Telik Announces First Quarter 2013 Financial Results
PALO ALTO, Calif., May 10, 2013
PALO ALTO, Calif., May 10, 2013 /PRNewswire/ --Telik, Inc. (Nasdaq: TELK)
today reported financial results for the first quarter ended March 31, 2013.
The net loss for the quarter ended March31,2013 was $1.9 million, or $0.46
per share, compared with a net loss of $2.3million, or $1.25 per share, for
the same period in 2012.
Total research and development expenses (R&D) in the first quarter of 2013
were $0.8million, compared to $1.0 million for the same period in 2012. The
decrease in R&D expenses was primarily due to lower headcount and related
costs, and lower clinical development expenditures as a result of cost
Total general and administrative expenses (G&A) in the first quarter of 2013
were $1.2million, compared to $1.3 million for the same period in 2012. The
decrease in G&A expenses was primarily due to lower headcount and related
expenses, and lower administrative expenses as a result of cost reduction
Telik is currently focusing on the clinical development of its lead product
candidate, TELINTRA^® for Myelodysplastic Syndrome (MDS) and other blood
disorders. The design of the company's randomized placebo-controlled Phase 3
registration trial of TELINTRA for the treatment of low to intermediate-1 risk
MDS using red-blood-cell transfusion independence as the primary endpoint, in
accordance with the FDA's guidance, has been completed. In order to initiate
the registration trial, the company is currently looking to secure funding
through the establishment of a corporate partnership, funding from a
non-profit agency, or other financing sources.
As of March 31, 2013, cash, cash equivalents and investments totaled $5.6
million, compared with $5.0 million for the quarter ended December 31, 2012.
The increase was the result of raising approximately $3.6 million in net
proceeds through its At Market Issuance Sales Agreement in the first two
months of 2013. The company will have to raise additional funds through
corporate partnering, or through equity or debt financings in order to fund
its registration trial and to meet its cash requirements beyond 2013. There
is no assurance Telik will be successful in obtaining additional funding.
Telik, Inc. of Palo Alto, CA, is a clinical stage drug development company
focused on discovering and developing small molecule drugs to treat cancer.
The company's most advanced drug candidate is TELINTRA, a modified glutathione
analog intended for the treatment of hematologic disorders including
myelodysplastic syndrome; followed by TELCYTA^®, a cancer activated prodrug
for the treatment of a variety of cancers. 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, including statements
regarding the anticipated net cash utilization and operating expenses, and
future development of TELINTRA. These forward-looking statements are based
upon Telik's current expectations. There are important factors that could
cause Telik's results to differ materially from those indicated by these
forward-looking statements, including, among others, that Telik would be
unable to continue to fund its operations if it is unable to raise adequate
funding; if the development of its drug candidates is delayed or unsuccessful,
if Telik does not enter into collaborative arrangements to advance its
programs, the rate of product development will be delayed and expenditures may
increase; if Telik is delisted from the Nasdaq Capital Market, its ability to
raise additional financing and the liquidity of its common stock could be
adversely affected. 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, including factors described in the
section entitled "Risk Factors" in its annual report on Form 10-K for the year
ended December 31, 2012. Telik does not undertake any obligation to update
forward-looking statements contained in this press release.
TELIK, the Telik logo, TELINTRA, TELCYTA and TRAP are trademarks or registered
trademarks of Telik, Inc.
Statements of Operations
(In thousands, except per share amounts)
Three Months Ended
Operating costs and expenses:
Research and development $ 786 $ 989
General and administrative 1,160 1,289
Total operating costs and 1,946 2,278
Loss from operations (1,946) (2,278)
Interest and other income (expense), net 9 1
Net loss $ (1,937) $ (2,277)
Basic and diluted net loss per share $ $ (1.25)
Weighted average shares used to calculate
and diluted net loss per share* 4,199 1,816
Selected Balance Sheet Data
March 31, December 31,
Cash, cash equivalents, investments and $ 5,617 $ 4,997
Total assets 6,207 5,628
Stockholders' equity 4,835 3,062
SOURCE Telik, Inc.
Contact: Denise San Bartolome, Corporate Communications, Tel: 650.845.7712,
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