Cortech Inc. said that it has raised $8.5 million through aresearch and development partnership for its CP-0127bradykinin antagonist.
The investors purchased a unit consisting of one share of stockin CP-0127 Development Corp. plus three warrants for stock inprivately held Cortech. The first warrant is exercisable at $3through 1996, the second at $4 through 1997, and the third at$5 through 1998.
The corporation owns rights to the five indications for whichCP-0127 will be developed: shock, brain trauma, acute asthma,chronic asthma and post-operative pain.
The corporation will contract Cortech to perform research onCP-0127 and will receive a royalty on sales. Cortech has a buy-back provision on the units at a 30 percent annual compoundedrate of return, said David Crossen, Cortech president and chiefexecutive.
Bradykinins are mediators of inflammatory pathways. CP-0127works by occupying bradykinin receptor sites, which areubiquitous in the body.
Cortech plans to file in May an investigational new drugapplication to begin Phase I trials of the compound. Late in thethird quarter, the Denver company hopes to file for Phase IItrials for shock, brain trauma and acute asthma. -- KB
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