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LIDAK PHARMACEUTICALS REPORTS YEAR-END FINANCIAL RESULTS

 LA JOLLA, Calif., Dec. 30 /PRNewswire/ -- LIDAK Pharmaceuticals (NASDAQ: LDAKA) today reported a net loss of $2,361,855 or $.26 per share, on revenues of $427,086 for the year ended Sept. 30, 1992. For the year ended Sept. 30, 1991, the company reported a net loss of $1,949,588, or $.27 per share, on revenues of $547,875.
 According to Michael H. Lorber, LIDAK's chief financial officer, the company's financial condition was considerably strengthened during the year as a result of a successful private financing and the exercise of warrants. "These financings resulted in net proceeds to the company totalling $11.7 million. Working capital increased by $9.3 million during the year to $10.1 million," said Lorber. "The increased net loss during fiscal 1992 resulted primarily from increased investment in the company's product development programs," added Lorber.
 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 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
 Statement of Operations Data:
 Year Ended Sept. 30 1992 1991
 Revenues $427,086 $547,875
 Net loss (2,361,855) (1,949,588)
 Net loss per share $(0.26) $(0.27)
 Weighted average shares
 outstanding 9,150,776 7,352,665
 Balance Sheet Data:
 Year Ended Sept. 30 1992 1991
 Working capital $10,164,854 $805,779
 Total assets 10,874,448 1,584,263
 Total liabilities 430,474 566,699
 Stockholders' equity 10,443,974 1,017,564
 -0- 12/30/92
 /CONTACT: Michael Lorber, vice president and CFO of LIDAK Pharmaceuticals, 619-558-0364, or Fern Lazar of Dewe Rogerson, 212-688-6840, for LIDAK Pharmaceuticals/
 (LDAKA)


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

LR-PS -- NY019 -- 0609 12/30/92 12:11 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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