HEAT oven to 350 degrees F. Place baking mix in medium bowl. Cut in cream cheese and butter until mixture resembles coarse crumbs. Stir in milk. Turn dough onto a lightly floured surface; knead lightly 10 to 12 times.
SPRAY a baking sheet with no-stick cooking spray. Roll dough into 12 x 8-inch rectangle. Place on prepared baking sheet. Spread preserves lengthwise down center 1/3 of dough. Make 2 1/2-inch cuts at 1-inch intervals on long sides. Fold strips over preserves in a criss-cross fashion.
BAKE 12 to 15 minutes or until lightly browned.
COMBINE glaze ingredients, adding enough milk for desired drizzling consistency. Drizzle over coffee cake.