Recent Developments

• In January 2008, Cortex initiates the development of an intravenous CX717 (I.V.) product.
  
  
• In October, 2007, Cortex announced the appointment of Pierre V. Tran, M.D., MMM, Chief Medical Officer and Vice President of Clinical Development.
  
  
• In July, 2007, The FDA’s Division of Neurology Products restored the full dosing range for CX717 in the ongoing Phase II PET Scan Study in mild-to-moderate Alzheimer’s disease.
  
  
• In May, 2007, The Company negotiated an exclusive worldwide license with the University of Alberta, BC that claims the use of AMPAKINE® compounds for the prevention or reversal of respiratory depression induced by inappropriate dosing of opiates and barbiturates without inhibition of the analgesic or sedative effects.
  
  
• Five new composition-of-matter patent applications have been submitted covering AMPAKINE compounds, extending patent protection to the platform technology out to 2027.
  
  
• Cortex raised approx. $20 million in 2007 through registered direct offerings.