TELK light on revenue but crushes estimates, ha-ha, as if that mattered. Otherwise, absolutely nothing new in the PR:
>>PALO ALTO, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK - News) reported a net loss of $16.1 million, or $0.37 per share, for the third quarter ended September 30, 2004, compared with a net loss of $13.1 million, or $0.37 per share, for the comparable period in 2003. For the quarter ended September 30, 2004, total operating expenses increased to $16.8 million, from $13.3 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(TM) (TLK286). TELCYTA is currently in Phase 3 registration trials in platinum resistant ovarian cancer and non-small cell lung cancer (NSCLC).
At September 30, 2004, Telik had $155.0 million in cash, cash equivalents and investments including restricted investments, compared to $201.1 million at December 31, 2003.
Highlights since the beginning of the 2004 third quarter have included:
10th Biennial International Gynecologic Cancer Society (IGCS) Meeting: Telik reported data from two positive Phase 2 clinical trials of TELCYTA administered in combination with standard chemotherapy in platinum refractory or resistant ovarian cancer. The results included:
-- TELCYTA plus carboplatin in platinum refractory or resistant ovarian
cancer: a total of 53 patients have been enrolled in the trial, 27 of
whom were evaluable for efficacy at the time of analysis. The objective
response rate by RECIST is 54%, including 4 durable complete responses
and 10 partial responses that have been independently reviewed.
Objective responses were observed at all participating institutions
including the Massachusetts General Hospital, Dana-Farber Cancer
Institute and University of Texas M.D. Anderson Cancer Center. Based on
these data, Telik plans to initiate the ASSIST-3 Phase 3 trial, to
evaluate the combination of TELCYTA plus carboplatin versus Doxil in
the second line treatment of platinum refractory or resistant ovarian
cancer.
-- TELCYTA plus Doxil in platinum refractory or resistant ovarian cancer:
a total of 51 patients have been enrolled in the trial, including
12 treated in a separate dose-escalation phase. At the time of
analysis, 19 patients in Phase 2 were evaluable for efficacy. The
objective response rate by RECIST is 42%, with eight partial responses
that have been independently reviewed.
TRAP Drug Discovery Technology Publication: A study was reported in which Telik's proprietary TRAP drug discovery technology was successfully used to identify novel, structurally distinct and active small molecule lead compounds using the "affinity fingerprints" of approved drugs active against a selected biological target. The study was published in the Journal of Medicinal Chemistry.
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 November 4 through November 11, 2004. Access to the live teleconference call is also available by calling 800-230-1092 or 612-288-0318. <<
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Cheers, Tuck |
