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Lidak Ex-CEO Joins Group Seeking Control

March 17, 1998|Bloomberg News

Lidak Pharmaceuticals' recently fired chief executive joined a shareholder group that is seeking to take control of the drug developer. La Jolla-based Lidak on March 5 said it fired David H. Katz as president and CEO, after he criticized other board member for failing to accept a loan from HealthMed Inc. for between $80 million and $130 million to help sell Lidak's herpes drug, Lidakol. Now HealthMed is leading the dissident shareholder group that wants to elect three members to Lidak's board at the April 18 annual meeting, according to the group's Schedule 13D filing to the Securities and Exchange Commission. Katz is a Lidak director and is not up for reelection this year. HealthMed holds a 5.4% stake in Lidak. Lidak officials weren't available for comment. Katz and HealthMed did not return phone calls.

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