First quarter results, nothing new here.
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Friday February 14 6:00 PM EDT
LIDAK Pharmaceuticals Announces First Quarter Fiscal Year 1997 Financial Results
LA JOLLA, Calif., Feb. 14 /PRNewswire/-- Lidak Pharmaceuticals reported its financial results for the first quarter of fiscal 1997 which ended December 31, 1996. The Company incurred a net loss of $3,220,758, or $0.09 per share, compared with a net loss of $2,070,405, or $0.07 per share, as restated, during the first quarter of fiscal 1996, which ended December 31, 1995. First quarter of fiscal 1997 revenues were $774,572 compared with $196,535 in revenues for the first quarter of fiscal 1996.
As of December 31, 1996, the Company had cash, cash equivalents and short term investments totaling $16.0 million and a working capital balance of $13.8 million.
Additional Phase 3 clinical trials are underway for the Company's most developed drug candidate, n-docosanol 10% cream (LIDAKOL(R)) as a treatment for oral herpes (cold sores or fever blisters). The Company anticipates completion of these studies, including data availability, around the summer of 1997.
The Company restated its operating results for the quarter ended December 31, 1995 from amounts previously reported to reflect the impact on interest expense and net loss for the period as a result of an adjustment in the fourth quarter of fiscal 1996. This adjustment recorded by the Company recognized non-cash interest expense associated with convertible notes issued during the year. The effect of this adjustment on the first quarter of fiscal 1996 was to increase interest expense and the reported net loss by $175,374 ($0.01 per share).
LIDAK Pharmaceuticals is developing therapeutic products against virally caused diseases, inflammatory disorders, allergic diseases and asthma, and cancer.
Financial table follows
LIDAK PHARMACEUTICALS
SUMMARY FINANCIAL INFORMATION
Three months ended December 31,
Statement of Operations data: 1996 1995
Revenues $774,572 $196,535
Net income (loss) $(3,220,758) $(2,070,405)
Net income (loss) per share $(0.09) $(0.07)
Weighted average shares outstanding 35,301,227 30,457,152
Balance sheet data: December 31, September 30,
1996 1996
Cash, cash equivalents and
short-term investments $16,091,391 $20,374,010
Working capital $13,791,768 $13,759,577
Total assets $17,882,837 $22,846,879
Total liabilities $2,923,776 $7,778,760
Stockholders' equity $14,959,061 $15,068,119
SOURCE LIDAK Pharmaceuticals |
