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UNITED STATES
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: March 5, 1998
(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
March 5, 1998, attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(i) Exhibit 99 -- Press Release dated March 5, 1998.
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: March 12, 1998 By:\s\Jeffery B. Weinress
-------------------------
Jeffery B. Weinress
Vice President & Chief Financial Officer
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EXHIBIT 99
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DATE: March 5, 1998 LIDAK PHARMACEUTICALS CONTACT: Jeffery B. Weinress
NEWS RELEASE Vice President & CFO
RELEASE DATE: IMMEDIATE LIDAK Pharmaceuticals
(619) 558-0364, ext. 242
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LIDAK PHARMACEUTICALS NAMES
GERALD J. YAKATAN, PH.D., PRESIDENT & CEO
LA JOLLA, CALIFORNIA - March 5, 1998 -- LIDAK Pharmaceuticals (NASDAQ
NM: LDAKA) announced today that that Gerald J. Yakatan, Ph.D. has been appointed
the new President & CEO of LIDAK. Dr. Yakatan was recently appointed a director
of LIDAK as well. The Board of Directors also announced that David H. Katz, M.D.
has been terminated as President and CEO of LIDAK. Dr. Katz will remain as a
director of the Company.
William N. Jenkins, Chairman of the Board, said, "We are very pleased to
promote Jerry Yakatan to this position. Jerry brings broad expertise in both
business and scientific management to LIDAK at this very important stage of the
Company's development."
Mr. Jenkins also stated, "We recognize and appreciate Dr. Katz'
contributions to the Company and the development of its technologies. The Board
of Directors believes, however, that a change in executive management is
necessary at this time."
Dr. Yakatan stated, "I look forward to leading LIDAK as it
commercializes LIDAKOL, the Company's topical drug for the treatment of oral
facial herpes, and develops new products and technologies to create long-term
value for the Company's shareholders."
Since 1987, Dr. Yakatan, 55, has served in a variety of executive
positions in the San Diego biomedical community. Dr. Yakatan has served as
LIDAK's Vice President of Drug Development since July 1995. He also has served
as President and CEO of IriSys Research & Development, LLC, a company
specializing in contract drug development formulation services, which he founded
in 1996. From 1990 until 1995, Dr. Yakatan served as President and CEO of Tanabe
Research Laboratories, USA, Inc., an inflammation drug discovery company. From
1987 until 1990, Dr. Yakatan was Executive Vice President for Research and
Development, and Vice President of Pharmaceutical Development at Immunetech
Pharmaceuticals.
From 1980 to 1987, Dr. Yakatan held various positions at Warner-Lambert,
initially joining the Warner-Lambert/Parke-Davis Pharmaceutical Research
Division as Director, Pharmacokinetics/Drug Metabolism and later serving as Vice
President of Product Development Worldwide for the Pharmaceutical
Research Division.
From 1972 to 1980, Dr. Yakatan was on the faculty of the University of
Texas at Austin and Assistant Director of the Drug Dynamics Institute at the
College of Pharmacy.
Dr. Yakatan has over twenty-five years of drug discovery and development
experience and has served on numerous civic and professional boards in San
Diego. He was the 1993 Distinguished Pharmacy Alumnus of the University of
Florida and in 1996 was honored with the Distinguished Service Award by the
American College of Clinical Pharmacology. Dr. Yakatan is a Fellow of the
American Association of Pharmaceutical Scientists and the American College of
Clinical Pharmacology. Dr. Yakatan received his B.S. in Pharmacy in 1963 and
M.S. in Pharmaceutical Chemistry in 1965 from Temple University. In 1971, Dr.
Yakatan was awarded a Ph.D. in Pharmaceutical Sciences from the University of
Florida.
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LIDAK Pharmaceuticals is developing therapeutic products designed to
treat virally caused diseases, allergies and asthma, inflammatory disorders and
cancer. LIDAK's topical drug for the treatment of recurrent oral facial herpes,
LIDAKOL, was recently submitted to the United States Food and Drug
Administration for marketing approval.
# # #
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. Final
review decisions made by the FDA and other regulatory agencies concerning
clinical trial results are unpredictable and outside of the influence and/or
control of the Company.
