FORM 1O-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 0-19732
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CORVAS INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 33-0238812
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
3030 SCIENCE PARK ROAD
SAN DIEGO, CALIFORNIA 92121
(Address of principal executive offices and zip code)
(619) 455-9800
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $0.001 par value
(Title of class)
Indicate by check mark whether the Registrant (l) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
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At July 31, 1998, there were 15,085,575 shares of Common Stock, $0.001
par value, of the Registrant issued and outstanding.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
As the Company announced on August 14, 1998, in the press release
attached hereto as Exhibit 99.1, Schering Corporation ("Schering-Plough") and
the Company have agreed to terminate their oral thrombin inhibitor
collaboration. As a result, the Company's potential future milestone
payments and research and development funding under its existing
collaborations will be reduced.
Accordingly, the Company hereby amends its "Liquidity and Capital
Resources" subsection of its Management's Discussion and Analysis of Financial
Condition and Results of Operations, as follows:
"If all the milestones on all of the Company's existing collaborations
are met, Corvas could receive a maximum of $69,931,000 in future milestone
payments and research and development funding over the next several years."
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
EXHIBIT NUMBER DESCRIPTION
99.1 Press Release dated August 14, 1998
related to the termination of the oral
thrombin inhibitor collaboration with
Schering-Plough.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
CORVAS INTERNATIONAL, INC.
Date: August 25, 1998 By: /s/ RANDALL E. WOODS
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Randall E. Woods
President and Chief Executive Officer
Date: August 25, 1998 By: /s/ CAROLYN M. FELZER
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Carolyn M. Felzer
Senior Director of Finance
Principal Financial Officer