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)




 

5 1 9-MOS JUL-31-1996 APR-30-1996 4,275,667 5,673,815 406,855 0 27,030 10,480,807 796,718 234,354 14,042,416 978,977 148,402 0 0 21,826,793 (9,012,726) 14,042,416 903,577 903,577 293,952 293,952 3,581,639 0 34,261 (2,168,359) 0 (2,168,359) 0 0 0 (2,168,359) (0.19) 0