Cortech: 3rd-Qtr And 9-Mth Financial Results

- Cortech has reported its third-quarter 1996 financial results: revenues were $1.3 million, a 5% increase on the same period-1995, with expenses of $3.6 million, down 27%. Net loss for the quarter decreased from $3.6 million or $0.21 per share in 1995, to $2.2 million or $0.12 per share. For the first nine months of 1996, revenues were up to $6.5 million from $4.1 million in the same 1995 period. Expenses dropped 38% to $11.4 million, while net loss was $4.9 million or $0.27 per share, down from $14.4 million or $0.81 per share in 1995. On the basis of these results, Cortech has increased its staff on the collaboration research project with Ono Pharmaceutical, in which the latter has invested another $1.5 million.