<PAGE>
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. 3)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)
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)
January 4, 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 9 Pages)
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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 9 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 OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 70,276
REPORTING -----------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
70,276
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
70,276
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 22051J 10 0 13D Page 3 of 9 Pages
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- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIOTECHNOLOGY VALUE FUND II, 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 OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 71,248
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
71,248
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
71,248
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22051J 10 0 13D Page 4 of 9 Pages
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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 OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 144,654
REPORTING ---------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
144,654
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
144,654
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22051J 10 0 13D Page 5 of 9 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 OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 144,654
REPORTING ---------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
144,654
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
144,654
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22051J 10 0 13D Page 6 of 9 Pages
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This Amendment No. 3 (the "Amendment") to the Statement on Schedule
13D, dated May 16, 1997, as amended first by Amendment No. 1, dated September 8,
1998 and again by Amendment No. 2, dated September 10, 1998 (as amended the
second 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 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 2 is hereby amended to read in its entirety as follows:
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Amendment, the persons enumerated in
Instruction C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and controlling
persons, and certain information regarding each of them, are as follows:
1. 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"), BVF Inc., a Delaware corporation ("BVF
Inc."), and Mark N. Lampert, an individual ("Lampert") (collectively,
the "Reporting Persons").
2. The business address of BVF, BVF2 and Partners is 227 West Monroe
Street, Suite 4800, Chicago, Illinois 60606. The business address of
BVF Inc. and Lampert is One Sansome Street, 39th Floor, San Francisco,
California 94104.
3. Partners is the general partner of BVF, which is an investment
limited partnership. Similarly, Partners is the general partner of BFV2,
which also is an investment limited partnership. BVF Inc. is an
investment adviser to and general partner of Partners. Lampert is the sole
shareholder, sole director and an officer of BVF Inc.
4. During the last five years, none of such persons has been convicted
in a criminal proceeding (excluding traffic violations and similar
misdemeanors).
5. During the last five years, none of such persons was a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
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CUSIP NO. 22051J 10 0 13D Page 7 of 9 Pages
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6. Lampert is a citizen of the United States of America.
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since November 1, 1999, the following are the only transactions
undertaken by the Reporting Persons.
BVF2, utilizing its working capital, has 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 for consideration in the amount of $110,764.33 and the
managed accounts transferred 50,580 shares of the Stock 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.
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 70,276 shares of the Stock, BVF2 beneficially
owns 71,248 shares of the Stock, Partners beneficially owns 144,654 shares of
the Stock, and BVF Inc. beneficially owns 144,654 shares of the Stock,
approximately 3.8%, 3.9%, 7.8% and 7.8%, respectively, of the aggregate number
of shares outstanding as of October 31, 1999 (as reported in Cortech' most
recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 70,276 shares
of the Stock it beneficially owns with Partners. BVF2 shares voting and
dispositive power over the 71,248 shares of the Stock it beneficially owns
with Partners. Partners and BVF Inc. share voting and dispositive power over
the 144,654 shares of the Stock they beneficially own with, in addition to
BVF and BVF2, the managed accounts on whose behalf Partners, as investment
manager, acquired such shares. The managed accounts on whose behalf Partners
owns, or has owned, shares of the Stock are Investment 10 L.L.C., an
Illinois limited liability company ("ILL10") and Biotechnology Value Fund,
Ltd., a Cayman Islands Corporation ("BVF Ltd."). Together, ILL10 and BVF Ltd.
are referred to herein as the "Accounts." The Accounts specialize 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.
<PAGE>
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CUSIP NO. 22051J 10 0 13D Page 8 of 9 Pages
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(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 these 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. No other transactions in the Stock
have been effected by the Reporting Persons during the past sixty 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
Exhibit B - Transactions in the Stock by the Reporting Persons during
the last 60 days.
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CUSIP NO. 22051J 10 0 13D Page 9 of 9 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: January 10, 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 statement containing the
information required by this amendment to 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: January 10, 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 By For the Account Quantity Price per Type of Trade Broker
---------- -- --------------- -------- --------- ------------- ------
Date 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
NB = No Broker
</TABLE>
