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Lidak Loses Herpes Drug Marketing Accord

January 01, 1998| Bloomberg News

Lidak Pharmaceuticals said Bristol-Myers Squibb Co. canceled its license to market Lidak's herpes drug, Lidakol, in North America. "We have no specific explanation for this cancellation," David Katz, Lidak's president and chief executive, said in a statement. The company intends to find new, more profitable ways to market its flagship drug. Shares of the La Jolla-based drug maker rose 23% on Oct. 15 on promising late-stage clinical trials of Lidakol, a topical treatment for acute herpes. The announcement came after the market's close. Lidak shares were unchanged at $2.38 on Nasdaq, while New York-based Bristol-Myers shares fell 56 cents to $94.63 on the New York Stock Exchange.

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