UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
___________________________________
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the period ended April 30,
1996
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from
__________ to _________
Commission file number 0-20772
CYPROS PHARMACEUTICAL CORPORATION
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of
incorporation or organization)
2714 Loker Avenue West, Carlsbad, California 92008
(Address of principal executive offices)(Zip Code)
33-0476164 (I.R.S. Employer Identification No.)
Registrant's telephone number, including area code: (619) 929-
9500
Indicate by mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 of 15(d) of the Securities
Exchange Act 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.
[X] YES [ ] NO
As of June 7, 1996, the Registrant had 11,613,748 shares of
Common Stock, no par value, outstanding.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Carlsbad, County of San
Diego, State of California, on the 23rd day of July, 1996.
CYPROS PHARMACEUTICAL CORPORATION
Paul J. Marangos
(Signature)
Chairman of the Board, President and Chief Executive Officer
David W. Nassif
(Signature)
Vice President, Chief Financial Officer and Secretary
(Principal Financial and Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> APR-30-1996
<CASH> 4,275,667
<SECURITIES> 5,673,815
<RECEIVABLES> 406,855
<ALLOWANCES> 0
<INVENTORY> 27,030
<CURRENT-ASSETS> 10,480,807
<PP&E> 796,718
<DEPRECIATION> 234,354
<TOTAL-ASSETS> 14,042,416
<CURRENT-LIABILITIES> 978,977
<BONDS> 148,402
0
0
<COMMON> 21,826,793
<OTHER-SE> (9,012,726)
<TOTAL-LIABILITY-AND-EQUITY> 14,042,416
<SALES> 903,577
<TOTAL-REVENUES> 903,577
<CGS> 293,952
<TOTAL-COSTS> 293,952
<OTHER-EXPENSES> 3,581,639
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 34,261
<INCOME-PRETAX> (2,168,359)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,168,359)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,168,359)
<EPS-PRIMARY> (0.19)
<EPS-DILUTED> 0
</TABLE>
