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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-
1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(AMENDMENT NO. 1)(1)
CORTECH, INC.
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(Name of Issuer)
COMMON STOCK
------------
(Title of Class of Securities)
22051J 10 0
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(CUSIP Number)
Marc Schneidman
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(415) 288-2396
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 8, 1998
-----------------
(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)
----------------------
(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. 22051J 10 0 13D Page 2 of 7 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIOTECHNOLOGY VALUE FUND, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES --------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 657,796
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
657,796
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
657,796
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 22051J 10 0 13D Page 3 of 7 Pages
- ---------------------------------- ----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF PARTNERS L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES --------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 1,276,252
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
1,276,252
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,276,252
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 22051J 10 0 13D Page 4 of 7 Pages
- ---------------------------------- ----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES --------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 1,276,252
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
1,276,252
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,276,252
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 22051J 10 0 13D Page 5 of 7 Pages
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Amendment No. 1 (the "Amendment") to the Statement on Schedule 13D, dated
May 19, 1997, (as so amended, the "Statement"), filed with the Securities and
Exchange Commission on behalf of Biotechnology Value Fund, L.P., a Delaware
limited partnership ("BVF"), BVF Partners L.P., a Delaware limited partnership
("Partners"), and BVF Inc., a Delaware corporation ("BVF Inc." and, together
with BVF and Partners, the "Reporting Persons") with respect to the Common
Stock, par value $0.002 per share (the "Stock"), of Cortech, Inc., a Delaware
corporation ("Cortech").
Item 4 is hereby amended to read in its entirety as follows:
ITEM 4. PURPOSE OF TRANSACTIONS.
The external environment for small, quality biotechnology companies is
undergoing a period of rapid and profound change. The convergence of a
depressed equity market, the possible slowing pace of a corporate partnering
activity, and escalating cash burn rates could produce an industry shake-out in
which financially conservative companies prosper and financially weak companies
falter. This changing environment may call for managements and Boards to
husband capital by significantly reducing cash burn rates and to otherwise alter
preconceived business plans. If managed pro-actively and intelligently, this
period could yield attractive returns for shareholders. However, the
consequences of complacency and the potential for irreparable missteps are
great. BVF may seek to work with company managements, Boards and shareholders
to maximize shareholder value and, specifically, to protect the substantial
value of funded, partnered programs from unnecessary dilution. BVF IS AMENDING
ALL ITS 13-D FILINGS WITH THIS NOTICE.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 657,796 shares of the Stock, Partners
beneficially owns 1,276,252 shares of the Stock, and BVF Inc. beneficially owns
1,276,252 shares of the Stock, approximately 3.6%, 6.9% and 6.9%, respectively,
of the aggregate number of shares outstanding as of July 31, 1998 (as reported
in Cortech's most recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 657,796 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,276,252 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
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CUSIP NO. 22051J 10 0 13D Page 6 of 7 Pages
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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 BVF Partners L.P., 333 West Wacker Drive,
Suite 1600, Chicago, Illinois 60606.
(c) No 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 7 is hereby amended to read in its entirety as follows:
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
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CUSIP NO. 22051J 10 0 13D Page 7 of 7 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: September 8, 1998
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
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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: September 8, 1998
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
