Subject: Accountants Express Doubt About Lidak
Date: Published: 1/15/92 (30 lines)
Source: Wall Street Journal. Copyright Dow Jones & Co. Inc.

    Business Brief -- Lidak Pharmaceuticals:
    Accountants Express Doubt
    About Company's Viability

    Lidak Pharmaceuticals said its auditors, Deloitte &
 Touche, issued a qualified opinion on the company's annual
 results, saying it has "substantial doubts" about Lidak's
 ability to continue as an ongoing concern unless it can
 generate sufficient cash flow.
    But Lidak said it signed a letter of intent with a New
 York investment banking firm, which it declined to identify,
 to raise the funds it needs.  The announcement was made in
 connection with Lidak's release of its earnings for the
 fiscal year ended Sept. 30.  Lidak, based in La Jolla, Calif.,
 posted a net loss of $1.9 million, or 27 cents a share, on
 revenue of $547,875, compared with a year-earlier net loss of
 $2.3 million, or 61 cents a share, on revenue of $371,522.
    Despite the losses, Lidak Chief Financial Officer Michael
 H. Lorber said "we are optimistic about the company's future
 in general, and feel that when the financing is completed we
 will continue to move forward."  Lidak is developing
 pharmaceutical products to treat herpes, cancer and AIDS.  

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