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                                                                    EXHIBIT 99.2


PROXY                              BIOSTAR, INC.                           PROXY
                    6655 LOOKOUT ROAD, BOULDER, CO 80301-3371



  THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF BIOSTAR, INC.
     FOR THE SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON ___________, 1998

     The undersigned stockholder of BioStar, Inc. ("BioStar"), a Delaware
corporation, hereby acknowledges receipt of the Notice of Special Meeting of
Stockholders and Joint Proxy Statement/Prospectus of Cortech, Inc., a Delaware
corporation ("Cortech") and BioStar, each dated ____________ ___, 1998, and
hereby appoints Teresa W. Ayers and Edward C. Pritchard, and each of them,
proxies and attorneys-in-fact, with full power to each of substitution, on
behalf and in the name of the undersigned, to represent the undersigned at the
Special Meeting of Stockholders of BioStar, to be held on _______________, 1998,
at __:__ _.m. at ________________________________, and at any adjournments
thereof, and to vote all shares of preferred stock and/or common stock that the
undersigned would be entitled to vote if then and there personally present, on
the matters set forth on the reverse side hereof.

     UNLESS A CONTRARY DIRECTION IS INDICATED, THIS PROXY WILL BE VOTED FOR
PROPOSALS 1 AND 2, AS MORE SPECIFICALLY DESCRIBED IN THE PROXY STATEMENT. IF
SPECIFIC INSTRUCTIONS ARE INDICATED, THIS PROXY WILL BE VOTED IN ACCORDANCE
THEREWITH.

     THE BOARD OF DIRECTORS AND MANAGEMENT OF BIOSTAR RECOMMEND A VOTE FOR
PROPOSALS 1 AND 2.

PROPOSAL 1:   To (i) adopt and approve the Agreement and Plan of Merger and
              Reorganization (the "Reorganization Agreement"), dated as of
              December 22, 1997, among BioStar, Cortech and Cortech Merger Sub,
              Inc., a Delaware corporation and wholly-owned subsidiary of
              Cortech ("Merger Sub"), and (ii) approve the merger of Merger Sub
              with and into BioStar pursuant to which BioStar will become a
              wholly-owned subsidiary of Cortech.

FOR      |_|                AGAINST |_|               ABSTAIN  |_|

PROPOSAL 2:   To adopt and approve an amendment to the BioStar Restated
              Certificate of Incorporation which provides that the holders of
              BioStar preferred stock will only receive the consideration for
              their shares set forth in the Reorganization Agreement.

FOR      |_|                AGAINST |_|               ABSTAIN  |_|


                 (Continued and to be signed on the other side)


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                          (Continued from other side.)








                                           Dated                          , 1998
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                                           Signature(s)
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                                           Please sign exactly as your name
                                           appears hereon. If the stock is
                                           registered in the names of two or
                                           more persons, each should sign.
                                           Executors, administrators, trustees,
                                           guardians and attorneys-in-fact
                                           should add their titles. If signer
                                           is a corporation, please give full
                                           corporate name and have a duly
                                           authorized officer sign, stating
                                           title. If signer is a partnership,
                                           please sign in partnership name by
                                           authorized person.

PLEASE VOTE, DATE AND PROMPTLY RETURN THIS PROXY IN THE ENCLOSED RETURN ENVELOPE
WHICH IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES.








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