To All,
LIDAK Pharmaceuticals Sees No Reason For Stock Price Decline; Latest News Positive on Phase 3 Anti-Herpes Drug Trials
August 22, 1997 08:01 AM
LA JOLLA, Calif., Aug. 22 /PRNewswire/ -- LIDAK Pharmaceuticals LDAKA said today that its sees no reason for the recent decline in the price of the stock.
LIDAK President and CEO, David H. Katz, M.D. commented, "We are frankly surprised by the decline in our stock value in light of last week's announcement of new and positive data from the Phase 3 clinical trials of LIDAKOL(R), our anti-herpes drug. These data will enable us to submit later this year a New Drug Application for marketing approval to the U.S. Food & Drug Administration (`FDA')."
Dr. Katz said that the latest clinical results reflected significant reductions in 1) healing time of acute herpes episodes, 2) time-to-elimination of pain, itching and burning, and 3) a higher incidence of episodes that did not progress to open sores, "thus effectively aborting such outbreaks.
"We view these results as particularly significant," he said, "because we believe that our FDA application, if approved, will enable us to compete favorably in a market dealing with 150 million episodes of oral herpes each year in the U.S. alone. There is currently only one FDA-cleared drug as competition and LIDAK has major partners in the major markets around the world ready to commercialize our product when approved.
"Therefore," he concluded, "I want to reiterate to our shareholders and the rest of the public that our confidence in the positive implications of these new Phase 3 results is at the highest level possible, and that we are taking appropriate steps to communicate the significance of this important milestone of the Company to the medical community, the investment community and the general public."
LIDAK Pharmaceuticals is developing therapeutic products against virally caused diseases, inflammatory disorders, allergies and asthma, and cancer. SOURCE LIDAK Pharmaceuticals
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