>>SOUTH SAN FRANCISCO, Calif., Oct. 24 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK - News) reported a net loss of $7.8 million, or $0.28 per share, for the third quarter ended September 30, 2002, compared to a net loss of $4.4 million, or $0.19 per share, for the same period in 2001.
At September 30, 2002, the company had cash, cash equivalents and investments of $33.3 million. In October 2002, Telik successfully completed a follow-on public offering of an aggregate 7,475,000 shares of its common stock at $11.50 per share, resulting in approximately $86.0 million in gross proceeds.
Total operating expenses increased to $8.3 million for the third quarter of 2002 from $5.3 million for the same period in 2001, primarily due to research and development, which increased to $6.9 million in the third quarter of 2002 from $4.4 million in the third quarter of 2001. The increase in third quarter 2002 spending primarily reflects the clinical development progress of Telik's lead product candidate, TLK286, the ramp-up of manufacturing for TLK286 and TLK199, and the continued development of Telik's product pipeline. For the nine months ended September 30, 2002, Telik reported a net loss of $22.1 million, or $0.80 per share, compared to a net loss of $12.2 million, or $0.54 per share, for the same period in 2001.
Recent Highlights
In addition to the recently completed follow-on offering, other highlights
include:
-- TLK286 FDA Meeting: Following a successful pre-Phase 3 meeting with the
U.S. Food and Drug Administration, Telik announced that it is
proceeding with plans to advance TLK286 into pivotal Phase 3 trials in
advanced ovarian and non-small cell lung cancer. The company expects
to initiate the first Phase 3 registration trial, in platinum
refractory or resistant ovarian cancer, in the first quarter of 2003.
-- TLK286 Combination Trials: Telik began the first in a planned series
of clinical trials of TLK286 in combination with standard chemotherapy
as part of a comprehensive development program for the drug candidate.
The combination of TLK286 and docetaxel (Taxotere(R)) will be evaluated
in patients with advanced non-small cell lung cancer who have failed
prior platinum-based chemotherapy.
-- Presentations at EORTC/NCI/AACR Meeting: Telik received notification
that four TLK286 abstracts were accepted for presentation at this
international cancer meeting in Frankfurt, Germany on November 20,
2002. The presentations will include the results of three Phase 2
trials of TLK286 administered once every three weeks in advanced
ovarian, non-small cell lung and colorectal cancer, and preclinical
studies evaluating TLK286 in combination with standard chemotherapeutic
drugs.
Conference Call -- NOTE NEW DIAL-IN NUMBER
Telik will host its third quarter 2002 conference call at 4:30 p.m. Eastern 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 8:00 p.m. Eastern time from October 24 through October 31, 2002. Access to the live teleconference call is also available by calling 612 332 0820.
About Telik, Inc.
Telik, Inc. of South San Francisco, CA is a biopharmaceutical company working to discover, develop and commercialize small molecule drugs to treat serious diseases for which there is significant demand for new therapies. The company's most advanced drug development candidate is TLK286, a tumor activated small molecule drug that is in Phase 2 clinical trials in ovarian, non-small cell lung, colorectal and breast 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.
You should not rely on forward-looking statements contained in this press release, including statements regarding the tolerability or potential efficacy of TLK286, or its potential in the treatment of one or more types of cancer. Telik can give no assurance with regard to these statements, as they are subject to various risks and uncertainties. Past financial results may not be indicative of future results. Factors that could affect our future financial results include but are not limited to the numerous technical, operational and financial uncertainties associated with drug development. All of our product candidates, including TLK286, are in the early stages of development, and the potential benefits of each product must still be proven. To date, TLK286 has been tested only in open-label uncontrolled clinical trials. Substantial additional testing, including randomized, controlled clinical trials, will be necessary prior to seeking regulatory approval to market TLK286, and there can be no assurance that such trials will be initiated, have a successful outcome, or that regulatory approval of TLK286 will be obtained. Telik is reliant on external manufacturing of TLK286. More 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. Telik assumes no obligation to update any information provided in this press release or during its conference call.
Telik, Inc.
Selected Financial Information
Statements of Operations Three Months Nine Months
(In thousands, Ended Ended
except per share amounts) September 30, September 30,
2002 2001 2002 2001
(Unaudited) (Unaudited)
Contract revenue from collaborations:
With related parties $250 $530 $995 $1,324
Other -- -- -- 67
Other revenues -- 25 42 58
Total revenues 250 555 1,037 1,449
Costs and expenses:
Research and development 6,863 4,352 19,909 12,112
General and administrative 1,391 977 3,933 3,134
Total costs and expenses 8,254 5,329 23,842 15,246
Loss from operations (8,004) (4,774) (22,805) (13,797)
Interest income, net 179 424 656 1,569
Net loss $(7,825) $(4,350) $(22,149) $(12,228)
Net loss per common share, basic
and diluted $(0.28) $(0.19) $(0.80) $(0.54)
Weighted average shares used in
computing net loss per common
share, basic and diluted 28,174 23,096 27,780 22,791
Selected Balance Sheet Data September 30, December 31,
(In thousands) 2002 2001 (1)
(Unaudited)
Cash, cash equivalents and investments $33,312 $55,174
Total assets 107,060 57,315
Stockholders' equity $100,467 $51,338
(1) Derived from audited financial statements<<
Cheers, Tuck |
