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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: December 31, 1997
(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 31, 1997, attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(i) Exhibit 99 -- Press Release dated December 31, 1997.
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: January 2, 1998 By: \s\Jeffery B. Weinress
-------------------------
Jeffery B. Weinress
Vice President and
Chief Financial Officer
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EXHIBIT 99
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DATE: DECEMBER 31, 1997 LIDAK PHARMACEUTICALS CONTACT: JEFFERY B. WEINRESS
NEWS RELEASE VICE PRESIDENT/CFO
RELEASE DATE: IMMEDIATE LIDAK Pharmaceuticals
(619) 558-0364, ext. 242
STEVEN ROUHANDEH OR
JEFFREY B. DAVIS
STARTUP SOLUTIONS LLC
(212) 554-4158
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LIDAK PHARMACEUTICALS REPORTS CANCELLATION OF
BRISTOL-MYERS SQUIBB NORTH AMERICAN LICENSE
LA JOLLA, CALIFORNIA -- December 31, 1997 -- LIDAK Pharmaceuticals
(NASDAQ NM: LDAKA) announced today that it has received a notice of cancellation
from Bristol-Myers Squibb Company (NYSE: BMY) of their license to market LIDAK's
new topical herpes drug, LIDAKOL(R), in North America. The cancellation notice
came one week after LIDAK submitted a New Drug Application (NDA) with the U.S.
Food and Drug Administration (FDA) for marketing approval for the drug.
Commenting on the announcement, Dr. David H. Katz, LIDAK's president and
chief executive officer, stated, "We have no specific explanation for this
cancellation, except that it does not relate to the therapeutic potential of
LIDAKOL as a new treatment for recurrent herpes outbreaks. Although
disappointing, this turn of events now frees LIDAK to structure new arrangements
for marketing LIDAKOL in North America that could result in higher revenues to
the Company. We are actively exploring appropriate business strategies to
accomplish this end."
LIDAK Pharmaceuticals is developing therapeutic products against virally
caused diseases, allergies and asthma, inflammatory disorders 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. 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.
