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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: December 30, 1996
(Date of earliest event reported)
LIDAK PHARMACEUTICALS
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State or other jurisdiction of incorporation)
0-18734 33-0314804
(Commission File Number) (IRS Employer
Identification No.)
11077 North Torrey Pines Road, La Jolla, California 92037
(Address of principal executive offices) (Zip code)
(619) 558-0364
(Registrants telephone number, including area code)
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Item 5. OTHER EVENTS
The registrant incorporates by reference herein the press release dated
December 26, 1996, attached hereto as Exhibit 99(a) and the press release dated
December 27, 1996, attached hereto as Exhibit 99(b).
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
(i) Exhibit 99(a) - Press Release dated December 26, 1996
(ii) Exhibit 99(b) - Press Release dated December 27, 1996
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LIDAK PHARMACEUTICALS
Date: December 30, 1996 By:/s/David H. Katz
------------------------------
President and Chief Executive Officer
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EXHIBIT 99 (a)
LIDAK PHARMACEUTICALS
11077 North Torrey Pines Road
La Jolla, CA 92037
DATE: DECEMBER 26, 1996 CONTACT: Lisa Dawn Katz
Director, Corporate
RELEASE DATE: IMMEDIATE Communications and
Investor Relations
LIDAK Pharmaceuticals
(619) 558-0364
David H. Katz, M.D.
President/CEO
LIDAK Pharmaceuticals
(619) 450-1538
LIDAK PHARMACEUTICALS REPORTS FISCAL 1996 YEAR-END RESULTS
LA JOLLA, CALIFORNIA -- December 26, 1996 -- LIDAK Pharmaceuticals
(NASDAQ NNM: LDAKA) today reported its financial results for fiscal year ended
September 30, 1996. The Company reported a net loss of $6,130,241, or $0.19 per
share, on revenues of $4,158,038. This compares to a net loss of $10,173,001, or
$0.35 per share, on revenues of $884,589 for the prior year. As of September 30,
1996, the Company had cash, cash equivalents and short-term investments of
$20,374,010 compared to $10,035,727 at September 30, 1995.
The lower net loss reported for fiscal 1996 is attributable to
increased license fee/contract research revenues and reduced expenses.
Additional Phase 3 clinical trials are underway for the Company's lead
compound, n-docosanol 10% cream (LIDAKOL(R)) as a treatment for oral herpes
(cold sores or fever blisters). The Company anticipates completion of these
studies, including data availability, around the summer of 1997.
The Company also announced that it was restating its operating results
for the first, second, and third quarters of the year ended September 30, 1996
from amounts previously reported to reflect the impact on interest expense and
net income (loss) for those quarters of a fourth quarter adjustment recorded by
the Company to recognize non-cash interest expense associated with convertible
notes issued during the year. The effect of this adjustment was to increase
first quarter
-- more --
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December 26, 1996
LIDAK PHARMACEUTICALS REPORTS FISCAL 1996 YEAR-END RESULTS
Page 2
net loss by $175,374 to $2,070,405 ($0.07 per share), to decrease second quarter
net income by $1,214,630 to $58,983 ($0.00 per share), and to increase third
quarter net loss by $1,083,340 to $2,340,896 ($0.07 per share).
LIDAK Pharmaceuticals is developing therapeutic products against
virally caused diseases, inflammatory disorders, allergic diseases and asthma,
and cancer.
The information contained in this press release, including any forward
looking statements contained herein, should be reviewed in conjunction with the
Company's Annual Report on Form 10-K and other publicly available information
regarding the Company, copies of which are available from the Company upon
request. Such publicly available information sets forth many risks and
uncertainties related to the Company's business and such statements, including
risks and uncertainties related to drug development and clinical trials
Financial table follows
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December 26, 1996
LIDAK PHARMACEUTICALS REPORTS FISCAL 1996 YEAR-END RESULTS
Page 3
LIDAK PHARMACEUTICALS
SUMMARY FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Statement of operations data: Years ended September 30,
- ----------------------------- -------------------------
1996 1995
------------ -----------
<S> <C> <C>
Revenues $ 4,158,038 $ 884,589
Net loss (6,130,241) (10,173,001)
Net loss per share (0.19) (0.35)
Weighted average shares outstanding 32,072,944 29,338,418
Balance sheet data:
- -----------------------------
Cash, cash equivalents and
short term investments $ 20,374,010 $ 10,035,727
Working capital 13,759,577 8,567,966
Total assets 22,846,879 10,954,043
Total liabilities 7,778,760 1,705,443
Stockholders' equity 15,068,119 9,248,600
</TABLE>
================================================================================
SELECTED QUARTERLY FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Year ended September 30, 1996
First Second Third Fourth
- -----------------------------------------------------------------------------------------------------------
REVENUES:
<S> <C> <C> <C> <C>
License fees/Contract research $ 3,000,000 $ 16,800
Federal SBIR grants $ 6,500 11,332 $ 25,168 15,000
Interest and other 190,035 279,336 306,050 307,817
---------------------------------------------------------------
Total revenues 196,535 3,290,668 331,218 339,617
---------------------------------------------------------------
EXPENSES:
Research and development 1,441,423 1,115,346 920,336 1,099,321
General and administrative 650,143 901,709 636,654 556,660
Interest 175,374 3,231,685 2,672,114 2,117,540
---------------------------------------------------------------
Total expenses 2,266,940 3,231,685 2,672,114 2,117,540
---------------------------------------------------------------
NET INCOME (LOSS) $(2,070,405) $ 58,983 $(2,340,896) $(1,777,923)
===============================================================
NET INCOME (LOSS) PER SHARE $ (0.07) $ 0.00 $ (0.07) $ (0.05)
</TABLE>
###
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EXHIBIT 99 (b)
LIDAK PHARMACEUTICALS
11077 North Torrey Pines Road
La Jolla, CA 92037
DATE: DECEMBER 27, 1996 CONTACT: Lisa Dawn Katz
Director, Corporate
RELEASE DATE: IMMEDIATE Communications and
Investor Relations
LIDAK Pharmaceuticals
(619) 558-0364
David H. Katz, M.D.
President/CEO
LIDAK Pharmaceuticals
(619) 450-1538
LIDAK PHARMACEUTICALS CORRECTS TYPOGRAPHICAL ERRORS IN
FISCAL 1996 YEAR END PRESS RELEASE
LA JOLLA, CALIFORNIA -- December 27, 1996 -- LIDAK Pharmaceuticals
(NASDAQ NNM: LDAKA) has corrected certain typographical errors appearing in
three places in the "Selected Quarterly Financial Information" table reported in
the December 26, 1996 fiscal year end earnings release. Under the section of the
table titled "Expenses", the numbers shown in the second, third and fourth
quarter interest columns should be, respectively, $1,214,630, $1,115,124 and
$461,559 rather than $3,231,685, $2,672,114 and $2,117,540, as shown originally
on the table.
All other numbers reported are correct in the press release dated
December 26, 1996, including the bottom line figures for Net Income (Loss) and
Net Income (Loss) Per Share for all quarters. The Company sincerely regrets the
publication of these errors.
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