In a bowl, cut cream cheese and butter into biscuit mix until crumbly. Stir in milk just until moistened. Turn onto a floured surface; knead 8-10 times or until dough is smooth. On waxed paper, roll dough into a 12x8-in. rectangle. Turn onto a greased 15x10x1-in. baking pan. Remove waxed paper.
Spread preserves down center third of rectangle. On each long side, cut 1-in.-wide strips about 2-1/2 in into center. Starting at one end, fold alternating strips at an angle across preserves; seal end. Bake at 425° for 12-15 minutes. Combine glaze ingredients; and drizzle over warm coffee cake. Cool on a wire rack.