SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
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Cortech, Inc.
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(Name of Registrant as Specified In Its Charter)
Asset Value Fund Limited Partnership
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Vol. 1 No. 2 August 24, 1998
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THE ASSET VALUE
NEWS
All the News You Need to Vote
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FINGERHUT FIDDLES WHILE
CORTECH BURNS
<S> <C> <C>
Cortech Losses Mount to More Making Money is Not Science;
Than $87,000,000. It's a Matter of Dollars and Sense.
Asset Value announced that it was Fingerhut and his appointed Board STOCKHOLDERS TO DECIDE
surprised by the magnitude of the complain that Asset Value's nominees CORTECH'S FUTURE.
$1,431,000 loss reported by Cortech are not scientists. That is true. But at
late on Friday night, August 14, 1998. least they can add and subtract. After Asset Value had to sue Cortech's
This is just one more reason to vote to losing more than $87,000,000 in 10 management to hold the Annual
increase the Cortech board to seven years, management says, "We and our Meeting so that stockholders could
members and to elect Asset Value's scientific advisors believe that this decide Cortech's future.
four nominees on September 4. technology may have significant
potential value for Cortech's Since the Cortech story started more
Astounded by Losses stockholders." That's all stockholders than 10 years ago, the Company has
Paul Koether, the manager of Asset have for all that money: no commercial lost more than $87,000,000 without
Value, said he was astounded that the products and as we think management commercializing one single product.
losses were so high given that Cortech concedes, none in sight. With only $12.6 million left, the last
has stated it has ceased operations and chapter of this story has begun.
was performing no research and To Capitalize You Need Capital Management wishes to lose more
development. "It's incredible that Management says it wants to capitalize money on the technology while it says
Fingerhut and his appointed board on the technology. We do too. What equity it will look for a partner (Remember
speak of 'preserving the Company's investor wouldn't? But in case BioStar?). Contrary to what
resources' even while continuing to management hasn't noticed, time and management has said, Asset Value
lose money. Talk is cheap. Good thing money are running out. To capitalize, does not want to liquidate Cortech. It
too, the way this management loses money." you need capital. While looking for just wants to stop spending cash while
VOTE FOR CHANGE capital Cortech needs to conserve its it seeks a partner.
VOTE FOR ASSET VALUE assets which Asset Value's nominees
VOTE THE GREEN BALLOT will do. Cortech has only $12.6 million Vote For a Happy Ending
- ------------------------------ remaining and is losing money at an But only the stockholders can write
CONTENTS annual rate of over $5.6 million. this story's ending and that is why we
Survival must be the first priority of intentionally have left the bottom of
Cortech Losses Mount to More Cortech. That's not science, that's just this column blank. Stay with this
Than $87,000,000...........1 common sense. management and we believe that
VOTE TO INCREASE THE BOARD Cortech's future will be as blank as the
Stockholders to Decide VOTE FOR ASSET VALUE space below. Vote for Asset Value's
Cortech's Future...........1 VOTE THE GREEN BALLOT nominees and, in our view, this story
could have a happy ending.
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TIME IS RUNNING OUT!
A PICTURE IS WORTH A THOUSAND WORDS
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COMPARISON OF
CORTECH'S STOCK PERFORMANCE (NASDAQ SYMBOL-CRTQ)
TO
THE NASDAQ BIOTECHNOLOGY INDEX (IXBT) AND THE
AMERICAN STOCK EXCHANGE BIOTECHNOLOGY INDEX (BTK)
[GRAPH THE ABOVE]
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Cortech IXBT BTK
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<S> <C> <C> <C>
1993 $18.25 197.88 115.78
1994 14.25 161.40 82.06
1995 3.65625 304.30 133.77
1996 3.8125 314.48 144.56
1997 2.03125 304.89 163.28
7/17/1998 .50 335.15 144.16
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NOT A PRETTY PICTURE!
SAVE CORTECH
SEND IN THE GREEN PROXY BALLOT
VOTE YES TO INCREASE THE BOARD
VOTE FOR ALL OF ASSET VALUE'S NOMINEES!
IMPORTANT
If your shares are held in "Street Name" only your bank or broker can vote
your shares, and only upon receipt of your specific instructions. Please contact
the person responsible for your account and instruct them to execute a GREEN
PROXY BALLOT as soon as possible.
If you have any questions or need further assistance in voting, please call
John W. Galuchie, Jr., of Asset Value Fund Limited Partnership collect at (908)
234-1881, or our proxy solicitor:
BEACON HILL PARTNERS, INC.
90 BROAD STREET
NEW YORK, NEW YORK 10004
(800) 253-3814
