Telik To Cut 40% Of Workforce
The workforce cuts will come primarily in early-stage discovery and support positions. Employees directly affected by the restructuring plan will receive severance payments, continuation of benefits and outplacement assistance, according to Telik. The company estimates incurring personnel-related restructuring charges of around $0.9 million in the first quarter of 2009.
Telik said that the reorganization will enable the company to continue the development of Telintra and its two leading preclinical drug candidates, a prodrug cytotoxic, TLK58747, and dual Aurora-VEGFR kinase inhibitor, TLK60404.
Palo Alto, California-based Telik is a clinical stage drug development company focused on discovering and developing small molecule drugs to treat cancer and inflammatory diseases.
The company's most advanced investigational drug candidates in clinical development are Telintra, a modified glutathione analog for the treatment of cytopenias due to myelodysplastic syndrome or chemotherapy, and Telcyta, a tumor-activated prodrug for the treatment of advanced ovarian cancer and non-small cell lung cancer.
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