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CORTECH ANNOUNCES INITIAL PUBLIC OFFERING

 CORTECH ANNOUNCES INITIAL PUBLIC OFFERING
 DENVER, Oct. 26 /PRNewswire/ -- Cortech Inc. filed a registration


statement today with the Securities and Exchange Commission for its initial public offering of 3 million common stock units at a proposed offering price of $7 to $9 per unit, according to David K. Crossen, president and chief executive officer. Montgomery Securities and Hambrecht & Quist Inc. will manage the underwriting group.
 All of the registered units will be issued and sold by the company. The units consist of one share of common stock and one common stock conversion right. Each right, unless terminated earlier, will automatically convert 18 months from the date the offering is declared effective into a maximum of one-half share of common stock using a conversion ratio based upon the average of the closing prices of the common stock for the 40 trading days immediately prior to the conversion date. The rights will detach and trade separately from the common stock commencing upon the 45th day after the date the offering is declared effective.
 The company has granted the underwriters an option to purchase an additional 450,000 units to cover over-allotments.
 Cortech is a biopharmaceutical company focused on the design and development of two novel classes of drugs, bradykinin antagonists and neutrophil elastase inhibitors, to treat a broad range of inflammatory disorders. In addition, Cortech is developing a proprietary potential treatment for allergy and autoimmune diseases.
 A copy of the preliminary prospectus relating to these securities is available from Montgomery Securities, 600 Montgomery St., San Francisco, CA 94111; or from Hambrecht & Quist, One Bush St., San Francisco CA 94104.
 NOTE: A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
 -0- 10/26/92
 /CONTACT: David K. Crossen or Timothy C. Rodell, M.D. of Cortech, 303-650-1200/ CO: Cortech Inc. ST: Colorado IN: MTC SU: OFR


MC-BB -- DV005 -- 4738 10/26/92 11:38 EST
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Date:Oct 26, 1992
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