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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
JULY 22, 2002
Date of Report (date of earliest event reported)
CORVAS INTERNATIONAL, INC.
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(Exact name of Registrant as specified in charter)
DELAWARE 0-19732 33-0238812
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
3030 SCIENCE PARK ROAD,
SAN DIEGO, CALIFORNIA 92121
(Address of principal executive offices)
Registrant's telephone number, including area code: (858) 455-9800
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On July 22, 2002, Corvas International, Inc., a Delaware corporation
("CORVAS"), issued a press release announcing a significant reduction in its
workforce, which is part of an extensive realignment of its research and
development programs. Corvas will reduce its research and administrative staff
by nearly 40%, which will result in a third quarter restructuring charge of up
to $2.0 million. The restructuring and other cost-cutting measures are expected
to result in an annualized cost savings of more than $8.0 million. The
information contained in the press release is incorporated herein by reference
and filed as Exhibit 99.1.
On July 23, 2002, Corvas issued a press release announcing its second
quarter financial results and indicating that, in light of the restructuring,
Corvas expects its cash burn for 2002 to decrease to the mid-$20 million range.
The information contained in the press release is incorporated herein by
reference and filed as Exhibit 99.2.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) 99.1 Press Release issued on July 22, 2002 by Corvas
entitled, "Corvas Restructures Workforce; Company to
Focus Resources on Most Advanced Programs."
99.2 Press Release issued on July 23, 2002 by Corvas
entitled, "Corvas International Reports Second
Quarter Results."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CORVAS INTERNATIONAL, INC.
By: /s/ Randall E. Woods
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Randall E. Woods,
President and Chief Executive Officer
Date: July 25, 2002
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INDEX TO EXHIBITS
99.1 Press Release issued on July 22, 2002 by Corvas entitled,
"Corvas Restructures Workforce; Company to Focus Resources on
Most Advanced Programs."
99.2 Press Release issued on July 23, 2002 by Corvas entitled,
"Corvas International Reports Second Quarter Results."
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