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Health and Healthcare

Telik Surges on Trial Hold Release (TELK)

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By Douglas A. McIntyre Published
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Telik, Inc. (NASDAQ:TELK) is seeing shares surging pre-market after it announced that the U.S. Food and Drug Administration has removed the partial hold on TELCYTA clinical trials after a complete review of TELCYTA data by the agency and permits the resumption of TELCYTA clinical development.

This is Telik’s most advanced development program, a tumor-activated small molecule product candidate in clinical development for the treatment of advanced ovarian cancer and non- small cell lung cancer.  Its other development candidate that is considered an advanced candidate is TELINTRA in clinical development for the treatment of myelodysplastic syndrome.

As of Friday’s close at $3.46, Telik had a $181.8 million market capitalization.  Shares are up over 15% pre-market at $4.05.  The 52-week trading range is $2.55 to $20.36, so you can see the reason for the large push pre-market.  It trades an average of about 370,000 shares in any given day, but as of the end of September its short interest was more than 9.4 million shares.  This sounds like there will be lots of short covering this morning.

Jon C. Ogg
October 15, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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