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LIDAK PHARMACEUTICALS REPORTS RESULTS

 LIDAK PHARMACEUTICALS REPORTS RESULTS
 LA JOLLA, Calif., May 15 /PRNewswire/ -- LIDAK Pharmaceuticals


(NASDAQ: LDAKU, LDAKA) today reported a net loss of $519,660, or $.07 per share, on revenues of $77,915 for the second fiscal quarter ended March 31, 1992. For the prior year's second quarter, the company reported a loss of $489,435, or $.07 per share, on revenues of $142,743.
 For the first six months of fiscal 1992, the net loss was $1,058,475, or $.15 per share, compared with a net loss of $952,547, or $.13 per share, for the same period in 1991. Revenues for the 1992 first half were $197,515, compared with $270,143 in 1991.
 Michael H. Lorber, chief financial officer, said that the financial condition of the company was significantly strengthened during the quarter with a $4 million private placement of preferred stock and warrants, which netted the company proceeds of approximately $3.6 million.
 Lorber also noted that the decrease in the development stage company's 1992 three and six months revenues reflects a reduction in contract research activity. This decrease was partially offset by an increase in revenues from federal research grants.
 Subsequent to the end of the quarter, the company reached an agreement in principle for the development, and potential marketing and distribution of its proprietary LIDAKOL drug in the United States for the treatment of herpes. The company also issued a notice of redemption for its outstanding class A warrants. The redemption date is May 19, 1992.
 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 March 31,
 1992 1991
 Revenues:
 Contract research $18,333 $81,724
 Federal grants 30,629 25,804
 Interest and other 28,953 35,215
 Total revenues 77,915 142,743
 Expenses:
 Research and
 development 315,862 285,916
 General and
 administrative 262,943 276,565
 Cost of contract
 research 11,474 52,629
 Interest 7,296 17,068
 Total expenses 597,575 632,178
 Net loss ($519,660) ($489,435)
 Net loss per share ($0.07) ($0.07)
 Weighted average number
 of common and common
 equivalent shares
 outstanding 7,042,981 7,336,943
 Six Months Ended March 31,
 1992 1991
 Revenues:
 Contract research $49,646 $114,268
 Federal grants 105,629 68,700
 Interest and other 42,240 87,175
 Total revenues 197,515 270,143
 Expenses:
 Research and
 development 648,636 592,276
 General and
 administrative 563,050 530,555
 Cost of contract
 research 29,723 69,173
 Interest 14,581 30,686
 Total expenses 1,255,990 1,222,690
 Net loss ($1,058,475) ($952,547)
 Net loss per share ($0.15) ($0.13)
 Weighted average number
 of common and common
 equivalent shares
 outstanding 7,037,335 7,340,398
 -0- 5/15/92
 /CONTACT: Michael H. Lorber, VP and CFO of LIDAK Pharmaceuticals, 619-558-0364; or Susan Klein or Roger Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for LIDAK Pharmaceuticals/
 (LDAKU LDAKA) CO: LIDAK Pharmaceuticals ST: California IN: MTC SU: ERN


DM-CH -- LA033 -- 0908 05/15/92 16:07 EDT
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Publication:PR Newswire
Date:May 15, 1992
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