Telik cuts 25% of staff

Palo Alto-based Telik announced it is laying off 25 percent of its staff--about 120 employees--in an effort to cut operating costs. Telik it also implemented a corporate restructuring plan. In late December the company announced disappointing results from three Phase III studies of Telcyta. The drug missed its primary endpoint in for the treatment of non-small cell lung cancer and platinum refractory or resistant ovarian cancer. The third trial was inconclusive.

- see the company's release for more on the cuts

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