 2004, Telik had $186.5 million in cash, cash equivalents
and investments including restricted investments, compared to $201.1
million at December 31, 2003.
Highlights since the beginning of 2004 have included:
- The ASSIST-2 trial, a multi-national Phase 3 registration trial
of TELCYTA in non-small cell lung cancer (NSCLC), was initiated
as planned. The trial is expected to enroll approximately 520
patients who are being randomized to TELCYTA treatment or to a
control group receiving Iressa®, the approved third-line
treatment for NSCLC.
- A Phase 1-2a clinical trial was initiated to evaluate the combination
of TELCYTA and cisplatin in NSCLC patients who have not previously
received chemotherapy.
- At the American Association of Cancer Research (AACR) 94th annual
meeting, preclinical data were presented demonstrating that TELCYTA
demonstrated synergy, or enhanced inhibition of cancer cell growth,
in combination with a number of chemotherapeutic drugs, including
platinums, taxanes, anthracyclines and EGFR targeted drugs.
- Also at the AACR meeting, data were reported showing that, in
preclinical models, TELCYTA is non-cross resistant with taxanes,
and that TELCYTA is capable of re-sensitizing cancer cells to
taxanes after resistance is established.
- Through a successful TRAP collaboration announced in 2003, in
March Roche exercised its option to select active lead drug compounds
identified through the collaboration, resulting in a milestone
payment to Telik.
Conference Call and Webcast
Telik will host its quarterly conference call at 4:30 p.m. Eastern
time (1:30 pm. Pacific 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 29 through May 6, 2004. Access to the live
teleconference call is also available by calling 303-262-3306.
About Telik
Telik, Inc. of Palo Alto, CA is a biopharmaceutical company working
to discover, develop and commercialize small molecule drugs to treat
serious diseases. The company’s most advanced drug development
candidate is TELCYTA™ (TLK286), a tumor-activated small molecule
product candidate that is in a Phase 3 registration trials in advanced
ovarian and non-small cell lung 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 TELINTRA™ (TLK199) 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, 2003. Telik does not
undertake any obligation to update forward-looking statements.
Click here for First Quarter 2004
Statements of Operations
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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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