SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 1, 1998
CORTECH, INC.
(Exact name of registrant as specified in charter)
Delaware 0-20726 84-0894091
(State or other jurisdiction (Commission File
Number) (IRS Employer
of
incorporation)
Identification No.)
6850 N. Broadway, Suite G, Denver, Colorado 80221
(Address of principal executive
offices) (Zip Code)
Registrant's telephone number, including area code (303) 650-1200
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On September 1, 1998, the Registrant issued a press release announcing that the
Registrant had retained Joachim von Roy, a director of the Company and the
former president of Bristol-Myers Squibb, Europe, to establish a new company in
Germany based on the Registrant's protease inhibitor technology. The press
release is attached hereto as Exhibit 99.1 and incorporated herein in its
entirety by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Item Exhibit
99.1 Press Release issued by the Registrant on September 1, 1998.
* * * * *
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORTECH, INC.
(Registrant)
September 1, 1998
Diarmuid Boran,
Chief Operating Officer and
Acting Chief Financial Officer
<PAGE>
Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT:
Diarmuid F. Boran John Cheronis, M.D., Ph.D.
Chief Operating Officer Cortech Founding Scientist
Cortech, Inc. Cortech, Inc.
(303) 657-7010 (303) 657-7000
CORTECH SEEKS TO ESTABLISH NEW COMPANY BASED ON ITS
PROTEASE INHIBITOR TECHNOLOGY
DENVER, Colo. -- August 31, 1998 -- Cortech, Inc. (OTCBB: CRTQ), a Denver-based
biopharmaceutical company, today announced that it has retained Mr. Joachim von
Roy (a former president of Bristol-Myers Squibb, Europe, and a new Cortech
Director) to establish a new company in Germany based on Cortech's protease
inhibitor technology ("PSI Technology"). It is Cortech's intent that the new
company will capitalize on Cortech's relationships with interationally
recognized protease research groups at the University of Munich and The Max
Planck Institute. Financing of the new venture is expected to be derived from
European sources with minimal cash outlays from Cortech.
Mr. Bert Fingerhut, Chairman and acting CEO of Cortech, said "We believe that
this venture is a great way for Cortech's shareholders to realize value from our
PSI Technology. If we are successful, it will provide a mechanism for funding
the advancement of the Technology while allowing Cortech to retain a substantial
equity position in the new company."
Cortech's PSI Technology is based on a novel and proprietary chemistry that
allows for inhibition of a broad array of serine and cysteine proteases believed
to be important in a number of conditions including pulmonary, viral and
vascular diseases, as well as cancer. All serine and cysteine proteases tested
have been inhibited by prototype compounds based on the technology. Furthermore,
compounds synthesized using this Technology have been shown to possess good
potency, oral bioavailablilty, and metabolic stability. Cortech believes that
these attributes, along with the Technology's flexibility and broad
applicability, make it a viable platform on which to base a new venture.
Neutrophil elastase inhibitor compounds incorporating the PSI Technology were
developed as part of Cortech's research collaboration with Ono Pharmaceutical
Co. Ltd. Ono has notified Cortech that it has selected a compound for further
evaluation, and indicated that Ono would further study the compound prior to
considering it for advancement to full development in its sales territory of
Japan, Korea, Taiwan and China. Cortech has retained all product rights outside
of Ono's sales territory.
Cortech is a biopharmaceutical company whose research and development efforts
have focused primarily on bradykinin antagonists and protease inhibitors. These
efforts have produced a technology portfolio which may have potential
therapeutic application across a broad range of medical conditions. Cortech's
strategy is to seek collaborative partners to conduct and fund future research
and development on the components of its portfolio, although there can be no
assurance that any particular agreement will be completed. All on-site research
and development activities have been discontinued in an effort to preserve the
company's financial resources. Cortech is, however, funding focused research
activities through collaborative arrangements with academic and medical
institutions.
This press release contains forward-looking statements that involve risks and
uncertainties and actual results may differ materially. These statements
concern, among other things, the future prospect for the PSI Technology,
compounds based upon that Technology and the ability to create and obtain
funding for the new venture. Statements concerning venture, if established, are
subject to risks and uncertainties that could cause actual results to differ
from current projections. These risk factors, which include the risks inherent
in drug discovery and development, are identified in Cortech's reports to the
Securities and Exchange Commission filed on forms 10-K and 10-Q.
