EXHIBIT 99.1
Contact: Gwenetta B. Como
Director, Investor Relations and Corporate Communications
Carolyn M. Felzer
Senior Director of Finance
858/455-9800
info@corvas.com
CORVAS REPORTS THIRD QUARTER RESULTS
San Diego, CA, October 23, 2000 -- Corvas International, Inc. (Nasdaq:CVAS)
today reported financial results for the third quarter ended September 30, 2000.
Operating revenues of $856,000 and operating expenses of $4.3 million resulted
in a net loss of $3.1 million, or $.15 per share. In the third quarter of 1999,
operating revenues of $1.5 million and operating expenses of $7.0 million
resulted in a net loss of $5.4 million, or $.34 per share. The decrease in
research and development expenses in the third quarter of 2000 compared with the
third quarter of 1999 was primarily due to timing differences in contract
manufacturing activities in the respective periods. The decrease in general and
administrative expenses was primarily the result of one-time charges of $2.0
million incurred in the third quarter of 1999 related to a settlement agreement
entered into with the Vascular Genomics Inc.
For the nine months ended September 30, 2000, operating revenues of $5.3 million
and operating expenses of $13.7 million resulted in a net loss of $7.6 million,
or $.37 per share. Results for the first nine months of 1999 included operating
revenues of $4.8 million, operating expenses of $15.5 million and a net loss of
$10.1 million, or $.65 per share.
Cash, cash equivalents and short-term investments at September 30, 2000 were
$30.9 million.
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 subsequent SEC
filings. In addition, there is the risk that current clinical trials, or any
future trials undertaken,
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whether by us or our collaborators, will not be successful, and that the Company
may never successfully develop or commercialize any therapeutics to address
cardiovascular disease, stroke or 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.
STATEMENT OF OPERATIONS DATA:
THREE MONTHS ENDED SEPT. 30, NINE MONTHS ENDED SEPT. 30,
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
(in thousands, except per share data)
Revenues:
Revenue from collaborative agreements $ 750 $ 1,394 $ 2,513 $ 4,694
License fees and milestones 0 0 2,500 0
Royalties 50 86 117 122
Research grants 56 0 159 0
------------ ------------ ------------ ------------
Total revenues 856 1,480 5,289 4,816
------------ ------------ ------------ ------------
Costs and expenses:
Research and development 3,370 4,119 10,891 10,901
General and administrative 947 2,929 2,841 4,564
------------ ------------ ------------ ------------
Total costs and expenses 4,317 7,048 13,732 15,465
------------ ------------ ------------ ------------
Loss from operations (3,461) (5,568) (8,443) (10,649)
Interest income 519 190 1,403 585
Interest expense (190) (43) (569) (43)
------------ ------------ ------------ ------------
Net loss and other comprehensive loss $ (3,132) $ (5,421) $ (7,609) $ (10,107)
========== ========== ========== ==========
Basic and diluted net loss per share $ (0.15) $ (0.34) $ (0.37) $ (0.65)
========== ========== ========== ==========
Shares used in calculation of basic and
diluted net loss per share 21,221 15,833 20,657 15,371
============ ============ ============ ============
BALANCE SHEET DATA:
SEPTEMBER 30, DECEMBER 31,
2000 1999
---- ----
(unaudited)
(in thousands)
Cash, cash equivalents and short-term investments $ 30,860 $ 21,511
Working capital 28,804 20,278
Total assets 33,204 23,889
Long term debt 10,770 10,215
Accumulated deficit (98,479) (90,870)
Total stockholders' equity 19,086 11,275
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