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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the Registrant [x]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section240.14a-11(c) or Section240.14a-12
LIDAK PHARMACEUTICALS
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(Name of Registrant as Specified In Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
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[ ] Fee paid previously with preliminary materials.
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CONTACT: The Dilenschneider Group
Bob Stone/Ken DiPaola
212/922-0900
Gregory P. Hanson, CFO
619/558-0364 x 210
FOR IMMEDIATE RELEASE
LIDAK PHARMACEUTICALS FILES PROXY WITH THE SEC - WILL ASK SHAREHOLDERS TO
APPROVE CORPORATE NAME CHANGE TO AVANIR PHARMACEUTICALS
San Diego, CA: October 1, 1998: LIDAK Pharmaceuticals (NASDAQ: LDAKA)
has filed its definitive proxy with the Securities and Exchange Commission,
relating to a proposal approved by its Board of Directors that would change the
company's corporate name to Avanir Pharmaceuticals. The name change will require
an amendment to the company's articles of incorporation and must be approved by
a majority of its shareholders. A special meeting of the shareholders has been
scheduled for November 20, 1998 at 1:30 p.m. at LIDAK's corporate headquarters,
9393 Towne Centre Drive, Suite 200, San Diego, California.
"We have made significant changes in our executive management and
commercialization strategy", said president and CEO Gerald J. Yakatan, Ph.D. "To
emphasize the importance of these changes to our shareholders and our business
partners, we are proposing to change the Company's name to Avanir, which comes
from the French word meaning `the future'. The new name reflects our
re-positioned company and emphasizes the bright future we are working towards".
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Avanir
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The name change will not affect the validity of currently outstanding
stock certificates nor will shareholders be required to surrender or exchange
stock certificates currently held. The company has reserved the new ticker
symbol "AVNR" with the Nasdaq Stock Market.
LIDAK Pharmaceuticals develops therapeutic products for the treatment
of virally-caused diseases, allergy and asthma. The company filed a new drug
application (NDA) for its first product n-docosanol 10% cream, a topical
treatment for oral facial herpes, with the FDA in December 1997. A decision by
the FDA is anticipated in the fourth quarter 1998. LIDAK is currently finalizing
its product launch plans including possible co-promotional agreements to assist
with the marketing of the drug should it receive FDA approval. The company is
also seeking in-licensing agreements with other pharmaceutical companies for
late stage products to complete its drug pipeline.
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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, 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.
