Cortech, Inc. Announces Operating Results.

Business Editors

BEDMINSTER, N.J.--(BUSINESS WIRE)--May 10, 2000

CORTECH, INC. (NASDAQ:CRTQ) today announced net income of $69,000 or $.04 per share for the three months ended March 31, 2000 compared to net income of $200,000 or $.11 per share for the three months ended March 31, 1999.

Cortech is actively seeking acquisitions and/or a merger partner. Cortech has 1,852,209 shares of common stock outstanding.

This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause Cortech's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Cortech cautions investors, not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date.

                             CORTECH, INC.
                       STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                 (in $000's, except per share amounts)
                              (Unaudited)

                                     Three Months Ended March 31,
                                           2000       1999

Revenues:
   Interest income                         $205       $124
   Gain on disposition of property
     and equipment                          --         246
   Other income                             --          45
                                           ----       ----
       Total revenues                       205        415
                                           ----       ----

Expenses:
   General and administrative               133        215
                                           ----       ----

Income before income taxes                   72        200
Provision for income taxes                    3        --
                                           ----       ----
Net income                                 $ 69       $200
                                           ====       ====

Basic and fully diluted net income
   per share                               $.04       $.11
                                           ====       ====

                       CONDENSED BALANCE SHEET
                            March 31, 2000
                             (in $000's)
                             (Unaudited)

ASSETS

Cash and cash equivalents                            $ 6,644
Short-term investments                                 6,637
Prepaid expenses and other                               168
                                                     -------
   Total current assets                              $13,449


LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                     $    13
Accrued liabilities                                      176
                                                     -------
   Total current liabilities                             189
Stockholders' equity                                  13,260
   Total liabilities and stockholders' equity        $13,449