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Biotech / Medical : Lidak Pharm. [LDAKA]
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To: luis a. garcia who wrote (706)11/11/1997 10:59:00 AM
From: luis a. garcia  Read Replies (1) of 1115
 
NEWS FLASH
LIDAK Pharmaceuticals' Chief Executive Increases
Personal Financial Stake in The Company

LA JOLLA, Calif., Nov. 11 /PRNewswire/ -- LIDAK Pharmaceuticals (Nasdaq: LDAKA - news)
announced that Dr. David H. Katz, its president and chief executive officer, will be making an
additional investment in the Company of approximately three-quarters of a million dollars. This will
be in addition to the $1.0 million he invested in the Company in early 1992 in connection with a $5.0
million private financing.

The investors in the 1992 financing purchased Class A Common Stock and received Class D
Warrants to purchase additional shares of Class A Stock within 5 years at the exercise price of
$1.50 per share. Dr. Katz received Class D Warrants to purchase 500,000 shares of Common
Stock in connection with his investment. It is these Class D Warrants which Dr. Katz has begun
exercising.

In order to fund the exercise of his Class D Warrants, Dr. Katz will be selling a limited portion of his
present equity holdings in the Company. At the conclusion of these transactions, Dr. Katz and his
immediate family will own nearly 4.0 million shares of the Company stock and will have sold less
than 50,000 shares in connection with the current Class D Warrant transaction.

The total of approximately three-quarters of a million dollars of Dr. Katz's investment in exercising
his Class D Warrants will go directly to the Company treasury.
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