04/05/2000

Telik Files Registration Statement For IPO Offering of Common Stock

South San Francisco, CA, April 5, 2000, Telik, Inc. announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of common stock. The offering is being made through an underwriter group led by Warburg Dillon Read LLC, and co-managed by Chase H&Q and Legg Mason Wood Walker, Incorporated.

Telik, Inc. is a biopharmaceutical company engaged in the discovery, development, and commercialization of novel small molecule drugs for the treatment of serious diseases such as cancer and diabetes. Telik's most advanced product candidate, TLK286, is a chemotherapeutic for the treatment of cancers such as breast, colon, ovarian, and lung that have shown resistance to standard cancer drugs. TLK286 entered clinical trials in January 2000. Telik's second product candidate, TLK199, a small molecule bone marrow stimulant for treating the depletion of white blood cells, which is a toxic side effect of chemotherapy, is expected to enter clinical testing later this year. Telik has retained worldwide commercialization rights for both TLK286 and TLK199.

Telik's third product development program has identified a proprietary class of insulin receptor activators for the treatment of Type 2, or adult onset, diabetes. The first of the insulin receptor activators, TLK17411, is in preclinical development. Telik has licensed commercialization rights for Japan and major Asian countries to Sanwa Kagaku Kenkyusho while retaining rights in the rest of the world for these activators.

Telik's success in drug discovery has resulted from the application of its proprietary drug discovery technology, Target Related Affinity Profiling (TRAP), that enables faster and more efficient discovery of drug candidates than other technologies, such as ultra high throughput screening. TRAP offers, therefore, a solution to the current bottleneck in drug discovery caused by the increased number of new targets resulting from recent advances in genomics. In addition to using TRAP for its internal drug discovery programs, Telik has entered into TRAP-based technology collaborations with third parties.

Contact:

Michael M. Wick, M.D., Ph.D.
President, CEO and Chairman
(650) 238-3312
inquiry@telik.com

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell nor a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such an offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.