Telik, Inc. Announces Completion of Initial Public Officer

SAN FRANCISCO–(BW HealthWire)–Aug. 16, 2000–Telik, Inc. (Nasdaq:TELK - news) today announced that it has completed an Initial Public Offering of 5,000,000 million shares of its common stock at a price of $7 per share. The underwriters of the offering have a 30-day option to purchase up to an additional 750,000 shares at the same price per share. Gross proceeds from the offering are $35 million, before any exercise of the over-allotment, and before deducting expenses for the offering and underwriting discounts and commissions.

The public offering was led by Lehman Brothers Inc. and co-managed by Chase H&Q, Legg Mason Wood Walker, Inc., UBS Warburg LLC, and Fidelity Capital Markets, a division of National Financial Services Corporation.

A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the common stock of Telik, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Copies of the final prospectus related to the offering may be obtained from Lehman Brothers Inc., Prospectus Department, c/o ADP Financial Services, Prospectus Fulfillment, 55 Mercedes Way, Edgewood, NY 11717, telephone: 631/254-7106, fax: 631/254-7268.

Telik, Inc. is a biopharmaceutical company working to discover, develop, and commercialize small molecule drugs to treat serious diseases for which there is significant demand for new therapies. Telik's most advanced product development programs include: TLK286 for the treatment of major cancers that have resisted standard treatment; TLK199 for the treatment of the depletion of infection-fighting white blood cells, a toxic side effect of cancer therapy; and TLK17411 from a family of orally active insulin receptor activators for Type 2 diabetes. Telik's product candidates were discovered using the company's proprietary discovery technology, TRAP, which enables the rapid and efficient discovery of small molecule drug candidates.

Telik, Inc.
Michael M. Wick, M.D., Ph.D., 650/238-3325
(Chairman and CEO)