Clinical Trials

Telik Announces Financial Results for 2007 Third Quarter

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For the quarter ended September 30, 2007, total operating costs and expenses were $13.0 million, compared with $22.6 million in the 2006 third quarter. Operating expenses in the 2007 third quarter included stock-based compensation expense of approximately $1.9 million. Operating expenses were approximately 42% lower in the third quarter of 2007 compared with the same period in 2006, primarily as a result of reduced headcount following the company's restructuring implemented in February 2007, reduced clinical trial and related expenses, and lower stock-based compensation expense.

For the nine months ended September 30, 2007, Telik reported a net loss of $42.3 million, or $0.81 per share, compared with a net loss of $62.0 million, or $1.19 per share, for the nine months ended September 30, 2006. Total operating expenses for the first nine months of 2007 were $46.8 million, compared with $68.3 million for the first nine months of 2006. Operating expenses in the first nine months of 2007 included approximately $6.8 million in stock-based compensation expense. The reduction in operating expenses of approximately 31% in the first nine months of 2007 compared with the same period in 2006 was primarily due to reduced headcount following the restructuring, which was completed during the second quarter of 2007, reduced clinical trial and related expenses, and lower stock-based compensation expense.

At September 30, 2007, Telik had $102.3 million in cash, cash equivalents and investments including restricted investments, compared to $141.7 million at December 31, 2006.

In October 2007, Telik announced that the U.S. Food and Drug Administration (FDA) removed the partial hold on TELCYTA(R) (canfosfamide HCl, TLK286) clinical trials following a complete review of TELCYTA safety and efficacy documentation. The agency also examined records of the independent Data Monitoring Committees that conducted oversight of the trials and concluded that TELCYTA clinical trials may continue.

Also in October, Telik reported positive preclinical data from its program to develop novel small molecule inhibitors of validated cancer targets including dual inhibitors of aurora kinases and VEGFR2. These potential product candidates were discovered using the company's proprietary drug discovery technology, TRAP(R). The data were presented at the AACR-NCI-EORTC Conference on Molecular Targets and Cancer Therapeutics.

Keywords: Clinical Trial Research, Molecular Research, Molecular Targets, Telik Inc.

This article was prepared by Biotech Business Week editors from staff and other reports. Copyright 2007, Biotech Business Week via NewsRx.com.