CRTQ is trading just over CASH per share ($7.30)$13.5 million in all, has an ongoing buyback and is looking for aquisitions.
Oh, and they MAY have a cure for aids !
"Cortech Compound May Provide AIDS Treatment Advance
BEDMINSTER, N.J.--(BUSINESS WIRE)--Dec. 14, 2000--Cortech, Inc. (CRTQ - NASDAQ) (``Cortech'' or the ``Company''). Today the University of Colorado Health Science Center (UC) announced that it had demonstrated in laboratory studies a potentially effective treatment against the AIDS virus using a natural substance called alpha-1-antitrypsin (AAT) which is a naturally occurring component in human blood. UC has also determined that a compound, developed by Cortech may be a synthetic ``mimic'' of AAT. Cortech is a bio-technology company which has had a long standing presence in the field of elastase inhibition (and protease inhibition in general).
UC investigator, Dr. Leland Shapiro, said that his laboratory studies indicate that AAT may prevent the AIDS virus from reproducing and block the virus from spreading to healthy cells. ``In the laboratory, we confirmed the surprising observation that the AIDS virus would not grow in blood,'' said Dr. Shapiro. ``This suggested that there was some substance in the blood that blocked the virus. We believe that we have identified that substance as AAT, the most abundant inhibitor of serine proteases (natural enzymes that degrade proteins) in the blood.'' The research group also described experiments showing that a compound developed by Cortech was a synthetic ``mimic'' of AAT and possessed nearly identical effects as naturally-occurring AAT in inhibiting the AIDS virus.
Paul Koether, Chairman of Cortech, said ``We are very excited about these results and the potential for treating AIDS even though commercialization could require many years.'' He said that the compound used in the current experiments is licensed to Ono Pharmaceutical of Osaka, Japan. Cortech believes that it owns numerous other compounds which may be better suited as candidates for delivery in pill form. Mr. Koether also said that Cortech and UC had reached an agreement-in-principal, subject to the execution of a definitive agreement, providing for Cortech to furnish to UC financial support as well as access to Cortech's library of compounds. In exchange, Cortech will receive an exclusive worldwide license for all patents which result from Dr. Shapiro's efforts.
Cortech no longer conducts any laboratory work and is seeking a partner to assist it in developing and commercializing its technology portfolio.
Cortech with offices in Bedminster, New Jersey has 1,852,209 shares of common stock outstanding. For a complete copy of the announcement of the University of Colorado Health Science Center please contact Jenny Kolquist at (303) 315-3498. " |
