Lidak Pharmaceuticals will redeem all of its class B warrants that havenot been exercised by June 1, the La Jolla, Calif., company saidMonday.The original term of the warrants ran until May 8, 1995. The companywas able to redeem earlier, however, because of a provision relating tothe average closing bid price of Lidak's common shares exceeding$3.15 for 30 consecutive trading days. The average closing bid price ofcommon shares for the period ending April 22 was $3.94. Lidak(NASDAQ:LDAKA) stock closed at $2.75 Tuesday, down 56 cents.There are 5.8 million class B warrants outstanding that, if all exercised,would bring in about $13.1 million at the exercise price of $2.25.Lidak now has 24.1 million shares outstanding, is burning $300,000 to$350,000 per month, and has about $9.5 million cash on hand, saidMichael Lorber, vice president and chief financial officer.Lorber said he expects Lidak's burn rate will increase as its topicalanti-viral cream formulation, Lidakol, moves into Phase III trials. APhase II trial of Lidakol for genital herpes is completed, as is a Phase IItrial in Europe of the anti-viral for oral herpes. The Phase III trial therewill be funded by licensing partner Yamanouchi Europe of theNetherlands. A U.S. Phase II trial of Lidakol for oral herpes is ongoing._ Jim Shrine
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