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LIDAK PHARMACEUTICALS ESTIMATES $8.4 MILLION RAISED FROM EXERCISE OF WARRANTS

 LIDAK PHARMACEUTICALS ESTIMATES $8.4 MILLION
 RAISED FROM EXERCISE OF WARRANTS
 LA JOLLA, Calif., May 20 /PRNewswire/ -- LIDAK Pharmaceuticals (NASDAQ: LDAKA) today reported that approximately 97 percent of its 5,750,000 outstanding class A warrants have been exercised. The exercise of these class A warrants raised an estimated $8.4 million for the company.
 "This display of support from our warrant holders not only provides a much-appreciated vote of confidence in the company, but also adds financial strength for our ongoing product development endeavors," said Dr. David H. Katz, president and chief executive officer. "Together with the $4 million raised in a recent private placement, we are well capitalized to pursue our goal of developing commercially viable pharmaceuticals and other products for the health care industry."
 As previously announced, all class A warrants not exercised by May 18 would be redeemed by the company. The cost to LIDAK for redeeming the remaining class A warrants will be approximately $8,600.
 The exact number of class A warrants exercised and redeemed is expected to be announced next week. Following this redemption, the company's class A warrants (NASDAQ: LDAKW) and units (NASDAQ: LDAKU), which consist of five class A common shares and five class A warrants, will no longer trade on NASDAQ.
 Holders who exercised their class A warrants will receive one share of LIDAK class A common stock and one class B warrant (NASDAQ: LDAKM). Each class B warrant entitles the registered holder to purchase one LIDAK class A common share at an exercise price of $2.25.
 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.
 -0- 5/20/92
 /CONTACT: David H. Katz, president and CEO of LIDAK Pharmaceuticals, 619-558-0364; Susan Klein/Roger Pondel of Pondel Parsons & Wilkinson 310-207-9300/
 (LDAKA) CO: LIDAK Pharmaceuticals ST: California IN: MTC SU:


EH -- LA023 -- 2326 05/20/92 13:23 EDT
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Publication:PR Newswire
Date:May 20, 1992
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