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Telik, Inc. has a market cap of $3.3 million; its shares were traded at around $1.77 .
Highlight of Business Operations:We did not record any revenues for the three and six months ended June 30, 2012 or in 2011. Future non-product revenues, if any, will depend upon the extent to which we enter into new collaborative research agreements and the amounts of payments relating to such agreements.
Cash Flows from Investing Activities. Cash used in investing activities for the six months ended June 30, 2012 was $1.0 million compared with cash provided of $6.1 million for the same period in 2011. Cash used in the six months ended June 30, 2012 was primarily for the purchase of available-for-sale investments of $4.5 million and was partially offset by $3.5 million in investment maturities. Cash provided by investing activities for the same period in 2011 was primarily from $13.8 million in investment maturities and $199,000 in investment sales partially offset by the purchase of available-for-sale investments of $7.9 million. We had no capital expenditures for the six months ended June 30, 2012 or 2011.
Cash Flows from Financing Activities. Cash provided by financing activities for the six months ended June 30, 2012 was approximately $1.2 million compared with $240,000 for the same period in 2011. Cash provided by financing activities for the six months ended June 30, 2012 was primarily from stock sales including $1.2 million in net proceeds under the At Market Issuance Sales Agreement, or Sales Agreement, with McNicoll, Lewis & Vlak LLC and approximately $3,000 from stock purchases under our employee stock purchase plan. Cash provided by financing activities for the six months ended June 30, 2011 was primarily due to proceeds from stock purchases under our employee stock purchase plan and stock option exercises.
compensation based on an aggregate of 4% of the gross proceeds on the sale price per share of our common stock. Any sales made pursuant to the Sales Agreement are deemed an “at-the-market” offering and would be made pursuant to the shelf registration statement on Form S-3. For the three and six months ended June 30, 2012, we sold 374,073 shares through MLV under the Sales Agreement and received approximately $1.2 million in net proceeds after deducting commissions and other related expenses. Since entering into the Sales Agreement, we have sold 390,210 shares and received approximately $1.3 million in net proceeds.
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