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LIDAK PHARMACEUTICALS COMPLETES PRIVATE PLACEMENT

 LIDAK PHARMACEUTICALS COMPLETES PRIVATE PLACEMENT
 LA JOLLA, Calif., Feb. 26 /PRNewswire/ -- LIDAK Pharmaceuticals


(NASDAQ: LDAKU, LDAKA) announced today it has completed a $4.0 million private placement of convertible preferred stock and warrants. Whale Securities Co. of New York acted as placement agent with respect to the sale. In a previously completed transaction, $0.9 million of convertible preferred stock and warrants was purchased from within the company.
 According to Michael H. Lorber, LIDAK's chief financial officer, "Completion of this private placement strengthens the financial condition of LIDAK and allows the company to continue the pursuit of our product development and commercialization efforts."
 In these transactions, the company issued 5,226,683 shares of Series B Preferred Stock and Class D Warrants to purchase an aggregate of 2,613,366 shares of Class A Common Stock at an exercise price of $1.50. The Series B Preferred Stock is convertible share for share into Class A Common Stock, has a liquidation preference of $1.125 per share and is redeemable by the company at $1.2375. The Class D Warrants have a five-year term and are redeemable by the company at $0.05 under certain circumstances. The company has agreed to file within six months a shelf registration statement covering the Class A Common Stock underlying the preferred stock and warrants.
 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 and Human Immune System Reconstituted SCID mouse technologies for investigating new potential therapies against cancer, AIDS and other viral diseases and is developing its Free Fatty Acid technology as a possible clinical diagnostic assay for the prediction, diagnosis and monitoring of serious disease states such as cancer and diabetes.
 -0- 2/26/92
 /CONTACT: Michael H. Lorber, VP and CFO of LIDAK Pharmaceuticals, 619-558-0364; or Roger S. Pondel or Elizabeth A. Gard of Rifkind Pondel & Parsons, 310-207-9300, for LIDAK Pharmaceuticals/
 (LDAKU LDAKA) CO: LIDAK Pharmaceuticals ST: California IN: MTC SU:


AL-JL -- LA007 -- 2889 02/26/92 14:43 EST
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Publication:PR Newswire
Date:Feb 26, 1992
Words:369
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