content: SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549
  
                                      FORM 8-K
  
                                   CURRENT REPORT
  
  
       Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
  
  
  
  Date of Report: (Date of earliest event reported)         January 14, 1999
  
  
                                    Cortech, Inc.
               (Exact name of registrant as specified in its charter)
  
                                      Delaware
                   (State or other jurisdiction of Incorporation)
  
  
          0-22018                                           84-0894091
  (Commission File Number)                    (IRS Employer Identification Number)
  
  
  6850 N. Broadway, Suite G, Denver, Colorado                             80221
  (Address of Principal Executive Offices)                              (Zip Code)
  
  
                                    303-650-1200
                (Registrant's Telephone Number, including area code)
  
                                   Not Applicable
           (Former name or former addresses, if changed since last report)
  
  
  <PAGE>
  
  Item 4. Changes in Registrants's Certifying Accounts
  ----------------------------------------------------
       
       On January 14, 1999,  Arthur Andersen LLP resigned as independent  auditors
  of the financial  statements of Cortech,  Inc. (the "Company") as of and for the
  year ended  December 31, 1998. On January 14, 1999 the Board of Directors of the
  Company   retained   PricewaterhouseCoopers   LLP  ("PWC"),   Certified   Public
  Accountants, as its certifying accountant for the fiscal year ended December 31,
  1998.
  
       No report  on the  financial  statements  of the  Company  issued by Arthur
  Andersen  during  the last two fiscal  years  contained  an  adverse  opinion or
  disclaimer  of opinion,  or was qualified or modified as to  uncertainty,  audit
  scope or accounting principles, nor were there any disagreements during the last
  two fiscal years and through  January 14, 1999,  between Arthur Andersen and the
  Company concerning any matter of accounting  principles or practices,  financial
  statement disclosure, or auditing scope or procedure, which disagreements if not
  resolved  would have required  Arthur  Andersen to make reference to the subject
  matter thereof in connection  with its report.  During the last two fiscal years
  and through January 14, 1999, none of the events listed in items (1) through (3)
  of Item  304(b) of  Regulation  S-K have  occurred;  and during  such period the
  Company  has not  consulted  with PWC  concerning  any matter  referred to under
  paragraphs (i) or (ii) of Item 304(a)(2) of Regulation S-K.
  
  Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
  ---------------------------------------------------------------------------
  
  (c)     Exhibits
  
  16.1    Letter of Arthur Andersen LLP, dated January 15, 1999 pursuant to Item
          304(a)(3) of Regulation S-K.
  
  <PAGE>
  
  
                                      SIGNATURE
  
  
  Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
  Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
  undersigned hereunto duly authorized.
  
  
  
                                                    CORTECH, INC.
  
  
                                                    By: /s/ John W. Galuchie, Jr.
                                                        --------------------------
                                                    Name:  John W. Galuchie, Jr.
                                                    Title: President
  
  Dated: January 15, 1999
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text: SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549
  
                                      FORM 8-K
  
                                   CURRENT REPORT
  
       Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
  Date of Report: (Date of earliest event reported)         January 14, 1999
  
                                    Cortech, Inc.
               (Exact name of registrant as specified in its charter)
  
                                      Delaware
                   (State or other jurisdiction of Incorporation)
  
          0-22018                                           84-0894091
  (Commission File Number)                    (IRS Employer Identification Number)
  
  6850 N. Broadway, Suite G, Denver, Colorado                             80221
  (Address of Principal Executive Offices)                              (Zip Code)
  
                                    303-650-1200
                (Registrant's Telephone Number, including area code)
  
                                   Not Applicable
           (Former name or former addresses, if changed since last report)
  Item 4. Changes in Registrants's Certifying Accounts
  ----------------------------------------------------
       
       On January 14, 1999,  Arthur Andersen LLP resigned as independent  auditors
  of the financial  statements of Cortech,  Inc. (the "Company") as of and for the
  year ended  December 31, 1998. On January 14, 1999 the Board of Directors of the
  Company   retained   PricewaterhouseCoopers   LLP  ("PWC"),   Certified   Public
  Accountants, as its certifying accountant for the fiscal year ended December 31,
  1998.
  
       No report  on the  financial  statements  of the  Company  issued by Arthur
  Andersen  during  the last two fiscal  years  contained  an  adverse  opinion or
  disclaimer  of opinion,  or was qualified or modified as to  uncertainty,  audit
  scope or accounting principles, nor were there any disagreements during the last
  two fiscal years and through  January 14, 1999,  between Arthur Andersen and the
  Company concerning any matter of accounting  principles or practices,  financial
  statement disclosure, or auditing scope or procedure, which disagreements if not
  resolved  would have required  Arthur  Andersen to make reference to the subject
  matter thereof in connection  with its report.  During the last two fiscal years
  and through January 14, 1999, none of the events listed in items (1) through (3)
  of Item  304(b) of  Regulation  S-K have  occurred;  and during  such period the
  Company  has not  consulted  with PWC  concerning  any matter  referred to under
  paragraphs (i) or (ii) of Item 304(a)(2) of Regulation S-K.
  
  Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
  ---------------------------------------------------------------------------
  
  (c)     Exhibits
  
  16.1    Letter of Arthur Andersen LLP, dated January 15, 1999 pursuant to Item
          304(a)(3) of Regulation S-K.
  SIGNATURE
  
  Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
  Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
  undersigned hereunto duly authorized.
  
                                                    CORTECH, INC.
  
                                                    By: /s/ John W. Galuchie, Jr.
                                                        --------------------------
                                                    Name:  John W. Galuchie, Jr.
                                                    Title: President
  
  Dated: January 15, 1999