Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Lidak Pharm. [LDAKA] -- Ignore unavailable to you. Want to Upgrade?

To: Henry Volquardsen who wrote (837)	1/15/1998 9:39:00 AM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 1115

Here's the Bloomberg story, it's a bit more specific: La Jolla, California, Jan. 15 (Bloomberg) -- Lidak Pharmaceuticals, which has been seeking a marketing partner for its new herpes drug, received a financing offer of $80 million to $130 million from HealthMed Inc. to help distribute and sell the anti-herpes treatment. Lidak announced Dec. 31 that Bristol-Myers Squibb Co. canceled its license to market Lidak's anti-herpes drug, Lidakol. The drug is now facing U.S. Food and Drug Administration review for marketing approval. HealthMed's plan, which is being considered by a Lidak board committee, is intended to hasten certain development projects and assist in the marketing and distribution of Lidakol. Closely held HealthMed, based in Santa Monica, California, is affiliated with several large health companies. HealthMed's proposal calls for the acquisition of Lidak's voting stock, meaning HealthMed, acting as trustee, would gain voting rights, while shareholders of money-losing Lidak would keep the right to future earnings or dividends. HealthMed also intends to restructure Lidak's board. ''We are very fortunate to be able to create this new partnership,'' Lidak Chief Executive and President David Katz said in a statement. Katz sold about 30 percent of his stake in La Jolla, California-based Lidak to HealthMed and agreed to put the rest of his holdings in a voting trust with HealthMed as trustee. Lidak rose 3/16 yesterday to 2 7/32.