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LIDAK PHARMACEUTICALS TO REDEEM CLASS A WARRANTS

 LIDAK PHARMACEUTICALS TO REDEEM CLASS A WARRANTS
 LA JOLLA, Calif., April 13 /PRNewswire/ -- LIDAK Pharmaceuticals


(NASDAQ: LDAKU, LDAKA) announced that on April 11, 1992, it elected to redeem all of its Class A Warrants which have not been validly exercised on or before May 11, 1992, at 5 p.m. New York City time.
 Each Class A Warrant entitles the registered holder to purchase at an exercise price of $1.50 one LIDAK Pharmaceuticals Class A Common Share and receive one Class B Warrant. Each Class B Warrant entitles the registered holder to purchase one LIDAK Pharmaceuticals Class A Common Share at an exercise price of $2.25. Pursuant to its Warrant Agreement, the company has the right to redeem the Class A Warrants because the average closing bid price of the company's common shares, as reported by NASDAQ, has exceeded $2.10 per share for the 30 consecutive trading-day period ended March 27, 1992. The 30 consecutive trading-day average closing bid price of the common shares for the period ended March 27, 1992 was $2.11. The date fixed for redemption of the Class A Warrants is May 12, 1992. Any Class A Warrants which have not been exercised prior to the redemption date will no longer be exercisable to purchase common shares and receive Class B Warrants. Holders of the Class A Warrants will have no further rights beyond the warrant redemption date except to receive, upon surrender of the warrant certificates evidencing redeemed warrants, payment of the redemption price of $.05 for each Class A Warrant outstanding and not already exercised as of the redemption date.
 If all outstanding Class A Warrants are exercised, as to which no assurance can be given, the company will receive gross proceeds of approximately $8.6 million which will further strengthen its financial condition. The company expects to use proceeds from any warrant exercises to continue its research and development efforts, for working capital and general corporate purposes and possibly to fund clinical trials and to acquire new technology or products.
 Notices of redemption of Class A Warrants are being delivered to registered Warrant holders. Warrant certificates to be redeemed may be delivered to the warrant agent, American Stock Transfer and Trust Company of New York. Warrant holders seeking information about the method of exercise of their warrants or redemption of their warrants can call the Information Agent, Shareholder Communications Corporation, 800-678-9601 or 212-809-3600, or the LIDAK Investor Relations Department, 619-558-0364.
 LIDAK Pharmaceuticals is attempting to develop and commercialize pharmaceutical and other commercially significant products for the health care industry. LIDAK is currently focusing its efforts on the commercialization of LIDAKOL(TM) as a treatment for herpes and other indications. In addition the company is developing its Large Multivalent Immunogen technology as potential new therapies against cancer and viral diseases, and its Free Fatty Acid technology as a possible clinical diagnostic assay for the prediction, diagnosis and monitoring of cancer and diabetes. Finally, its Human Immune System Reconstituted SCID mouse technology is being used for evaluating new potential anti-AIDS drugs and potential new diagnostic and treatment approaches to cancer.
 -0- 4/13/92
 /CONTACT: Michael H. Lorber, vice president/CFO of LIDAK Pharmaceuticals, 619-558-0364; or Roger Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for LIDAK Pharmaceuticals/
 (LDAKU LDAKA) CO: LIDAK Pharmaceuticals ST: California IN: MTC SU:


KK -- LA016 -- 7825 04/13/92 13:50 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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