SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
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Cortech, Inc.
(Name of Registrant as Specified In Its Charter)
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[Cortech Letterhead]
August 4, 1998
Dear Cortech Stockholder:
You probably have received a proxy statement from Asset Value Fund
Limited Partnership soliciting your proxy at the upcoming annual meeting of
Cortech. Asset Value is attempting a hostile takeover of Cortech and soliciting
your proxy in opposition to Cortech, the members of its Board of Directors
(including Bert Fingerhut (Chairman), Edward Finkelstein, Dr. John E. Repine,
Dr. Joachim von Roy), and the Board's nominees (including Diarmuid Boran, Chief
Operating Officer and Acting Chief Financial Officer and Dr. John C. Cheronis, a
founding scientist of the Company).
Please reserve your judgment regarding Asset Value's solicitation until
you have received the Company's proxy materials. The Board believes that it is
important for stockholders to hear both sides before making a decision on the
election of directors and the other important matters to be acted upon at the
annual meeting. The Cortech Board of Directors is not, with this letter,
soliciting your proxy in connection with the upcoming annual meeting. We simply
urge you to defer judgment on the upcoming election of directors until you
receive all information from the Company.
The Company is preparing materials on the background of Asset Value and
Paul Koether, who heads the dissident stockholder group that is attempting the
hostile takeover. The Company's materials will be mailed to you shortly through
the Company's proxy solicitor, D.F. King (1-800-848-3051). We think you will
find this information important as you weigh the issues in reaching your
decision. We urge you to withhold sending Asset Value's green proxy card until
you have reviewed the Company's materials. If you have already sent in Asset
Value's green proxy card, the Company's proxy materials will contain
instructions on how you can revoke and override the green proxy card.
Again, please do not send in Asset Value's green proxy card until you
hear the full story.
Sincerely,
Bert Fingerhut,
Chairman of the Board and
Acting Chief Executive Officer
