<PAGE>

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



                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                                   FORM 10-Q/A
                                 Amendment No. 1

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

(MARK ONE)
     X       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
----------   EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,
             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)

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



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                      18,512,794            
     -----------------------------           -------------------------------- 
              (Class)                        (Outstanding at October 31, 1996)


------------------------------------------------------------------------------
------------------------------------------------------------------------------
<PAGE>

                 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K


a.   Exhibits

     Item         Description
     ----         -----------

     10.54        Buy-Out Agreement, dated September 9, 1996
                  Between the Company and Hoechst Marion Roussel, Inc.



<PAGE>


                                   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 November, 1996.

                                           CORTECH, INC.

                                           (Registrant)


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














                                      2