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LIDAK PHARMACEUTICALS ANNOUNCES RESULTS

 LIDAK PHARMACEUTICALS ANNOUNCES RESULTS
 LA JOLLA, Calif., Aug. 17 /PRNewswire/ -- LIDAK Pharmaceuticals


(NASDAQ: LDAKA) today reported a net loss of $584,396, equal to $.06 per share, on revenues of $97,484 for the third fiscal quarter ended June 30, 1992. For the prior year's third quarter, the company reported a loss of $491,741, or $.07 per share, on revenues of $153,127.
 For the latest nine-month period, the net loss was $1,642,871, or $.21 per share, on revenues of $294,999. Results for the first nine months of 1991 included a net loss of $1,444,287, or $.20 per share, with revenues of $423,271.
 Michael H. Lorber, chief financial officer, said the third quarter loss was in line with expectations and reflects the company's ongoing research and development, clinical development and administrative expenses relating to its product and technology development efforts.
 Lorber added that despite the increased net loss incurred during the quarter, the company's working capital balance increased by approximately $7.5 million due to the receipt of net proceeds of approximately $8.2 million in May 1992 from the exercise of outstanding class A warrants.
 LIDAK Pharmaceuticals is attempting to develop pharmaceutical products for the health care industry. The company is focusing its efforts on the commercialization of LIDAKOL as a treatment for herpes and other indications. In addition, it is developing Large Multivalent Immunogen technology as potential new therapies for cancer and viral diseases, and Free Fatty Acid technology as a possible clinical diagnostic assay for the prediction and monitoring of cancer and diabetes. The company is also utilizing its Human Immune System Reconstituted SCID Mouse technology for evaluating new potential anti-AIDS drugs and potential new diagnostic and treatment approaches to cancer.
 LIDAK PHARMACEUTICALS
 Consolidated Income Statement
 (Unaudited)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1991 1992 1991 1992
 Revenues:
 Contract research $126,882 $19,940 $241,150 $69,566
 Federal
 grants 0 14,371 68,700 120,000
 Interest and other 26,245 63,173 113,421 105,413
 Total revenues 153,127 97,484 423,271 294,999
 Expenses:
 Research and
 development 301,757 337,261 893,637 985,897
 General and
 administrative 253,842 332,478 784,396 893,528
 Cost of contract
 research 75,979 9,662 145,548 39,385
 Interest 13,290 2,479 43,977 17,060
 Total expenses 644,868 681,880 1,867,558 1,937,870
 Net loss ($491,741) ($584,396) ($1,444,287) ($1,642,871)
 Net loss
 per share ($0.07) ($0.06) ($0.20) ($0.21)
 Weighted average
 number of common
 and common
 equivalent
 shares
 outstanding 7,339,032 9,781,366 7,342,786 7,948,674
 -0- 8/17/92
 /CONTACT: Michael H. Lorber, VP, CFO of LIDAK Pharmaceuticals, 619-558-0364; or Susan Klein or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300, for LIDAK/
 (LDAKA) CO: LIDAK Pharmaceuticals ST: California IN: MTC SU: ERN


EH -- LA019 -- 0573 08/17/92 14:04 EDT
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Date:Aug 17, 1992
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