10-Q/A

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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                                    FORM 10-Q/a

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                            -------------------------

(MARK ONE)
    X          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- ----------     SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
               MARCH 31, 1996 OR

               TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
- ----------     SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD 
               FROM _________________ TO _________________.


                         COMMISSION FILE NUMBER 0-20726



                                  CORTECH, INC.
             (Exact name of registrant as specified in its charter)

                DELAWARE                               84-0894091         
     (State or other jurisdiction                   (I.R.S. Employer   
     of incorporation or organization)              Identification No.)

          6850 N. BROADWAY, SUITE G                       80221
               DENVER, COLORADO                         (Zip Code)
  (Address of principal executive offices)

                                 (303) 650-1200
              (Registrant's telephone number, including area code)

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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                 Yes  X   No    
                                     ---     ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

     Common Stock $0.002 par value                      18,130,295
     -----------------------------           -------------------------------
           (Class)                           (Outstanding at April 30, 1996)

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- --------------------------------------------------------------------------------




                                   SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized, on this 15th day of
May, 1996.




                                  CORTECH, INC.

                                  (Registrant)




Date:   May 15, 1996            By:              /s/ JOSEPH L. TURNER           
        -------------               --------------------------------------------
                                                   Joseph L. Turner
                                    VICE PRESIDENT OF FINANCE AND ADMINISTRATION
                                            AND PRINCIPAL ACCOUNTING OFFICER





                                  CORTECH, INC.

                                      INDEX



PART I.   FINANCIAL INFORMATION                                         PAGE NO.
                                                                        --------
Item  1.  Financial Statements and Notes

          Balance Sheets -- March 31, 1996
            and December 31, 1995. . . . . . . . . . . . . . . . . . . . .  3   

          Statements of Operations --
            for the three months ended
            March 31, 1996 and 1995. . . . . . . . . . . . . . . . . . . .  4   

          Statements of Cash Flows --
            for the three months ended
            March 31, 1996 and 1995. . . . . . . . . . . . . . . . . . . .  5   

          Notes to Financial Statements. . . . . . . . . . . . . . . . . .  6   

Item  2.  Management's Discussion and
            Analysis of Financial Condition
            and Results of Operations. . . . . . . . . . . . . . . . . . .  7   


PART II.  OTHER INFORMATION

Item  1.  Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . 10   

Item  2.  Changes in Securities. . . . . . . . . . . . . . . . . . . . . . 10   

Item  3.  Default upon Senior Securities . . . . . . . . . . . . . . . . . 10   

Item  4.  Submission of Matters to a Vote
            of Security Holders. . . . . . . . . . . . . . . . . . . . . . 10   

Item  5.  Other Information. . . . . . . . . . . . . . . . . . . . . . . . 10   

Item  6.  Exhibits 27 . . . . . . . . . . . . . . . . . . . . . . . . . .  10   

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11   


 

EX-27

 


<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEETS AND STATEMENTS OF OPERATIONS FOUND ON PAGES 3 AND 4 OF THE COMPANY'S FORM
10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                           5,887
<SECURITIES>                                    16,909
<RECEIVABLES>                                    3,137
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                26,242
<PP&E>                                          17,310
<DEPRECIATION>                                  12,296
<TOTAL-ASSETS>                                  31,256
<CURRENT-LIABILITIES>                            4,330
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            36
<OTHER-SE>                                      26,890
<TOTAL-LIABILITY-AND-EQUITY>                    31,256
<SALES>                                              0
<TOTAL-REVENUES>                                 3,877
<CGS>                                                0
<TOTAL-COSTS>                                    4,438
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                  (561)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (561)
<EPS-PRIMARY>                                   (0.03)
<EPS-DILUTED>                                        0