Orphan Status applied for...NOT yet approved.
Personnel have gone from 140+ to about 20.
Amongst the people who left were the CFO and the Product Development Guy.
Many of their best scientists and employees have gone elsewhere.
Before I relocated out-of-state, Telik's facilty/parking was a wasteland.
No insiders buying...Institutions selling
Telik has history of "selective disclosure" to investors and FDA so you can't trust their "announcements" to be truthful.
Upper management pays themselves like they are managing a company with 2000+ employees.
Telik had failed Diabetes program in 1997.
Telik had failed TLK 296 (Telcyta) program in 2006
Telik's TLK 199 (Telintra) was a secondary, not too important program until Telcyta bombed.
Telik is not a biotech startup-they have been trying since 1986 to develop something. No success yet.
Google Icahn's worst stock picks and see Telik there. He sold all his holdings.
Chief Medical Officer is wife of CEO--normally not a very good idea.
In the early days, Telik (AKA Terrapin) had a Molecular Recognition Library (TRAP) that looked like it had a lot of potental. It was not sought after and did not make any money.
Ask yourself, why would the VP of Product Development be laid off if they were on the cusp of success? Less
I can't dispute these factoids (not knowledgeable either way) but I would like to point out that most pharmas have way too many people who are basically dead weight and reducing from 140 to 20 is not in itself necessarily a bad thing.
That opinion does not take into account of WHO was laid off. Case in point, the "Product Development" guy, Steuer. Guess no product is on the cusp of being developed. Virtually all of the TRAP librarians and quality scientists are gone. Only people left are legal and pencil pushers.
Here is direct copy and paste from FDA-Hopefully you can read:
Result Number: 1
Generic Name: ezatiostat hydrochloride
Trade Name: Telintra
Date Designated: 01-09-2013
Orphan Designation: Treatment of myelodysplastic syndrome
Orphan Designation Status: Designated
FDA Orphan Approval Status: Not FDA Approved for Orphan Indication
Sponsor: Telik, Inc.
700 Hansen Way
Palo Alto, CA 94304-1016
The rest of post contains absolutely no opinion at all. Why don't you look up each and every point, starting with Telik fails ethics test, then Icahn's worst..etc etc.