Michelle SladeAssociate Editor
Cortech Inc. on Monday filed a registration statement with theSecurities and Exchange Commission (SEC) for an initial publicoffering of 3 million common stock units at a proposed offeringprice of $7 to $9 per unit.
Montgomery Securities and Hambrecht and Quist Inc. willmanage the underwriting group, and all of the registered unitswill be issued and sold by the company. Cortech has grantedthe underwriters an option to purchase an additional 450,000units to cover overallotments.
The units consist of one share of common stock and onecommon stock conversion right, which will automaticallyconvert into a maximum of one-half share of common stock 18months from the effective date of the offering unlessterminated earlier.
Cortech of Denver is a biopharmaceutical company focused onthe development of two novel classes of drugs, bradykininantagonists and neutrophil elastase inhibitors, to treatinflammatory diseases, and a proprietary potential treatmentfor allergies and autoimmune diseases.
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