Corvas Reports First Quarter 2001 Results

Apr 24, 2001, 01:00 ET from Corvas International, Inc.

    SAN DIEGO, April 24 /PRNewswire Interactive News Release/ -- Corvas
 International, Inc. (Nasdaq:   CVAS) today reported financial results for the
 first quarter ended March 31, 2001.  In the first quarter of 2001, operating
 revenues of $69,000, operating expenses of $6,402,000 and net other income of
 $1,822,000 resulted in a net loss of $4,511,000, or $0.16 per share.  In the
 first quarter of 2000, operating revenues of $1,043,000, operating expenses of
 $4,837,000 and net other income of $195,000 resulted in a net loss of
 $3,599,000, or $0.18 per share.  Cash, cash equivalents and investments at
 March 31, 2001 totaled $130,255,000, compared to $135,585,000 at December 31,
 2000.
 
     Corvas International, Inc. is a biopharmaceutical company engaged in the
 discovery, development and commercialization of novel therapeutics that
 address large markets, including cardiovascular disease, stroke and cancer.
 
     This press release, as well as the Company's SEC filings and web site at
 http://www.corvas.com, contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995.  Actual results could
 vary materially from those described as a result of a number of factors,
 including those set forth in Corvas' Annual Report on Form 10-K and any
 subsequent SEC filings.  In addition, there is the risk that the Company may
 never successfully develop or commercialize any therapeutics to address
 cardiovascular disease, stroke and cancer.  The Company undertakes no
 obligation to revise or update these forward-looking statements to reflect
 events or circumstances after the date of this press release, except as
 required by law.
 
 
     Statements of Operations Data:
 
                                               Three Months Ended March 31,
                                                2001               2000
                                             (unaudited)       (unaudited)
                                        (in thousands, except per share data)
 
     Revenues:
       Revenue from collaborative agreements      $--            $1,013
       Royalties                                   30                 9
       Research grants                             39                21
         Total revenues                            69             1,043
 
     Costs and expenses:
       Research and development                 5,203             3,910
       General and administrative               1,199               927
         Total costs and expenses               6,402             4,837
 
         Loss from operations                  (6,333)           (3,794)
 
     Other income                               2,017               386
     Interest expense                            (195)             (191)
 
       Net loss and other
        comprehensive loss                    $(4,511)          $(3,599)
 
       Basic and diluted
        net loss per share                     $(0.16)           $(0.18)
 
       Shares used in calculation of basic
        and diluted net loss per share         27,359            19,636
 
 
     Balance Sheet Data:
 
                                             March 31,        December 31,
                                               2001              2000
                                            (unaudited)
                                                    (in thousands)
 
     Cash, cash equivalents
      and investments                        $130,255          $135,585
     Working capital                          108,889           122,547
     Total assets                             134,520           139,022
     Long term debt                            11,148            10,958
     Accumulated deficit                     (106,070)         (101,559)
     Total stockholders' equity               120,508           124,933
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X91484741
 
 

SOURCE Corvas International, Inc.
    SAN DIEGO, April 24 /PRNewswire Interactive News Release/ -- Corvas
 International, Inc. (Nasdaq:   CVAS) today reported financial results for the
 first quarter ended March 31, 2001.  In the first quarter of 2001, operating
 revenues of $69,000, operating expenses of $6,402,000 and net other income of
 $1,822,000 resulted in a net loss of $4,511,000, or $0.16 per share.  In the
 first quarter of 2000, operating revenues of $1,043,000, operating expenses of
 $4,837,000 and net other income of $195,000 resulted in a net loss of
 $3,599,000, or $0.18 per share.  Cash, cash equivalents and investments at
 March 31, 2001 totaled $130,255,000, compared to $135,585,000 at December 31,
 2000.
 
     Corvas International, Inc. is a biopharmaceutical company engaged in the
 discovery, development and commercialization of novel therapeutics that
 address large markets, including cardiovascular disease, stroke and cancer.
 
     This press release, as well as the Company's SEC filings and web site at
 http://www.corvas.com, contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995.  Actual results could
 vary materially from those described as a result of a number of factors,
 including those set forth in Corvas' Annual Report on Form 10-K and any
 subsequent SEC filings.  In addition, there is the risk that the Company may
 never successfully develop or commercialize any therapeutics to address
 cardiovascular disease, stroke and cancer.  The Company undertakes no
 obligation to revise or update these forward-looking statements to reflect
 events or circumstances after the date of this press release, except as
 required by law.
 
 
     Statements of Operations Data:
 
                                               Three Months Ended March 31,
                                                2001               2000
                                             (unaudited)       (unaudited)
                                        (in thousands, except per share data)
 
     Revenues:
       Revenue from collaborative agreements      $--            $1,013
       Royalties                                   30                 9
       Research grants                             39                21
         Total revenues                            69             1,043
 
     Costs and expenses:
       Research and development                 5,203             3,910
       General and administrative               1,199               927
         Total costs and expenses               6,402             4,837
 
         Loss from operations                  (6,333)           (3,794)
 
     Other income                               2,017               386
     Interest expense                            (195)             (191)
 
       Net loss and other
        comprehensive loss                    $(4,511)          $(3,599)
 
       Basic and diluted
        net loss per share                     $(0.16)           $(0.18)
 
       Shares used in calculation of basic
        and diluted net loss per share         27,359            19,636
 
 
     Balance Sheet Data:
 
                                             March 31,        December 31,
                                               2001              2000
                                            (unaudited)
                                                    (in thousands)
 
     Cash, cash equivalents
      and investments                        $130,255          $135,585
     Working capital                          108,889           122,547
     Total assets                             134,520           139,022
     Long term debt                            11,148            10,958
     Accumulated deficit                     (106,070)         (101,559)
     Total stockholders' equity               120,508           124,933
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X91484741
 
 SOURCE  Corvas International, Inc.