Telik (TELK), biopharmaceutical company, is off almost 25% today on news that the FDA has stopped research on its ovarian cancer drug Telcyta.

Stating the obvious, Wachovia said: "Anticipating significant shareholder backlash and harsh challenge to management credibility, we believe Telik will drown in negative publicity pending FDA review of Telcyta clinical data,"  Thanks for the heads up, but the shares are off from a 52-week high of $20.36 to trade as low as $3.45 today.

Telik is another example of a bio company that has virtually all of its eggs in one basket. At one point, the company had a market cap of $1.5 billion. The company has brought in no revenue in the last four quarters but has lost $83 million.

Nice touch.

Douglas A. McIntyre