Merrill maintains Telik at neutral

Telik Inc. was maintained at neutral by Merrill Lynch analyst Eric Ende after the company reported a loss of $0.34 per share, meeting Merrill's estimate. Lower expenses were offset by a lack of collaborative revenues, however, and Ende revised the 2006 loss-per-share estimate to $1.12 from $0.17 based on the timing of drug Telcyta's launch. Data for phase 3 trials of the cancer drug may become available in the first half of 2006. Shares of the Palo Alto, Calif.-based drug manufacturer were down $0.29, or 1.94%, at $14.69 on volume of 936,929 shares versus the three-month running average of 590,823 shares.

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