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LIDAK PHARMACEUTICALS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

 LA JOLLA, Calif., April 29 /PRNewswire/ -- LIDAK Pharmaceuticals (NASDAQ: LDAKA) today reported its financial results for the second quarter of fiscal 1993. The company reported revenues of $158,559 and a net loss of $809,696, or 5 cents per share, for the quarter ended March 31, 1993. This compares to revenues of $77,915 and a net loss of $519,660, or 7 cents per share, for the prior year's second quarter.
 The company also reported its financial results for the first six months of fiscal 1993. Revenues for the first half of 1993 were $329,923 with a net loss of $1,424,972, or 9 cents per share. This compares to revenues of $197,515 and a net loss of $1,058,475, or 15 cents per share, for the same period in 1992.
 As of March 31, 1993, the company had cash, cash equivalents and short-term investments of $9,221,996 and working capital of $9,012,652.
 According to Michael H. Lorber, LIDAK's chief financial officer, the increased losses in fiscal 1993 resulted from increased general and administrative expenses, clinical development costs and research expenses related to the company's ongoing development programs. Partially offsetting these increased costs were increased revenue from federal research grants based on a Phase II Small Business Innovation Research grant from the National Institutes of Health and increased interest income resulting from higher average cash balances available for investment.
 LIDAK Pharmaceuticals is developing pharmaceutical 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. Also, the company is developing its large multivalent immunogen (LMI) technology for potential new therapies against cancer and viral diseases. The company's longer-term projects include the development of proprietary technology for potential new therapeutic and diagnostic approaches to diabetes, cancer and AIDS.
 LIDAK PHARMACEUTICALS
 Condensed Statement of Operations
 (Unaudited)
 Periods ended Three Months Six Months
 March 31 1993 1992 1993 1992
 Revenues $ 158,559 $ 77,915 $ 329,923 $ 197,515
 Net loss $(809,696) $(519,660) $(1,424,972) $(1,058,475)
 Net loss per share $(0.05) $(0.07) $(0.09) $(0.15)
 Weighted average
 shares outstg. 16,624,673 7,042,981 15,101,676 7,037,335
 Condensed Balance Sheet
 (Unaudited)
 Six months ended March 31 1993 1992
 Cash, cash equivalents and
 short-term investments $9,221,996 $3,916,129
 Working capital 9,012,652 3,352,599
 Total assets 9,718,932 4,192,482
 Total liabilities 354,995 602,498
 Stockholders' equity $9,363,937 $3,589,984
 -0- 4/29/93
 /CONTACT: Michael H. Lorber, vice president and CFO of LIDAK Pharmaceuticals, 619-558-0364, or Fern Lazar or Kate de Santis of Dewe Rogerson, 212-688-6840, for LIDAK Pharmaceuticals/
 (LDAKA)


CO: LIDAK Pharmaceuticals ST: California IN: MTC SU: ERN

GK-TS -- NY081 -- 2707 04/29/93 13:52 EDT
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Date:Apr 29, 1993
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