Corvas reports third-quarter results.

Inc. (NASDAQ/NNM:CVAS) Monday reported financial results for the third quarter ended Sept. 30, 1995.

Operating revenues of $1,208,000 and operating expenses of $3,389,000 resulted in a net loss of $1,994,000, or 21 cents per share. In the third quarter of 1994, operating revenues of $285,000 and operating expenses of $3,886,000 resulted in a net loss of $3,443,000, or 37 cents per share.

For the nine months ended Sept. 30, 1995, operating revenues of $3,496,000 and operating expenses of $9,338,000 resulted in a net loss of $5,187,000, or 55 cents per share. Results for the first nine months of 1994 included operating revenues of $1,042,000, operating expenses of $11,029,000 and a net loss of $9,450,000, or $1.01 per share.

Corvas International 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 and inflammatory diseases.

Corvas is currently collaborating with Schering-Plough Corp. in the development of oral thrombin inhibitors for chronic cardiovascular disease, and with Pfizer Inc. in the development of neutrophil inhibitory factor (NIF) as a possible stroke therapy, and has product-licensing agreements with Ortho Diagnostic Systems Inc. (a Johnson & Johnson company) and Centocor Inc.

Founded in 1987, Corvas began trading as a public company in January 1992. -0-

                       CORVAS INTERNATIONAL INC.
                 Consolidated Statement of Operations
                (In thousands, except per-share data)

                            Three months ended    Nine months ended
                                 Sept. 30,             Sept. 30,
                              1995       1994       1995       1994
Revenues:
 Net product sales         $   162    $    53    $   376    $   207
 Research grants                 0        180          0        667
 Revenue from collaborative
  agreements                 1,000          0      3,000          0
 Royalties                      46         52        120        168
 Total revenues              1,208        285      3,496      1,042
Costs and expenses:
 Cost of products sold          89         15        198         67
 Research and development    2,630      3,050      7,224      8,447
 General and administrative    670        821      1,916      2,515
 Total costs and expenses    3,389      3,886      9,338     11,029
 Loss from operations       (2,181)    (3,601)    (5,842)    (9,987)
Other income, net              187        158        655        537
 Net loss                  $(1,994)   $(3,443)   $(5,187)   $(9,450)
 Net loss per share      (21 cents) (37 cents) (55 cents)   $ (1.01)
 Shares used in calculation
  of net loss per share      9,377      9,342      9,367      9,333
-0-

                   Consolidated Balance Sheet Data
                           (In thousands)

                                                  Sept. 30,  Dec. 31,
                                                    1995       1994
Cash, cash equivalents and short- and
 long-term investments                           $10,640    $19,867
Working capital                                    7,216     13,902
Total assets                                      13,113     22,509
Accumulated deficit                              (59,482)   (54,295)
Total shareholders' equity                         9,615     14,647

CONTACT: Corvas International Inc., San Diego

John E. Crawford or Angela L. Hartley, 619/455-9800