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Palo Alto, CA, August 5, 2004 – Telik, Inc. (Nasdaq:
TELK) reported a net loss of $17.7 million, or $0.41 per share,
for the second quarter ended June 30, 2004, compared with a net
loss of $11.9 million, or $0.33 per share, for the comparable period
in 2003. For the quarter ended June 30, 2004, total operating expenses
increased to $18.3 million, from $12.3 million for the same quarter
in 2003. The increase in operating expenses from the prior year
was primarily due to expanded clinical development activities for
TELCYTA™ (TLK286). TELCYTA is currently in Phase 3 registration
trials in platinum resistant ovarian cancer and non-small cell lung
cancer (NSCLC).
At June 30, 2004, Telik had $172.0 million in cash, cash equivalents
and investments including restricted investments, compared to $201.1
million at December 31, 2003.
Highlights of the 2004 second quarter include:
American Society of Clinical Oncology (ASCO) Annual Meeting:
At the ASCO meeting in June, Telik reported positive results from
three Phase 2 trials of TELCYTA used in combination with standard
chemotherapy: TELCYTA plus carboplatin in platinum refractory or
resistant ovarian cancer; TELCYTA plus liposomal doxorubicin in
platinum refractory or resistant ovarian cancer; and TELCYTA plus
docetaxel in platinum resistant NSCLC.
Phase 2 TELCYTA trial in front-line NSCLC: Telik announced
the initiation of a Phase 2 trial to evaluate TELCYTA in combination
with carboplatin and paclitaxel in the front-line treatment of Stage
IIIb or IV NSCLC. The trial is being conducted at teaching affiliates
of the Harvard Medical School including the Dana-Farber Cancer Institute,
Massachusetts General Hospital and Beth Israel Deaconess Medical
Center. Thomas Lynch, M.D., Medical Director, Center for Thoracic
Cancers, Massachusetts General Hospital and Associate Professor
of Medicine, Harvard Medical School, is Principal Investigator of
the study.
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
7:30 p.m. Eastern time on August 5 through August 12, 2004. Access
to the live teleconference call is also available by calling 651-291-0900.
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 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) 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 and our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2004. Telik
does not undertake any obligation to update forward-looking statements.
Click here for Second 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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