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CORTECH ANNOUNCES INITIAL PUBLIC OFFERING

 DENVER, Nov. 24 ~PRNewswire~ -- Cortech Inc. announced today its initial public offering of 4 million Common Stock Units at an offering price of $8 per unit, according to David K. Crossen, president and chief executive officer. Montgomery Securities and Hambrecht & Quist Inc. are co-managers of the underwriting group.
 All of the units are being issued 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 on May 24, 1994, 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 on Jan. 8, 1993. The Common Stock Units are listed on the NASDAQ National Market System under the symbol CRTQZ. On Jan. 8, 1993, the Common Stock and the Common Stock Conversion Right will be quoted on


NASDAQ under the symbols CRTQ and CRTQR, respectively.
 The company has granted the underwriters an option to purchase an additional 600,000 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 allergies and autoimmune diseases.
 NOTE: The offering of Cortech Common Stock Units is made only by means of the prospectus. A copy of the final 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.
 -0- 11~24~92
 ~CONTACT: David K. Crossen or Timothy C. Rodell of Cortech, 303-650-1200~


CO: Cortech Inc. ST: Colorado IN: MTC SU: OFR

BB -- DV002 -- 1030 11~24~92 11:41 EST
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Date:Nov 24, 1992
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