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 October 31,
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 33-0476164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2714 Loker Avenue West
Carlsbad, California 92008
(Address of principal executive offices) (Zip Code)
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 December 9, 1996, the Registrant had 11,613,748 shares of
Common Stock, no par value, outstanding.
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<CAPTION>
Part II.
Item 6. Exhibits and Reports on Form 8-K.
<S> <C>
(a) Exhibits.
No exhibits are included in this report.
(b) Reports on Form 8-K.
A report on Form 8-K was filed by the Company on
November 18, 1996.
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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 12th day of December, 1996.
CYPROS PHARMACEUTICAL CORPORATION
(Signature)
Paul J. Marangos
Chairman of the Board,
President and Chief Executive Officer
David W. Nassif
Vice President, Chief Financial Officer
and Secretary
(Principal Financial and Accounting Officer)
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> OCT-31-1996
<CASH> 5,680,741
<SECURITIES> 9,264,383
<RECEIVABLES> 179,855
<ALLOWANCES> 0
<INVENTORY> 65,717
<CURRENT-ASSETS> 15,215,307
<PP&E> 979,211
<DEPRECIATION> (347,622)
<TOTAL-ASSETS> 18,604,441
<CURRENT-LIABILITIES> 580,729
<BONDS> 0
0
0
<COMMON> 21,871,343
<OTHER-SE> (4,213,847)
<TOTAL-LIABILITY-AND-EQUITY> 18,604,441
<SALES> 367,131
<TOTAL-REVENUES> 711,750
<CGS> 105,122
<TOTAL-COSTS> 105,122
<OTHER-EXPENSES> 1,526,389
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,723
<INCOME-PRETAX> (932,484)
<INCOME-TAX> 0
<INCOME-CONTINUING> (932,484)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (932,484)
<EPS-PRIMARY> (0.08)
<EPS-DILUTED> 0
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