<PAGE> 1
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: February 18, 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)
<PAGE> 2
Item 5. OTHER EVENTS
The registrant incorporates by reference herein the press release dated
February 18, 1998, attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(i) Exhibit 99 -- Press Release dated February 18, 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 3, 1998 By:\s\Jeffery B. Weinress
-------------------------
Jeffery B. Weinress
Vice President & Chief Financial Officer
<PAGE> 1
EXHIBIT 99
DATE: FEBRUARY 18, 1998 LIDAK PHARMACEUTICALS CONTACT:Jeffery B. Weinress
NEWS RELEASE Vice President & CFO
RELEASE DATE: IMMEDIATE LIDAK Pharmaceuticals
(619) 558-0364, ext.242
LIDAK PHARMACEUTICALS ANNOUNCES FIRST QUARTER
FISCAL YEAR 1998 FINANCIAL RESULTS
LA JOLLA, CALIFORNIA - February 18, 1998 -- LIDAK Pharmaceuticals
(NASDAQ NM: LDAKA) reported its financial results for the first quarter of
fiscal 1998 which ended December 31, 1997. The Company incurred a net loss of
$1,341,047, or $0.03 per share during the first quarter of fiscal 1998, compared
to a net loss of $3,220,758 or $0.09 per share during the first quarter of
fiscal 1997. Revenues for the first quarter of fiscal 1998 were $220,000
compared with $775,000 in revenues for the first quarter of fiscal 1997.
Research and development expenses for the first quarter of fiscal 1998 decreased
to $884,000 from $2.2 million in the first quarter of fiscal 1997. The decrease
in expenses was primarily attributable to fewer activities related to the U.S.
Phase 3 clinical trials of LIDAKOL than were on-going in the first quarter of
fiscal 1997.
As of December 31, 1997, the Company had cash and cash equivalents
totaling $13.1 million and a working capital balance of $10.2 million.
LIDAK Pharmaceuticals is developing therapeutic products against virally
caused diseases, inflammatory disorders, allergic diseases and asthma, and
cancer.
Financial Table follows
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.
<PAGE> 2
LIDAK PHARMACEUTICALS
SUMMARY FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Three months ended
December 31,
----------------------------------
Statement of operations data: 1997 1996
------------ ------------
<S> <C> <C>
Revenues $ 219,759 $ 774,572
Net loss $ (1,341,047) $ (3,220,758)
Net loss per share $ (0.03) $ (0.09)
Weighted average number of
common shares outstanding 38,898,947 35,301,227
</TABLE>
<TABLE>
<CAPTION>
December 31, September 30,
1997 1997
------------ ------------
Balance sheet data:
<S> <C> <C>
Cash and cash equivalents $ 13,093,044 $ 14,428,834
Working capital $ 10,241,703 $ 11,336,627
Total assets $ 14,442,596 $ 15,727,495
Total liabilities $ 3,252,413 $ 3,433,569
Stockholders' equity $ 11,190,183 $ 12,293,926
</TABLE>
# # #
