<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934/1/
CORTECH, INC.
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(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
22051 J 100
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
--------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 2, 1997
-----------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
- -------------------------
/1/ The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
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CUSIP NO. 22051 J 100 13D PAGE 2 OF 8 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BIOTECHNOLOGY VALUE FUND, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
638,796
OWNED BY
-----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
9
PERSON -0-
WITH -----------------------------------------------------------
SHARED DISPOSITIVE POWER
10
638,796
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
638,796
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [_]
12
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
3.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22051 J 100 13D PAGE 3 OF 8 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BVF PARTNERS L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,180,752
OWNED BY
-----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
9
PERSON -0-
WITH -----------------------------------------------------------
SHARED DISPOSITIVE POWER
10
1,180,752
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,180,752
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [_]
12
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
6.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22051 J 100 13D PAGE 4 OF 8 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BVF INC.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,180,752
OWNED BY
-----------------------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
9
PERSON -0-
WITH -----------------------------------------------------------
SHARED DISPOSITIVE POWER
10
1,180,752
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,180,752
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [_]
12
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
6.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IA, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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| CUSIP NO. 22051 J 100 | 13D | Page 5 of 8 Pages |
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the Common
Stock, par value $.002 per share (the "Stock"), of Cortech, Inc., a Delaware
corporation ("Cortech"). The principal executive office of Cortech is located at
6850 North Broadway, Suite G, Denver, Colorado 80221.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Statement, the persons enumerated in Instruction C
of Schedule 13D and, where applicable, their respective places of organization,
general partners, directors, executive officers and controlling persons, and
certain information regarding each of them, are as follows:
(a) Biotechnology Value Fund, L.P., a Delaware limited partnership ("BVF"),
BVF Partners L.P., a Delaware limited partnership ("Partners"), BVF Inc., a
Delaware corporation ("BVF Inc."), and Mark N. Lampert, an individual
("Lampert") (collectively, the "Reporting Persons").
(b) The business address of BVF and Partners is 333 West Wacker Drive,
Suite 1600, Chicago, Illinois 60606. The business address of BVF Inc. and
Lampert is One Sansome Street, 39th Floor, San Francisco, California 94104.
(c) Partners is the general partner of BVF, which is an investment limited
partnership. BVF Inc. is an investment adviser to and general partner of
Partners. Lampert is the sole shareholder, sole director and an officer of BVF
Inc.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e) During the last five years, none of such persons was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
(f) Lampert is a citizen of the United States of America.
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| CUSIP NO. 22051 J 100 | 13D | Page 6 of 8 Pages |
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since March 1, 1997, Partners, in its capacity as general partner of BVF,
has purchased on behalf of such limited partnership an aggregate number of
348,800 shares of the Stock for an aggregate consideration of $312,571.90,
of its limited partnership agreement with Partners. In addition, Partners, in
its capacity as investment manager with respect to certain managed accounts, has
purchased on behalf of such managed accounts an aggregate number of 267,352
shares of the Stock for an aggregate consideration of $232,960.78, utilizing
funds under management by Partners pursuant to investment management agreements
between Partners and such managed accounts.
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Stock reported herein is and
was for investment. The Reporting Persons did not at the time of such
acquisitions of the Stock, and do not presently, have any plan to acquire
control of Cortech. The Reporting Persons may acquire or dispose of additional
shares of the Stock from time to time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 638,796 shares of the Stock, Partners
beneficially owns 1,180,752 shares of the Stock, and BVF Inc. beneficially owns
1,180,752 shares of the Stock, approximately 3.5%, 6.4% and 6.4%, respectively,
of the aggregate number of shares outstanding as of May 16, 1997.
(b) BVF shares voting and dispositive power over the 638,796 shares of the
Stock it beneficially owns with Partners. Partners and BVF Inc. share voting and
dispositive power over the 1,180,752 shares of the Stock they beneficially own
with, in addition to BVF, the managed accounts on whose behalf Partners, as
investment manager, purchased such shares. The managed accounts on whose behalf
Partners owns shares of the Stock are Investment 10 L.L.C., an Illinois limited
liability company ("ILL10"), Palamundo, L.D.C., a limited duration company
organized under the laws of the Cayman Islands ("Palamundo"), ZPG Securities,
L.L.C., a New York limited liability company ("ZPG") and Biotechnology Value
Fund, Ltd., a Cayman Islands Corporation ("BVF Ltd."). ILL10, Palamundo, ZPG and
BVF Ltd. are collectively referred to herein as the "Accounts." The Accounts
specialize in holding biotechnology stocks for investment purposes and the
business address of each is c/o BVF Partners L.P., 333 West Wacker Drive, Suite
1600, Chicago, Illinois 60606.
(c) Exhibit B attached hereto contains information as to all transactions
in the Stock by the Reporting Persons during the past 60 days. All such
transactions were made for
<PAGE>
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| CUSIP NO. 22051 J 100 | 13D | Page 7 of 8 Pages |
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cash in open market, over-the-counter transactions. No other transactions in the
Stock have been effected by the Reporting Persons during the past 60 days.
(d) The Accounts are entitled to receive dividends and any sale proceeds
with respect to the Stock in proportion to their respective ownership interests
therein.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Partners is the general partner of BVF pursuant to a limited partnership
agreement which authorizes Partners, among other things, to invest the funds of
BVF in the Stock and to vote and dispose of the Stock. Pursuant to such
limited partnership agreement, Partners is entitled to allocations based on
assets under management and realized and unrealized gains thereon. Pursuant to
investment management agreements with the Accounts, Partners and BVF Inc. have
the authority, among other things, to invest funds of the Accounts in the Stock
and to vote and dispose of the Stock. Pursuant to such agreements, Partners and
BVF Inc. receive fees based on assets under management and realized and
unrealized gains thereon. BVF Inc. is the general partner of Partners and may be
deemed to own beneficially securities over which Partners exercises voting and
dispositive power.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
Exhibit B - Transactions in the Stock by the Reporting Persons during the
last 60 days.
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| CUSIP NO. 22051 J 100 | 13D | Page 8 of 8 Pages |
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: May 16, 1997
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
---------------------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
--------------------------------------
Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
-------------------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
--------------------------------
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, and BVF Partners L.P., a Delaware limited partnership, and BVF
Inc., a Delaware corporation, hereby agree and acknowledge that the statement
containing the information required by Schedule 13D, to which this Agreement is
attached as an exhibit, is filed on behalf of each of them. The undersigned
further agree that any amendments or supplements thereto shall also be filed on
behalf of each of them.
Dated: May 16, 1997
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
---------------------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
--------------------------------------
Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
-------------------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
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DURING THE LAST 60 DAYS
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<TABLE>
<CAPTION>
Settlement For the Price per
- ---------- ------- ---------
Date By Account of Quantity Share Type of Trade Broker
---- -- ---------- -------- ----- ------------- ------
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
03/06/97 Partners BVF 3,000 $1.2969 Purchase MIST
- --------------------------------------------------------------------------------------
03/14/97 Partners BVF 16,000 $1.3125 Purchase MIST
- --------------------------------------------------------------------------------------
04/03/97 Partners BVF 68,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/03/97 Partners BVF, Ltd. 40,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/03/97 Partners PAL 6,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/04/97 Partners BVF 17,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/04/97 Partners ILL10 10,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/07/97 Partners BVF 4,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/08/97 Partners ZPG 5,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/08/97 Partners BVF, Ltd. 5,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/08/97 Partners BVF 5,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/09/97 Partners BVF, Ltd. 7,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/10/97 Partners BVF 9,700 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/10/97 Partners BVF, Ltd. 5,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/10/97 Partners PAL 5,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
04/11/97 Partners BVF, Ltd. 17,300 $0.8594 Purchase MIST
- --------------------------------------------------------------------------------------
04/14/97 Partners BVF 21,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/14/97 Partners ILL10 5,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/21/97 Partners BVF 7,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/21/97 Partners ZPG 3,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/22/97 Partners ZPG 4,500 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/24/97 Partners BVF 4,700 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/25/97 Partners BVF 6,900 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/25/97 Partners BVF, Ltd. 5,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/25/97 Partners ILL10 3,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/25/97 Partners PAL 5,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/28/97 Partners BVF 1,500 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/28/97 Partners BVF, Ltd. 1,100 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/29/97 Partners BVF 13,700 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Settlement For the Price per
- ---------- ------- ---------
Date By Account of Quantity Share Type of Trade Broker
---- -- ---------- -------- ----- ------------- ------
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
04/29/97 Partners BVF, Ltd. 11,300 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/29/97 Partners ILL10 5,900 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/29/97 Partners PAL 2,951 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/29/97 Partners ZPG 2,951 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/30/97 Partners BVF 10,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
04/30/97 Partners BVF, Ltd. 5,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
05/02/97 Partners BVF 50,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
05/02/97 Partners BVF, Ltd. 25,150 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
05/02/97 Partners ILL10 10,000 $0.8125 Purchase MIST
- --------------------------------------------------------------------------------------
05/05/97 Partners BVF 9,000 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/05/97 Partners ILL10 1,500 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/05/97 Partners ZPG 1,500 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/05/97 Partners BVF, Ltd. 5,000 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/06/97 Partners BVF 30,000 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/06/97 Partners BVF, Ltd. 10,000 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/07/97 Partners BVF 6,000 $0.8438 Purchase MIST
- --------------------------------------------------------------------------------------
05/09/97 Partners BVF 20,000 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/09/97 Partners ILL10 5,000 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/09/97 Partners PAL 3,000 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/09/97 Partners ZPG 2,000 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/09/97 Partners BVF, Ltd. 7,700 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/14/97 Partners BVF 17,000 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/14/97 Partners BVF, Ltd. 10,000 $0.9375 Purchase MIST
- --------------------------------------------------------------------------------------
05/15/97 Partners BVF 20,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
05/15/97 Partners BVF, Ltd. 7,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
05/16/97 Partners PAL 10,000 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/16/97 Partners ZPG 6,500 $0.8750 Purchase MIST
- --------------------------------------------------------------------------------------
05/19/97 Partners BVF 9,300 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
05/19/97 Partners ILL10 1,400 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
05/19/97 Partners PAL 1,000 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
05/19/97 Partners ZPG 800 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
05/19/97 Partners BVF. Ltd. 4,800 $0.9063 Purchase MIST
- --------------------------------------------------------------------------------------
MIST = Mr. Stock
</TABLE>
