<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington D.C.  20549
                                       
                                   FORM 10-Q
                                       
                                       
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

                     For the Quarter Ended March 31, 1998

                                      or
                                       
[ ] Transition report pursuant to Section 13 or 15(d) of Securities
    Exchange Act of 1934
                                       
                                       
                        Commission file number 1-14430
                                               -------
                                       
                             MAXIM PHARMACEUTICALS, INC.
            (Exact name of registrant as specified in its charter)
                                       
                                       
                                       
          Delaware                                  87-0279983
  --------------------------------------------------------------------------
  (State of incorporation)              (I.R.S. Employer Identification No.)
                                       
                                       
 8899 University Center Lane, Suite 200, San Diego, CA        92122
 ------------------------------------------------------------------------
 (Address of principal executive offices)                  (Zip  Code)
                                       
                               (619) 453-4040
             ----------------------------------------------------
             (Registrant's telephone number, including area code)
                                       
               10835 Altman Row, Suite 150, San Diego, CA 92121
               ------------------------------------------------
                (former address, if changed since last report)
                                       
                                       
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.   Yes   X      No
                                                -----       ----

As of May 8, 1998, the registrant had 9,278,986 shares of Common Stock, $.001
par value, outstanding.

<PAGE>

                          MAXIM PHARMACEUTICALS, INC.
                         (A Development Stage Company)
                                       
                                       
                                       
                                     INDEX

<TABLE>
<CAPTION>

Part I - Financial Information                                      Page
------------------------------                                      ----
<S>                                                                 <C>
  Item 1. Financial Statements

          Balance Sheets -
          March 31, 1998 (unaudited) and September 30, 1997........  1

          Statements of Operations (unaudited) -
          Three Months and Six Months Ended March 31, 1998
          and 1997, and from Inception (October 23, 1989)
          through March 31, 1998..................................   2

          Statements of Cash Flows (unaudited) -
          Six Months Ended March 31, 1998 and 1997
          and from Inception (October 23, 1989) through
          March 31, 1998..........................................   3

          Notes to Financial Statements...........................   4



  Item 2. Management's Discussion and Analysis of
          Financial Condition and Results of Operations...........   6


Part II - Other Information
---------------------------
  
  Item 1. Legal Proceedings.......................................   8
  
  
  Item 2. Changes in Securities and Use of Proceeds...............   8


  Item 4. Submission of Matters to a Vote of Security Holders.....   8


  Item 6. Exhibits and Reports on Form 8-K........................   9


SIGNATURE.........................................................   9

</TABLE>

<PAGE>

BALANCE SHEETS

MAXIM PHARMACEUTICALS, INC.  (A DEVELOPMENT STAGE COMPANY)

<TABLE>
<CAPTION>

                                                     March 31, 1998  September 30, 1997
                                                     --------------  ------------------
ASSETS                                                (UNAUDITED)
CURRENT ASSETS:
<S>                                                 <C>              <C>
 Cash and cash equivalents                          $  13,125,879    $    447,523
 Short-term investments in marketable securities       19,626,042       9,389,690
 Inventory                                                645,000               -
 Accrued interest and other current assets              1,498,440         576,836
                                                    -------------    ------------
   Total current assets                                34,895,361      10,414,049

Investments in marketable securities                    7,953,755       2,322,398
Patents and licenses, net                               1,823,700       1,815,428
Property and equipment, net                               935,922         718,988
Other assets                                              257,693         586,893
                                                    -------------    ------------
   Total assets                                     $  45,866,431    $ 15,857,756
                                                    -------------    ------------
                                                    -------------    ------------

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
 Accounts payable                                   $   2,850,181    $  1,082,038
 Accrued expenses                                         759,939         597,388
 Note payable                                              14,933         102,161
 Current portion of long-term debt                        185,844         127,712
                                                    -------------    ------------
  Total current liabilities                             3,810,897       1,909,299

Long-term debt, less current portion                      537,165         555,229

STOCKHOLDERS' EQUITY:
 Preferred stock, $.001 par value,
  5,000,000 shares authorized                                   -               -
 Common stock, $.001 par value,
  20,000,000 shares authorized;
  9,272,221 and 6,671,237 shares
  issued and outstanding at
  March 31, 1998 and September 30,
  1997, respectively                                        9,272           6,672
 Additional paid-in capital                            69,289,156      34,269,521
 Deficit accumulated during the development stage     (27,750,804)    (20,832,052)
 Deferred compensation                                    (29,255)        (50,913)
                                                    -------------    ------------
  Total stockholders' equity                           41,518,369      13,393,228
                                                    -------------    ------------
   Total liabilities and stockholders' equity       $  45,866,431    $ 15,857,756
                                                    -------------    ------------
                                                    -------------    ------------

</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

                                      1

<PAGE>

STATEMENTS OF OPERATIONS (UNAUDITED)

MAXIM PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY)

<TABLE>
<CAPTION>

                                                            Three Months Ended           Six Months Ended        October 23, 1989
                                                                March 31                     March 31            (inception) to
                                                          1998           1997           1998           1997      March 31, 1998
                                                      -----------    -----------    -----------    -----------   --------------
<S>                                                   <C>            <C>            <C>            <C>           <C>
Operating expenses:
 Research and development                             $ 3,493,278    $ 1,215,456    $ 6,402,861    $ 1,755,048    $ 21,757,284
 Business development                                     192,775         99,425        314,620        163,179         927,710
 General and administrative                               720,608        493,119      1,349,239        901,385      10,700,252
                                                      -----------    -----------    -----------    -----------    ------------
  Total operating expenses                              4,406,661      1,808,000      8,066,720      2,819,612      33,385,246

Other income (expense):
 Investment income                                        656,585        239,918      1,185,001        505,160       2,399,781
 Interest expense                                         (18,371)       (14,972)       (37,033)       (32,305)     (2,018,404)
 Other expense                                                  -        (13,564)             -        (14,421)       (116,964)
 Gain on sale of subsidiary                                     -              -              -              -       2,288,474
 Research grant revenue                                         -              -              -              -       2,946,001
                                                      -----------    -----------    -----------    -----------    ------------
  Total other income (expense)                            638,214        211,382      1,147,968        458,434       5,498,888
                                                      -----------    -----------    -----------    -----------    ------------

Discontinued operations:
 Loss from operation of discontinued
  diagnostic division                                           -              -              -              -        (347,608)
 Gain on sale of diagnostic division                            -              -              -              -         483,162
                                                      -----------    -----------    -----------    -----------    ------------
Net loss                                              $(3,768,447)   $(1,596,618)   $(6,918,752)   $(2,361,178)   $(27,750,804)
                                                      -----------    -----------    -----------    -----------    ------------
Net loss per share of common stock                    $     (0.41)      $  (0.24)   $     (0.78)   $     (0.35)
                                                      -----------    -----------    -----------    -----------
Weighted average shares outstanding                     9,248,908      6,671,237      8,912,557      6,671,238
                                                      -----------    -----------    -----------    -----------

</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

                                      2

<PAGE>

STATEMENTS OF CASH FLOWS (UNAUDITED)

MAXIM PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY)

<TABLE>
<CAPTION>

                                                            Six Months Ended
                                                                March 31           October 23, 1989
                                                     ---------------------------    (inception) to
                                                           1998          1997       March 31, 1998
                                                     ------------    -----------    --------------
<S>                                                  <C>             <C>           <C>
OPERATING ACTIVITIES:
Net loss                                             $ (6,918,752)   $(2,361,178)   $(27,750,804)
Adjustments to reconcile net loss to net cash
 used in operating activities:
 Depreciation and amortization                            168,497        103,347       1,212,425
 Amortization of net premium on investments                61,367         84,308         217,709
 Stock options issued as compensation                      21,658         33,913         462,647
 Loss on write-off of patents                                   -              -         242,212
 Gain on sale of subsidiary                                     -              -      (2,288,474)
 Loss on disposal of property and equipment                   481              -         133,164
 Loss on write-off of  receivable from related party            -              -         147,803
 Other                                                          -              -          51,701
 Gain on sale of diagnostic division                            -              -        (483,162)
 Loss on write-off of purchased research
  and development                                               -              -       2,646,166
 Cumulative effect of reorganization                            -              -       1,152,667
 Changes in operating assets and liabilities:
  Accrued interest and other current assets            (1,566,604)        46,946      (2,143,440)
  Other assets                                            329,200       (200,000)       (405,496)
  Accounts payable                                      1,768,143        349,010       2,850,181
  Accrued expenses                                        162,551        101,745         781,149
                                                     ------------    -----------    ------------
   Net cash used in operating activities               (5,973,459)    (1,841,909)    (23,173,552)

INVESTING ACTIVITIES:
Purchases of marketable securities                    (25,662,576)    (8,151,437)    (51,572,006)
Maturities of marketable securities                     9,733,500      7,996,000      23,774,500
Additions to patents and licenses                         (89,418)      (513,201)     (2,584,258)
Purchases of property and equipment                      (304,766)      (612,348)     (1,917,461)
Cash acquired in acquisition of business                        -              -         985,356
Proceeds from sale of diagnostic division                       -              -         496,555
                                                     ------------    -----------    ------------
 Net cash used in investing activities                (16,323,260)    (1,280,986)    (30,817,314)

FINANCING ACTIVITIES:
Proceeds from issuance of notes payable and
 long-term debt                                            72,180        408,195       5,462,983
Payments on notes payable and long-term debt             (119,340)             -      (3,166,123)
Proceeds from issuance of notes payable to
 related parties                                                -              -       4,982,169
Payments on notes payable to related parties                    -              -      (1,329,885)
Net proceeds from issuance of common stock
 and warrants                                          35,022,235             68      60,680,101
Net proceeds from issuance of preferred stock                   -              -         487,500
                                                     ------------    -----------    ------------
Net cash provided by financing activities              34,975,075        408,263      67,116,745
                                                     ------------    -----------    ------------
Net increase (decrease) in cash and cash equivalents   12,678,356     (2,714,632)     13,125,879

Cash and cash equivalents at beginning of period          447,523      4,070,089               -
                                                     ------------    -----------    ------------
Cash and cash equivalents at end of period           $ 13,125,879    $ 1,355,457    $ 13,125,879
                                                     ------------    -----------    ------------
                                                     ------------    -----------    ------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS.

                                      3

<PAGE>

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

MAXIM PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY)

1.  PRINCIPLES OF INTERIM PERIOD REPORTING

Maxim Pharmaceuticals, Inc. (the "Company") has not earned significant 
revenues from planned principal operations.  Accordingly, the Company's 
activities have been accounted for as those of a "Development Stage 
Enterprise" as set forth in Financial Accounting Standards Board Statement 
No. 7 ("SFAS 7").

In the opinion of the Company, the unaudited financial statements contain all 
of the adjustments, consisting only of normal recurring adjustments and 
accruals, necessary to present fairly the financial position of the Company 
as of March 31, 1998 and September 30, 1997, and the results of operations 
for the three months and six months ended March 31, 1998 and 1997 and from 
inception (October 23, 1989) to March 31, 1998.  The results of operations 
for the three months and six months ended March 31, 1998 are not necessarily 
indicative of the results to be expected in subsequent periods or for the 
year as a whole. For further information, refer to the financial statements 
and footnotes thereto for the year ended September 30, 1997.

2.  LOSS PER SHARE OF COMMON STOCK

Effective October 1, 1997, the Company adopted Financial Accounting Standards 
Board Statement No. 128, "Earnings per Share" ("SFAS 128"). Loss per share of 
common stock is computed by dividing the net loss by the weighted average 
number of shares of common stock outstanding during the period. Loss per 
share calculated by including the additional common shares issuable upon 
exercise of outstanding options and warrants is not presented as these 
securities are antidilutive.

3.  LINE OF CREDIT AGREEMENT

In March 1997 the Company entered into a line of credit agreement with a 
bank. Under the agreement the Company was permitted to borrow up to $900,000 
during 1997 to fund qualified equipment purchases.  At January 1, 1998,  
$718,620 in outstanding advances under the line of credit converted to a term 
loan payable in equal installments over 48 months, including interest at 
prime plus 0.5%. In March 1998 the line of credit agreement was amended to 
permit the Company to borrow up to an additional $700,000 during 1998.  The 
existing term loan and the line of credit are both secured by all assets of 
the Company.  At January 1, 1999, any outstanding advances under the line of 
credit will convert to a term loan payable in 48 equal installments , 
including interest at prime plus 0.25%. No advances under the line of credit, 
as amended, have been made at March 31, 1998.

4.  STOCKHOLDERS' EQUITY

SECONDARY PUBLIC OFFERING - During October 1997 the Company completed a 
secondary public offering in which it sold 2,500,000 shares of common stock 
at a price of $15.25 per share.  The Company received net proceeds of 
approximately $34,700,000 after underwriting discounts and other issuance 
costs.

                                      4

<PAGE>

4.  STOCKHOLDERS' EQUITY  (CONTINUED)

SHARES ISSUED UPON EXERCISE OF COMMON STOCK OPTIONS AND WARRANTS -  During 
the six months ended March 31, 1998 the Company issued 50,773 and 49,732 
shares of common stock upon the exercise of warrants and options, 
respectively.

5.  LEASE COMMITMENT

In January 1998 the Company entered into a two-year operating lease 
commencing February 1998 for approximately 12,500 square feet of additional 
office facilities located in San Diego, California.  The lease requires 
monthly base rent in the amount of approximately $29,000.  The base rent is 
subject to adjustment for the second year.

                                      5

<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MAXIM PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY)

THIS MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 
OF OPERATIONS CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS 
AND UNCERTAINTIES. THE COMPANY'S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM 
THOSE ANTICIPATED IN THESE FORWARD-LOOKING STATEMENTS.  FACTORS THAT MAY 
CAUSE SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, THOSE DISCUSSED UNDER 
"RISK FACTORS" AND ELSEWHERE IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 
THE YEAR ENDED SEPTEMBER 30, 1997 AND THE COMPANY'S REGISTRATION STATEMENT ON 
FORM S-3 (FILE NO. 333-4854-LA), AS AMENDED THROUGH THE DATE HEREOF, EACH AS 
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING THE 
UNCERTAINTIES ASSOCIATED WITH RESEARCH AND DEVELOPMENT, THE RISK THAT 
PRODUCTS THAT APPEARED PROMISING IN EARLY CLINICAL TRIALS DO NOT DEMONSTRATE 
EFFICACY IN LARGER-SCALE CLINICAL TRIALS, THE RISK THAT CLINICAL TRIALS WILL 
NOT COMMENCE WHEN PLANNED, AND THE RISK THAT THE COMPANY WILL NOT OBTAIN 
APPROVAL TO MARKET ITS PRODUCTS.

RESULTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 
1998 AND 1997

RESEARCH AND DEVELOPMENT EXPENSES - For the quarter ended March 31, 1998, 
research and development expenses were $3,493,000, an increase of $2,278,000, 
or 187%, over the same period in the prior year.  This increase was primarily 
attributable to increased activity related to late-stage clinical trials of 
the Company's MAXAMINE-Registered Trademark- therapy, including hiring 
additional clinical and development personnel, clinical trial site and 
contract research organization costs and other costs associated with the 
commencement in June 1997 of a Phase III cancer clinical trial in the United 
States, the commencement in November 1997 of an international Phase III 
cancer clinical trial, and the commencement of a third international Phase 
III cancer clinical trial in February 1998.

For the six months ended March 31, 1998, research and development costs were 
$6,403,000, an increase of $4,648,000, or 265%, over the same period of the 
prior year.  The increase resulted from the Phase III clinical trial efforts 
described above.

BUSINESS DEVELOPMENT AND GENERAL AND ADMINISTRATIVE EXPENSES - For the 
quarter ended March 31, 1998, business development expenses totaled $193,000, 
approximately double the $99,000 in expense recorded in the same quarter in 
the prior year.  This increase was due to additional personnel and other 
resources devoted to corporate partnering efforts and market evaluations.  
General and administrative expenses for the quarter ended March 31, 1998 were 
$721,000, an increase of $227,000, or 46%, over the prior year quarter.  This 
increase was in a large part due to the increased personnel costs and general 
expenses associated with the Company's expanded operations.

Business development costs for the six month period ended March 31, 1998 
totaled $315,000, an increase of $151,000, or 93%, over the same period of 
the prior year.  General and administrative expense for the six month period 
ended March 31, 1998 were $1,349,000, an increase of $448,000, or 50%, over 
the same period of the prior year.  Both of these increases resulted from the 
expanded activities described above.

OTHER INCOME (EXPENSE) - Investment income was $657,000 for the quarter ended 
March 31, 1998, compared to $240,000 for the same period in the prior year. 
This increase was due to income on the proceeds of the Company's secondary 
public offering completed in October 1997.  Interest expense for the quarter 
ended March 31, 1998 approximated that of the prior year quarter and totaled 
$18,000.

Investment income was $1,185,000 for the six month period ended March 31, 
1998, compared to $505,000 for the same period of the prior year, due to the 
income on the offering proceeds described above.  Interest 

                                      6

<PAGE>

expense for the six month period ended March 31, 1998 was $37,000, consistent 
with the same period of the prior year.

NET LOSS - Net loss for the quarter ended March 31, 1998 totaled $3,768,000, 
an increase of $2,172,000, or 136%, over the same period of the prior year. 
The increase was due to the expansion of research and development and general 
corporate activities described above, partially offset by the current quarter 
increase in investment income.  Net loss per share of common stock for the 
three month period was $.41, a 71% increase over the loss of $.24 per share 
for the same period of the prior year resulting from the increase in net loss 
for the quarter partially offset by the increase in the number of shares of 
common stock outstanding.

Net loss for the six months ended March 31, 1998 totaled $6,919,000, an 
increase of $4,558,000, or 193%, over the same period of the prior year.  Net 
loss per share of common stock for the six month period was $.78, a 123% 
increase over the loss of $.35 per share for the same period of the prior 
year.

LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations primarily through the sale of its 
equity securities, including an initial public offering in July 1996 and an 
international secondary public offering in October 1997 which provided net 
proceeds to the Company of approximately $18.2 million and $34.7 million, 
respectively.

As of March 31, 1998, the Company had cash, cash equivalents and investments 
totaling approximately $40.7 million.  For the six months ended March 31, 
1998, net cash used in the Company's operating activities was approximately 
$6.0 million.  The Company expects its cash requirements to increase 
significantly in future periods as it conducts additional product development 
efforts including clinical trials, other research and development activities, 
and efforts associated with the commercial launch of any products that are 
developed.  Among the activities which are expected to result in an increase 
in cash requirements are two Phase III cancer clinical trials of the MAXAMINE 
THERAPY commenced in 1997, and the commencement of a third international 
Phase III cancer clinical trial in February 1998.

The Company's cash requirements may vary materially from those now planned 
because of the results of clinical trials and other research and development, 
the time and costs involved in obtaining regulatory approvals, the cost of 
filing, prosecuting, defending and enforcing patent claims and other 
intellectual property rights, competing technological and market 
developments, changes in the Company's existing research relationships, the 
ability of the Company to establish collaborative arrangements and the 
development of the Company's product commercialization activities.  As a 
result of these factors, it is difficult to predict accurately the timing and 
amount of the Company's cash requirements.  In order to successfully 
commercialize any of its products, the Company expects that it will 
ultimately be required to seek additional funds through public or private 
financings or collaborative arrangements with corporate partners.  The 
issuance of additional equity securities could result in substantial dilution 
to the Company's stockholders.  There can be no assurance that additional 
funding will be available on terms acceptable to the Company, if at all.  The 
failure to fund its capital requirements would have a material adverse effect 
on the Company's business, financial condition and results of operations.

The Company has never paid a cash dividend and does not contemplate the 
payment of cash dividends in the foreseeable future.

                                      7

<PAGE>

PART II-OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

In March 1997 the former President and Chief Operating Officer and Chief 
Financial Officer of the Company (the "Former Employees") filed a complaint 
in the Superior Court in the State of California, County of San Diego (the 
"Complaint") seeking claims for certain purported damages in contract and in 
tort arising from their respective terminations of employment with the 
Company. In May 1998 the Company entered into an agreement with the Former 
Employees resulting in a full and final release of claims against the Company 
and a dismissal with prejudice of the Complaint.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

(c)  In March 1998, the Company issued 18,441 shares of common stock upon 
exercise of warrants previously issued to the underwriter of the Company's 
initial public offering.  In April 1998, the Company issued 6,140 shares of 
common stock upon exercise of warrants previously issued to an affiliate of 
the above mentioned underwriter.  The Company issued such shares in reliance 
on the exemption provided by Section 4(2) of the Securities Act of 1933, as 
amended.

(d) Of the net offering proceeds to the Company of $18.2 million that 
resulted from the sale of shares of common stock and warrants pursuant to the 
Company's Registration Statement on Form SB-2 (File No. 333-4854-LA), through 
March 31, 1998, the following payments have been made:

<TABLE>
                                                              (A)            (B)
<S>                                                      <C>            <C>
Purchase and installation of
machinery and equipment                                                  715,000

Repayment of indebtedness                                 289,000        667,000

Interest earning bonds and securities                                  5,611,000

Research and development expenses                                      7,857,000

Business development expenses                                            446,000

General and administrative                                             2,117,000

Intellectual property                                                    518,000
</TABLE>


(A)  Direct or indirect payments to directors, officers, general partners of
     the issuer or their associates; to persons owning ten percent or more of
     any class of equity securities of the issuer; and to affiliates of the
     issuer.
(B)  Direct or indirect payments to others.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

At the Annual Meeting of Stockholders of the Company held on February 20, 
1998, the following matters were voted on and approved:

1.  Two Directors were elected to the Board of Directors to hold office for a 
    three-year term or until their successors are elected and qualified.  The 
    following persons were elected:  Per-Olof Martensson and Larry G. 
    Stambaugh. 7,685,472 shares of Common Stock, or 99.95% of the shares 
    voting, voted in favor of each of the foregoing individuals.  There were 
    no votes against either of the foregoing individuals and 3,556, or 0.05% 
    of the shares voting, abstained.  The term of office of the remaining 
    three Directors, Colin B. Bier, Ph.D., G. Steven Burrill and F. Duwaine 
    Townsen continued after the meeting.

                                      8

<PAGE>

2.  The 1993 Long-Term Incentive Plan (the "Incentive Plan"), as amended to 
    increase the aggregate number of shares authorized for issuance under the 
    Incentive Plan from a total of 1,000,000 shares to 1,300,000 shares, was 
    approved.  7,083,863 shares of Common Stock, or 92.13% of the shares 
    voting, voted in favor of the proposal.  604,315 shares, or 7.86% of the 
    voting shares, voted against the proposal, 850 shares, or 0.01% of the 
    voting shares, abstained.

3.  The Boards selection of KPMG Peat Marwick LLP as the Company's 
    independent public accountants for the fiscal year ended September 30, 
    1998 was ratified.  7,687,168 shares of Common Stock, or 99.98% of the 
    shares voting, voted in favor of the proposal.  850 shares, or 0.01% of 
    the voting shares, voted against the proposal, and 1,010 shares, or 0.01% 
    of the voting shares, abstained.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

A)   EXHIBITS

<TABLE>
<CAPTION>

Exhibit Number        Description of Exhibit
--------------        ----------------------
<S>                   <C>
      10.20 (1)       Form of lease dated January 13, 1998 between British
                      Pacific Properties Corporation, a California Corporation,
                      As Landlord and the Registrant

       10.21          Amendment to Loan and Security Agreement dated
                      March 16, 1998 between the Registrant and Silicon
                      Valley Bank.

       27.1           Financial Data Schedule

</TABLE>

(1)  Previously filed as an exhibit to Registrant's Quarterly Report on 
     Form 10-Q (File No. 1-14430) for the quarter ended December 31, 1997.


b.)  REPORTS ON FORM 8-K

No reports on Form  8-K were filed during the quarter ended March 31, 1998.




Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                          Maxim Pharmaceuticals,  Inc.


Date:  May 8, 1998        /s/ Dale A. Sander
                          --------------------------------------
                          Dale A. Sander
                          Chief Financial Officer
                          (Principal Accounting Officer and Officer
                          duly authorized to sign this report on
                          behalf of the registrant)

                                      9