Corvas reports second-quarter results.SAN DIEGO--(BUSINESS WIRE)--July 24, 1995--Corvas International Inc. (NASDAQ/NNM:CVAS CVAS Controlled Vehicle Access System CVAS Configuration Verification Accounting System (NASA) ) Monday Monday: see week. reported financial results for the second quarter ended June June: see month. 30, 1995. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $1,208,000 and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $3,002,000 resulted in a net loss of $1,544,000, or 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . In the second quarter of 1994, operating revenues of $540,000 and operating expenses of $3,626,000 resulted in a net loss of $2,908,000, or 31 cents per share. For the six months ended June 30, 1995, operating revenues of $2,288,000 and operating expenses of $5,948,000 resulted in a net loss of $3,193,000, or 34 cents per share. Results for the first six months of 1994 included operating revenues of $757,000, operating expenses of $7,143,000 and a net loss of $6,007,000, or 64 cents per share. Corvas International, located in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , is a biopharmaceutical company engaged in the design and development of a new generation of therapeutic agents for the prevention and treatment of major cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. and inflammatory diseases Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; . -0-
CORVAS INTERNATIONAL INC.
Consolidated Statement of Operations
(In thousands, except per-share data)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
Revenues:
Net product sales $ 168 $ 52 $ 214 $ 154
Research grants 0 417 0 487
Revenue from collaborative
agreements 1,000 0 2,000 0
License fees and royalties 40 71 74 116
Total revenues 1,208 540 2,288 757
Costs and expenses:
Cost of products sold 105 15 110 52
Research and development 2,334 2,719 4,593 5,397
General and administrative 563 892 1,245 1,694
Total costs and expenses 3,002 3,626 5,948 7,143
Loss from operations (1,794) (3,086) (3,660) (6,386)
Other income, net 250 178 467 379
Net loss ($1,544) ($2,908) ($3,193) ($6,007)
Net loss per share (16 cents) (31 cents) (34 cents) (64 cents)
Shares used in calculation
of net loss per share 9,365 9,330 9,362 9,329
Consolidated Balance Sheet Data
(In thousands)
June 30, Dec. 31,
1995 1994
Cash, cash equivalents and short-term investments $13,195 $19,867
Working capital 10,101 13,902
Total assets 15,854 22,509
Accumulated deficit (57,488) (54,295)
Total shareholders' equity 11,580 14,647
CONTACT: Corvas International Inc., San Diego John E. Crawford or Angela L. Hartley, 619/455-9800 |
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