Biotech firm Telik ( TELK) said its new chemotherapeutic drug showed evidence of clinical benefit in several cancer types during Phase I tests.

The California-based company said its new drug, TLK286, a small antitumor drug with a "smart" action mechanism triggered by an enzyme present in many human cancers, was well-tolerated and indications of antitumor activity were observed.

In a press release, Telik said, "Most chemotherapeutic drugs cause toxicities from which patients must recover before subsequent doses. TLK286 administration has been associated with generally mild toxicities, most of which has been classified as Grade 1 or 2 in severity."

In the Phase I tests, 37 patients were treated with escalating doses of TLK286 on both weekly and once-every-three-week schedules for extended periods "without evidence of cumulative toxicity."

Shares of Telik closed at $11.22 Friday before the news release.

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