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CORTECH RAISES ADDITIONAL $5 MILLION FROM COMMON STOCK OFFERING

 DENVER, Nov. 5 /PRNewswire/ -- Cortech Inc. (NASDAQ: CRTQ) raised approximately $5 million more from its recently completed common stock offering as the underwriters exercised their over-allotment option to purchase from the company an additional 352,500 shares, David K. Crossen, president and chief executive officer announced. Montgomery Securities and Hambrecht & Quist Inc. were the underwriters of the offering.
 Total net proceeds of the offering are now approximately $38 million. The company initially issued 2.35 million shares at $15 per share on Oct. 26, 1993. The company will use the aggregate proceeds to finance clinical trials, research and development activities and manufacturing scale-up and for general corporate purposes.
 Cortech is a biopharmaceutical company focused on the design and development of three novel classes of drugs -- bradykinin antagonists, neutrophil elastase inhibitors and antigen-specific immunomodulators -- to treat a broad range of inflammatory and immune disorders.
 -0- 11/5/93
 /CONTACT: David K. Crossen or Joseph L. Turner of Cortech, 303-650-1200/
 (CRTQ)


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

MC -- DV002 -- 1165 11/05/93 10:39 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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