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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: April 27, 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
April 27, 1998, attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(i) Exhibit 99 -- Press Release dated April 27,1998.
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: April 27,1998 By: \s\Jeffery B. Weinress
--------------------------------
Jeffery B. Weinress
Vice President & Chief Financial
Officer
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EXHIBIT 99
DATE: April 27, 1998 LIDAK PHARMACEUTICALS
NEWS RELEASE
CONTACT: Ann Shanahan-Walsh
Media Relations Director
LIDAK Pharmaceuticals
(619) 558-0364, ext. 366
Jeffery B. Weinress
Vice President/CFO
LIDAK Pharmaceuticals
RELEASE DATE: IMMEDIATE (619) 558-0364, ext. 242
LIDAK PHARMACEUTICALS ANNOUNCES SECOND QUARTER
FISCAL YEAR 1998 FINANCIAL RESULTS
LA JOLLA, CALIFORNIA - April 27, 1998 -- LIDAK Pharmaceuticals (NASDAQ
NM: LDAKA) reported its financial results for the second quarter of fiscal 1998
which ended March 31, 1998. The Company incurred a net loss of $2,075,987, or
$0.05 per share during the second quarter of fiscal 1998, compared to a net loss
of $3,864,396 or $0.11 per share during the second quarter of fiscal 1997.
Revenues for the second quarter of fiscal 1998 were $132,372 compared with
$262,984 in revenues for the second quarter of fiscal 1997.
For the six months ended March 31, 1998, LIDAK reported a net loss of
$3,417,033, or $0.09 per share, on revenues of $352,132. This compares to a net
loss of $7,085,154 or $0.20 per share during the six months ended March 31, 1997
on revenues of $1,037,556.
The decrease in net loss for the six months ended March 31, 1998
compared to the net loss for the six months ended March 31, 1997 is primarily
the result of lower resesearch and development expenses due to the completion of
the U.S. Phase 3 clinical trials of LIDAKOL that were on-going in the 1997
periods, and lower interest expense associated with decreased debt obligations
in the 1998 period. Partially offsetting the overall decrease in net loss during
the 1998 period were increased general and administrative expenses arising from
legal and other fees related to the financing proposal presented by HealthMed,
Inc. in January 1998.
As of March 31, 1998, the Company had cash and cash equivalents
totaling $10.7 million and a working capital balance of $9.4 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, clinical trials and
litigation. Final decisions made by the FDA, other regulatory agencies and the
courts are unpredictable and outside of the influence and/or control of the
Company.
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April 27, 1998
LIDAK PHARMACEUTICALS ANNOUNCES SECOND QUARTER FISCAL YEAR 1998 FINANCIAL
RESULTS
PAGE 2
LIDAK PHARMACEUTICALS
SUMMARY FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Three months ended Six months ended
March 31, March 31,
------------------------------ ------------------------------
Statement of operations data: 1998 1997 1998 1997
- ----------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues $ 132,372 $ 262,984 $ 352,132 $ 1,037,556
Net loss $ (2,075,987) $ (3,864,396) $ (3,417,033) $ (7,085,154)
Net loss per share $ (0.05) $ (0.11) $ (0.09) $ (0.20)
Weighted average number of
common shares outstanding 39,458,510 36,719,420 39,175,597 36,002,531
</TABLE>
<TABLE>
<CAPTION>
March 31, September 30,
1998 1997
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Balance sheet data:
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<S> <C> <C>
Cash, cash equivalents and
short term investments $10,650,684 $14,428,834
Working capital $ 9,424,907 $11,336,627
Total assets $12,008,083 $15,727,495
Total liabilities $ 1,694,354 $ 3,433,569
Stockholders' equity $10,313,729 $12,293,926
</TABLE>
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