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CORTECH CONVERSION RIGHTS EXPIRE

 DENVER, Feb. 5 /PRNewswire/ -- David K. Crossen, president and chief executive officer of Cortech Inc. (NASDAQ: CRTQ), announced today that the common stock conversion rights issued in conjunction with the 46 million units Cortech Inc. sold in its Nov. 24, 1992, initial public offering have expired. The conversion rights detached and have traded separately from the common stock since Jan. 8, 1993.
 In accordance with the terms outlined in the company's prospectus, the conversion rights expired because the average of the closing prices of Cortech's common stock units on NASDAQ prior to the separation date and the company's common stock after that date exceeded $12 per share, or 50 percent above the initial offering price of $8, for the past 40 consecutive trading days. The rights provided for the issuance of additional shares of Cortech common stock 18 months after the IPO if the stock failed to appreciate 50 percent during that period.
 "The inclusion of the conversion rights reflected the company's confidence that significant milestones could be reached within the time frame that the rights remained viable and that these achievements would be translated into an appropriate increase in valuation," said Crossen.
 The registered units were issued and sold by the company. The offering was managed by Montgomery Securities and Hambrecht & Quist Inc.
 Cortech Inc. is a Denver-based 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. The company began enrolling patients in its Phase II SIRS/sepsis clinical trial on Jan. 21, 1993, for its first lead compound, a bradykinin antagonist called Bradycor. In addition, Cortech is developing a proprietary potential treatment for allergies and autoimmune diseases. No assurance can be given at this time that the company's therapeutic approaches will lead to successful product launches and product revenues.
 Cortech common stock is listed as CRTQ on NASDAQ.
 -0- 2/5/93
 /CONTACT: David K. Crossen, president and CEO, or Timothy C. Rodell, M.D., senior VP, operations and product development, of Cortech, 303-650-1200/
 (CRTQ)


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

LS-JB -- DV001 -- 3414 02/05/93 09:45 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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