Telik Awarded $1.2 Million in Grants for Qualifying Therapeutic Development Projects
PALO ALTO, Calif., Nov. 2, 2010 /PRNewswire/ -- Telik, Inc. (Nasdaq: TELK) a clinical stage drug development company focused on developing drugs to treat cancer, announced that it has been awarded grants totaling $1,222,396 under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP). The grants are intended to advance five of Telik's ongoing therapeutic drug development programs including the company's most advanced investigational drug candidate, TELINTRA®, for the treatment of myelodysplastic syndrome (MDS).
"We are pleased that all five of the grant applications submitted under this program were awarded the maximum allocation," said Dr. Michael Wick, Telik Chairman and Chief Executive Officer. "These funds will provide non-dilutive capital for advancing our clinical development programs in oncology, an area of unmet medical need."
A Qualifying Therapeutic Discovery Project is one designed to either treat or prevent diseases or conditions by conducting studies or carrying out research protocols for the purpose of securing approval from the Food and Drug Administration. Qualifying companies must have 250 or fewer employees. The award payments were authorized on October 29, 2010.
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 candidates in clinical development are Telintra, a modified glutathione analog for the treatment of MDS and Severe Chronic Neutropenia (SCN), and Telcyta®, a cancer activated prodrug. 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.
Telik, the Telik logo, TELINTRA, TELCYTA and TRAP a