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CORTECH RAISES $29.2 MILLION IN IPO

 DENVER, Dec. 2 ~PRNewswire~ -- Cortech Inc. raised net proceeds of $29.2 million in its initial public offering, which closed today, David K. Crossen, president and chief executive officer announced. The company issued 4 million Common Stock Units at $8 per unit. The company also has granted the underwriters a 30-day option to purchase up to 600,000 additional units to cover over-allotments. The offering was managed by Montgomery Securities and Hambrecht & Quist Inc.
 The Cortech 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 will use the proceeds to finance clinical trials, research and development activities and manufacturing scale-up and for general corporate purposes.
 Cortech 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. In addition, Cortech is developing a proprietary potential treatment for allergies and autoimmune diseases.
 -0- 12~2~92
 ~CONTACT: David K. Crossen or Timothy C. Rodell of Cortech, 303-650-1200~


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

BB -- DV004 -- 2844 12~02~92 11:23 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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