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: February 9, 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 February 9, 1996, attached hereto as
Exhibit 99.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
(i) Exhibit 99
Press Release dated February 9, 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: February 9, 1996 By:/s/Michael H. Lorber
-----------------------
Vice President/CFO & Secretary
<PAGE>
EXHIBIT 99
LIDAK PHARMACEUTICALS
11077 North Torrey Pines Road
La Jolla, California 92037
NEWS RELEASE
DATE: FEBRUARY 9, 1996 CONTACT: Michael H. Lorber
Vice President/CFO
RELEASE DATE: IMMEDIATE LIDAK Pharmaceuticals
(619) 558-0364
Lisa Dawn Katz
Investor Relations
Administrator
LIDAK Pharmaceuticals
(619) 558-0364
LIDAK PHARMACEUTICALS AND BRISTOL-MYERS SQUIBB
SIGN MULTI-NATIONAL COLLABORATIVE LICENSING AGREEMENT
FOR LIDAKOL TM
LA JOLLA, CALIFORNIA -- February 9, 1996-- LIDAK
Pharmaceuticals (Nasdaq NNM: LDAKA) announced that it has entered
into a multi-national collaborative licensing agreement that
grants Bristol-Myers Squibb Company (NYSE: BMY) exclusive rights
to manufacture, market and sell LIDAK's topical n-docosanol 10%
cream (LIDAKOL TM) as a treatment for oral herpes Simplex virus 1
(HSV-1), which causes recurrent and sometimes painful and
unsightly cold sores and fever blisters. The agreement provides
Bristol-Myers Squibb with rights to commercialize LIDAKOL for
treatment of oral herpes in the U.S. and Canada and all remaining
major territories throughout the world which are not currently
licensed to other parties, including Mexico, China, South and
Central America, Australia and India, and portions of the Far
East. LIDAK retains all rights to the use of LIDAKOL for genital
herpes and other potential topical and systemic uses, but has
granted a right-of-first offer for such uses to Bristol-Myers
Squibb.
An important feature of the license agreement is the
establishment of a collaborative LIDAK/Bristol-Myers Squibb
Product Development Team to jointly execute the final stages of
product development including submission of a New Drug
Application (NDA) to the United States Food and Drug
Administration (FDA) later this year, and any required regulatory
filings in other licensed non-U.S. countries. LIDAK has managed
all of the preclinical development and the clinical development
of LIDAKOL in the U.S. and Canada through three Phase 3 human
trials, which were recently completed and are presently being
analyzed. The outcome of the data analysis portion of these
trials is expected by the end of March 1996.
--more--
<PAGE>
February 9, 1996
LIDAK PHARMACEUTICALS AND BRISTOL-MYERS SQUIBB SIGN MULTI-
NATIONAL COLLABORATIVE LICENSING AGREEMENT FOR LIDAKOL TM
Page 2
Financial terms of the agreement include substantial
payments consisting of an up-front licensing fee, which was paid
on signing, milestone payments tied to key events in the final
stages of product approval and commercialization, payment of all
development costs associated with the joint Development Program
and royalty payments on net sales of products once they are in
the marketplace. In keeping with company policy, the precise
financial details of the licensing transaction were not
disclosed.
In announcing the agreement, Dr. David H. Katz, LIDAK's
president and chief executive officer, commented, "We are
particularly pleased to team up with Bristol-Myers Squibb. Their
Project Team is comprised of exceptional people who have
displayed extraordinary cooperative spirit and enthusiasm about
the therapeutic potential of LIDAKOL. We look forward to
collaborating with such an outstanding world-class pharmaceutical
company on the final development of our oral herpes product."
This is the fifth licensing agreement that LIDAK has entered
into for LIDAKOL. Previously the Company has completed
agreements for rights in Europe and certain other territories
with Yamanouchi Europe, b.v., for Japanese rights with Grelan
Pharmaceuticals Co., Ltd., and with Boryung Pharmaceutical Co.,
Ltd. and CTS Chemical Industries, Ltd., for rights in Korea and
in Israel, respectively.
LIDAK Pharmaceuticals is developing therapeutic products
against virally caused diseases, inflammatory disorders and
cancer.
####
The information contained in the press release 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.
