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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 3, 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 3, 1998, attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(i) Exhibit 99 -- Press Release dated March 3, 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 3, 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 ANNOUNCES
TERMINATION OF DISCUSSIONS WITH HEALTHMED, INC.
LA JOLLA, CALIFORNIA - March 3, 1998 -- LIDAK Pharmaceuticals (NASDAQ
NM: LDAKA) announced today that it has received correspondence from HealthMed,
Inc. unilaterally terminating all discussions with respect to a loan
transaction. William Jenkins, Chairman of the Special Committee of independent
directors of LIDAK formed to evaluate the HealthMed proposal, noted that the
termination letter was received on the eve of the date HealthMed had scheduled
to conduct due diligence at the Company and shortly after LIDAK had requested
diligence of HealthMed and its financing source relating to their ability to
perform.
Mr. Jenkins expressed disappointment at HealthMed's decision to
terminate discussions. "We were looking forward to determining whether a
HealthMed transaction could be achieved consistent with the best interests of
LIDAK shareholders. Although we remain open to productive dialogue with
HealthMed, the LIDAK Board of Directors intends to pursue aggressively other
means to realize the value of LIDAKOL and the Company's other potential
products."
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.
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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.
