<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------
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. _4_)(1)
CORTECH, INC.
-------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
22051J 10 0
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P
227 West Monroe Street, Suite 4800
Chicago, Illinois 60606
(312) 263-7777
------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 10, 2000
-----------------
(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).
<PAGE>
CUSIP NO. 22051J100 13D Page 2 of 8 Pages
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
BIOTECHNOLOGY VALUE FUND, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------- ----- -----------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES ----- -----------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 74,276
REPORTING ----- -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
----- -----------------------------------------------
8 SHARED DISPOSITIVE POWER
74,276
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
74,276
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.0%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 22051J100 13D Page 3 of 8 Pages
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
BIOTECHNOLOGY VALUE FUND II, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------- ----- -----------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES ----- -----------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 121,577
REPORTING ----- -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
----- -----------------------------------------------
8 SHARED DISPOSITIVE POWER
121,577
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
121,577
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 22051J100 13D Page 4 of 8 Pages
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
BVF PARTNERS L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------- ----- -----------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES ----- -----------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 198,983
REPORTING ----- -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
----- -----------------------------------------------
8 SHARED DISPOSITIVE POWER
198,983
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,983
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.7%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 22051J100 13D Page 5 of 8 Pages
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
BVF INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------- ----- -----------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES ----- -----------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 198,983
REPORTING ----- -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
----- -----------------------------------------------
8 SHARED DISPOSITIVE POWER
198,983
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,983
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.7%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA, CO
- --------- ----------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 22051J100 13D Page 6 of 8 Pages
This Amendment No. 4 (the "Amendment") to the Statement on Schedule
13D, dated May 16, 1997, as amended first by Amendment No. 1, dated September 8,
1998, again by Amendment No. 2, dated September 10, 1998, and again by Amendment
No. 3 dated January 10, 2000 (as amended the third time, the "Statement"), is
being filed with the Securities and Exchange Commission on behalf of
Biotechnology Value Fund, L.P., a Delaware limited partnership ("BVF"),
Biotechnology Value Fund II, L.P., a Delaware limited partnership ("BVF2"), BVF
Partners L.P., a Delaware limited partnership ("Partners"), and BVF Inc., a
Delaware corporation ("BVF Inc." and, together with BVF, BVF2 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"). The
principle office of Cortech is located at 6850 North Broadway, Suite G, Denver,
CO, 80221.
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since December 10, 1999, the following are the only transactions
undertaken by the Reporting Persons.
Partners, in its capacity as general partner of BVF, has purchased on
behalf of such limited partnership 4,000 shares of the Stock for consideration
of $24,620.00, utilizing funds provided by BVF from its working capital pursuant
to the terms of its limited partnership agreement with Partners.
BVF2, utilizing its working capital, acquired 71,248 shares of the
Stock from BVF and certain of the managed accounts, for an aggregate
consideration of $381,833.61. In connection therewith, BVF transferred 20,668
shares of the Stock to BVF2 for consideration in the amount of $110,764.33 and
the managed accounts transferred 50,580 shares of the Stock to BVF2 for
consideration in the amount of $271,069.28. These transactions effected a shift
in shares beneficially owned by BVF to BVF2, but the aggregate number of shares
beneficially owned by Partners and BVF Inc. was not affected; nor did the
transaction change the pecuniary interest of Partners and BVF Inc. in the Stock.
In addition, Partners, in its capacity as general partner of BFV2, has purchased
on behalf of such limited partnership an aggregate number of 50,329 shares of
the Stock for an aggregate consideration of $331,847.60, utilizing funds
provided by BVF2 from its working capital pursuant to the terms of its limited
partnership agreement with Partners.
Further, Partners, in its capacity as investment manager of a managed account,
has transferred directly to the beneficial owners of that managed account or to
a liquidating fund established for their benefit, 39,120 shares of the Stock for
no consideration.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 74,276 shares of the Stock, BVF2 beneficially
owns 121,577 shares of the Stock, Partners beneficially owns 198,983 shares of
the Stock, and BVF Inc. beneficially owns 198,983 shares of the Stock,
approximately 4.0%, 6.6%, 10.7% and
<PAGE>
CUSIP NO. 22051J100 13D Page 7 of 8 Pages
10.7%, respectively, of the aggregate number of shares outstanding as of
November 12, 1999 (as reported in Cortech's most recent quarterly statement on
Form 10-Q).
(b) BVF shares voting and dispositive power over the 74,276 shares
of the Stock it beneficially owns with Partners. BVF2 shares voting and
dispositive power over the 121,577 shares of the Stock it beneficially owns
with Partners. Partners and BVF Inc. share voting and dispositive power over
the 198,983 shares of the Stock they beneficially own with, in addition to
BVF and BVF2, the managed account on whose behalf Partners, as investment
manager, purchased such shares. The managed account on whose behalf Partners
owns shares of the Stock is Investment 10 L.L.C., an Illinois limited
liability company ("ILL10"). ILL10 specializes in holding biotechnology
stocks for investment purposes and its business address is BVF Partners L.P.,
227 West Monroe Street, Suite 4800, Chicago, Illinois 60606.
(c) Exhibit B attached hereto contains information as to all
transactions in the Stock by the Reporting Persons during the past sixty days.
All of the "Transfers" were private transactions made without a broker,
involving transfers to BVF2 from BVF and certain managed accounts as well as
between a managed account and either its beneficial owners directly or a
liquidating fund established for the benefit of the owners. The remainder were
made for cash in open market, over-the-counter transactions. No other
transactions in the Stock have been effected by the Reporting Persons during the
past sixty days.
(d) ILL10 is entitled to receive dividends and any sale proceeds with
respect to the Stock in proportion to its respective ownership interest 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
Exhibit B - Transactions in the Stock by the Reporting Persons during
the last 60 days.
<PAGE>
CUSIP NO. 22051J100 13D Page 8 of 8 Pages
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: February 11, 2000
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
BIOTECHNOLOGY VALUE FUND II, 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, Biotechnology Value Fund II, L.P., a Delaware limited partnership,
BVF Partners L.P., a Delaware limited partnership, and BVF Inc., a Delaware
corporation, hereby agree and acknowledge that the information required by the
Amendment 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 further amendments or supplements thereto
shall also be filed on behalf of each of them.
Dated: February 11, 2000
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
BIOTECHNOLOGY VALUE FUND II, 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
DURING THE PAST SIXTY DAYS
<TABLE>
<CAPTION>
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
Settlement Date By For the Account Quantity Price Per Type of Trade Broker
--------------- -- ---------------- -------- ---------- ------------- ------
Of Share
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C> <C>
12/17/99 Partners BVF 20,668 $5.3592 Transfer NB
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
12/17/99 Partners BVF2 20,668 $5.3592 Transfer NB
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
12/17/99 Partners BVF Ltd. 50,580 $5.3592 Transfer NB
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
12/17/99 Partners BVF2 50,580 $5.3592 Transfer NB
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
01/04/00 Partners BVF Ltd. 39,120 $5.8750 Transfer NB
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
01/07/00 Partners BVF2 22,229 $5.9375 Purchase BEST
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
01/24/00 Partners BVF 4,000 $6.1250 Purchase INET
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
01/26/00 Partners BVF2 5,000 $6.3125 Purchase HRZG
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
01/28/00 Partners BVF2 5,000 $7.0000 Purchase HRZG
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
02/01/00 Partners BVF2 7,100 $7.2500 Purchase HRZG
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
02/02/00 Partners BVF2 5,000 $7.3125 Purchase HRZG
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
02/07/00 Partners BVF2 1,000 $7.6250 Purchase INET
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
02/08/00 Partners BVF2 5,000 $7.3438 Purchase HRZG
- ------------------- -------------- ----------------- -------------- --------------- ------------------ -------------------
</TABLE>
NB = No Broker
BEST = Bear Stearns
INET = Instinet
HRZG = Herzog, Hein & Geduld
