CRTQ Cortech (MM)

CORTECH, INC. (CRTQ - NASDAQ) today announced a net loss of $20,000 or $.01 per share for the three months ended March 31, 2005 compared to a net loss of $84,000 or $.02 per share for the three months ended March 31, 2004. Cortech is actively seeking acquisitions and/or a merger partner. Cortech has 3,595,780 shares of common stock outstanding. This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause Cortech's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Cortech cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per share earnings in the text of this news release are diluted earnings per share. -0- *T CORTECH, INC. CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004 (in $000's, except per share amounts) (Unaudited) Three Months Ended March 31, -------------------------- 2005 2004 ------------ ----------- Revenues: Interest and other income $ 64 $ 25 Expenses: General and administrative 84 108 ------------ ----------- Loss before income taxes ( 20) ( 83) Provision for income taxes - 1 ------------ ----------- Net loss ($ 20) ($ 84) ============ =========== Basic and fully diluted net loss per share ($ .01) ($ .02) ============ =========== CONDENSED BALANCE SHEET MARCH 31, 2005 (in $000's) (Unaudited) ASSETS ------ Cash and cash equivalents $ 11,354 Other current assets 15 ----------- Total assets $ 11,369 =========== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities $ 148 Stockholders' equity 11,221 ----------- Total liabilities and stockholders' equity $ 11,369 =========== *T