Cortech And Ono Amend Agreement

8 June 1997

US firm Cortech has amended its 1995 agreement with the Japanese firmOno Pharmaceutical. Under the terms of the amended agreement, Ono will assume all responsibilities for research activities during the final six-month period of the three-year collaboration.

Ono will no longer be required to pay to Cortech $1.5 million in research funding which had been scheduled to offset the costs that Cortech would have incurred in the final six-month period, due to commence on September 14.

Meantime, in the first quarter of 1997, Cortech achieved revenues of $2.2 million, down from $3.9 million a year earlier. Expenses were $3.1 million, down 30%. The net loss for the quarter grew to $897,000 from $561,000, with a loss per share of $0.05, compared with $0.03.

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